Which is the right time to convert LIC policies to paid up? - Basunivesh

Q & A Forum › Category: Life Insurance › Which is the right time to convert LIC policies to paid up?

pawan asked 4 years ago

What is the correct time, process and likely implications in terms of reduced insurance cover, loss of bonus to convert a LIC table no 165 and table no 814 policy to paid up status. What is the minimum time after which we can write to LIC to convert a policy to Paid up mode. Is it three years or 5 years. What all will I loose by doing this? Is there a method to reduce losses in these tables

Question Tags: LIC policy to Paid up status

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basunivesh Staff answered 4 years ago

To be frank if your policy is at initial stage, then better to surrender and close it. Usually it is best to go for paid up when you are about to close the policy term. You can opt for paid up after 3 years. However, loss will be high.