What may happen when I can't pay the LIC premium within the due date?
Shailesh Kumar, Co-founder, Insurance Samadhan
Answered on November 15,2022
Answered on November 15,2022
Your policy will lapse .
Insurance company will not be contractually bound to keep the promise .
Insurance is important and premium should be paid in time .
Related Questions
-
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 01,2022What is the average premium that should be paid for a family floater policy from Life insurance Corporation (LIC) or State Bank of India (SBI) Life?
Dear Family Floaters are available in Health Insurance and not in Life Insurance . Neither LIC nor SBI Life offers family ...
1 0 119 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 17,2021If i bought a term life insurance and I end up paying till maturity age. What's my benefit then ? will I get any premium ?
Dear Pure Term Insurance offer sum assured on death only and nothing is payable on survival . However , there are ...
1 0 43 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 08,2022How do you change your premium date with Life insurance Corporation of India (LIC)?
Dear It is like marriage date , you can not change your Policy anniversary .
1 0 63 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 06,2021What happens if I stop paying for Unit Linked Insurance Plan?
ULIP has a lock-in period of 5 years. If you stop paying premium after one year then all fund ...
1 0 78 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 28,2024What is the maximum amount one can avail as a home loan against an LIC insurance premium payment?
All insurance companies offer loan upto 90% of total surrender value on Participating plans . Loan is not allowed ...
1 0 7 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 27,2021If there's no death in those 20 years of term plan, will the premium be returned? What happens to the money we pay as premium?
Dear Insurance works on the principle of pool creation and contribution . Insurance company only manages the pool . So if ...
1 0 65 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 28,2024My LIC policy was foreclosed without intimating me neither a notice was sent and the bank did not give me any settlement amount. What can I do my father had paid 13 out of 14 premiums?
A policy is foreclosed when the loan amount plus accrued interest exceeds the total surrender value. If it has exceeded ...
1 0 265 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 15,2022Will I get an accrued bonus if I surrender my LIC policy post 3 yrs of premium payment? And also which option is better, surrendering the policy with 30% of the premium amount or leave it as paid up till the maturity period?
If you have surrendered then it gets a paid up value which remain same for full term . Only ...
1 0 361 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 15,2022What is the commission an LIC agent gets for a premium of Rs.1 crore?
Will depend on Type of policy , premium payment term and policy term . It may vary from 10% to ...
1 0 229 -
Robert James
20+ years of experience in IRS matters .Is there a way to prevent my sister's estranged father, who hasn't been involved in her life since she was 12, from claiming her and her baby on his IRS taxes this year, potentially leaving her with nothing? He never formally relinquished parental rights, and we're looking for guidance on how to handle this situation.
Your sister can try to get an Identity Protection PIN for herself; it will be harder to get one ...
1 0 5 -
Citizen Helpdesk
Curated Answers from Government Sources . Answered on August 21,202215 เดตเตผเดทเดฎเดพเดฏเดฟ เดฌเดพเดเตเดเดฟเตฝ (เดเตเดฐเดณเดพ เดเตเดฐเดพเดฎเตเดฃ เดฌเดพเดเตเดเต) เดเตเดฒเดฟ เดเตเดฏเตเดฏเตเดจเตเดจ เดเดฐเต เดตเตเดฏเดเตเดคเดฟ Pink Ration card เดเดชเดฏเตเดเดฟเดเตเดเต เดฑเตเดทเตป เดธเดพเดงเดจเดเตเดเตพ เดตเดพเดเตเดเตเดจเตเดจเต เดเดคเต เดจเดฟเดฏเดฎ เดตเดฟเดฐเตเดฆเตเดงเด เดเดฃเต ? เดเตพเดเต เดตเตเดฑเต เดตเตเดเดฒเตเดฏเดเตเดเตพ เดเดจเตเดจเตเด เดเดฒเตเดฒ normal life เดเดฃเต.
เดฌเดพเดเตเดเดฟเดฒเต เดธเตเดฅเดฟเดฐ เดเตเดตเดจเดเตเดเดพเดฐเดจเดพเดฃเตเดเตเดเดฟเตฝ Pink Ration card-เดจเต เด เตผเดนเดจเดฒเตเดฒ Source: This answer is provided by Civil Supplies Department, Kerala.
1 0 82 -
Yasi Klm
Answered on June 09,2022เดฒเตเดซเต เดฎเดฟเดทเดจเดฟเตฝ เดชเตเดฐเตเดฃเตเดเต เดเดจเตเดจเต เดฎเตเดฌเตเตฝ เดตเดดเดฟ เด เดฑเดฟเดฏเดพเตป เดชเดฑเตเดฑเตเดฎเต?
เดฎเตเดฌเตเตฝ เดตเดดเดฟเดฏเตเด เด เดฑเดฟเดฏเดพเตป เดเดดเดฟเดฏเตเด. Life Mission เดฒเดฟเดเตเดเดฟเตฝ เดเดฏเดฑเดฟ เดคเดพเดเตเดเตพเดเตเดเต เดชเดฐเดฟเดถเตเดงเดฟเดเตเดเดพเดตเตเดจเตเดจเดคเดพเดฃเต.
1 84 1945