How to Surrender LIC Policy after 3 years or before maturity?

Many of us buy LIC policies without knowing features and benefits. However, after few days we feel such LIC policies are irrelevant. Hence, we want to get rid of such policies. The solution is to surrender such LIC policies. How to Surrender LIC Policy after 3 years or before maturity?

Surrender LIC Policy

What is the meaning of Surrender of Life Insurance Policy?

It is the option to exit from life insurance product before maturity wherein policyholder will get the amount which is called as Surrender Value. A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years.

As I said, to be eligible for surrender the policy must complete 3 years. By surrendering LIC policy, you may not be in profit as they pay you some part of the total accumulated bonus and the premium you paid.

Implications after the Surrender LIC Policy

# You will loose the Life Insurance Protection available from the policy. As surrender of LIC policy is considered as the closure of the contract between you and insurance company.

# Tax Benefits availed under Sec.80C of IT Act will be reversed if the policy is terminated/cease to be in force within 2 years for traditional products and 5 years for ULIP products after the date of commencement of policy.

Refer the taxation of Life Insurance Policies at “Tax Benefits of Life Insurance“.

Types in the Surrender LIC Policy

There are two types of Surrenders. Let us discuss both the types.

1) Guaranteed Surrender Value

If your policy is eligible for this surrender value then it to be mentioned in the policy bond and is payable after the completion of 3 years. It is usually 30% of the premiums paid, excluding premium for the first year. It also excludes any additional premium paid for riders, taxes and any bonus that you may have received from the LIC.

However, the percentage of this Guaranteed Surrender Value will depend on the Policy Term and policy year in which the policy is surrendered.

Let us say your yearly premium is Rs.1 Lakh and you paid it for 4 years.

Total Premium Paid=Rs.4 lakh.

Premium excluding 1st year=Rs.3 lakh.

Then the Guaranteed Surrender Value will be 30% of the Premiums Paid (excluding 1st Year Premium). Hence, 30% of Rs.3,00,000 will be Rs.90,000 is what you get.

Remember, this Guaranteed Surrender Value will not add the already accrued bonus.

2) Special surrender value

It is calculated as below. But before that, you must understand one more term called Paid Up Value.

What is the meaning of Paid Up Value and Total Paid Up Value?

If premiums have been paid for at least three consecutive years and any subsequent premium has not been paid within the grace period, then such lapsed policies are called paid up policies. The sum assured is reduced to a proportionate sum assured which was available during the policy buying.

For example, if Sum Assured is Rs.5 lakh and the total number of premiums payable is 20 years and premium payable is yearly and let us say premiums are paid for 10 years. After that, you discontinue the policy.

Such discontinued policy is called paid up policy. This is calculated as below.

Paid Up Value=(No. of Premiums Paid/No. of Premiums Payable) * Sum Assured.

Paid Up Value=(10/20) * Rs.5 lakh=Rs.2,50,000.

So from the 11th year, the policy will continue with sum assured of Rs.2,50,000 only instead of original Rs.5,00,000. Along with this paid up sum assured the bonus already accrued up to the 10th year will be added. This is called Total Paid Up Value. Therefore Total Paid Up Value=Paid Up Value+Accrued Bonus.

If LIC declares any future bonus or guaranteed additions to the product, then your policy is not eligible for such future bonus or GA. You will receive only the Total Paid Up amount at maturity or death of policyholder.

Total Paid Up Value will be payable to you at maturity or your nominee (if your death occurs during the policy period).

What is the meaning of Special Surrender Value?

In simple terms, Special Surrender Value is the % of Total Paid-up Value and it is calculated as below.

Special Surrender Value=(Sum Assured * (No. of premiums paid/No. of premiums payable) + total bonus received)* surrender value factor.

In simple, Special Surrender Value=Total Paid Up Value*Surrender Value Factor.

This Surrender Value Factor changes based on the term of the policy and many other things. Usually, this value is zero for the first 3 years. Hence, for the particular year and for your policy, you have to check with LIC for this data.

What is the difference between Paid Up Value and Surrender Value?

I created below table for your understanding of the difference between the meanings of Paid Up Value and Surrender Value.Difference between LIC Policy Paid Up and Surrender

Hope you now understood the concept of Paid Up Value, Total Paid Up Value and Surrender Value.

How to Surrender LIC Policy?

First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. Servicing branch may be the branch where you purchased the policy. Otherwise, if you changed the branch, then that particular LIC branch represent the servicing branch for you. The reason for this is, your all policy documents like proposal forms, loan details and all other details will be available at servicing branch only.

Also, keep in mind that you have to personally visit the branch and request for surrender of LIC policy.

Documents Required for Surrender LIC Policy

  1. Original Policy Bond
  2. Download LIC Policy Surrender Form No.5074. Take the printout and go with this form.
  3. Bank cancelled cheque leaf (your name should be printed on cheque) or bank passbook photocopy. Because now LIC issue the payment directly to beneficiary bank account. LIC stopped issuing cheques.
  4. Fill LIC’s NEFT Form, if you are not using the above said Surrender Form and submit the same.
  5. Go with original ID Proof like Aadhaar, Driving License or PAN Card. They verify and take the photocopy of the same and return the original one.

Once you submit the necessary documents, then within 5-10 days they transfer the fund to your bank account.

851 Responses

  1. Dear sir,
    I want to surrender my policy.i am paid every year premium Rs.75000 for 4 years.if close the policy how much I will get back.

  2. Hi Sir I ve taken 814 endowment plan 3 yrs back I didn’t know much about this policy and my policy maturity after 35 yrs and I will get 1cr but now its very difficult to continue premium of 60k p.a .What should I do now plz suggest best way to quit

    1. Dear Wasef,
      You don’t have any other option but to surrender or paid up. Visit the branch and ask for the values.

  3. Sir, I took LIC Money Plus T No. 180 policy in 2007. Maturity date was March 2017. I paid annual 15000/- premium for subsequent 3 years till 2010. In 2010 the surrender value was calculated around 55000/- I did not opt for surrender then. Now I contacted LIC customer care, they told me this policy got “Foreclosed” so they can’t provide any SV details and I should contact the issuing branch. Kindly tell me how would the SV get calculated now ? How much money could I hope to get ? Where can I find details of such foreclosure ?

  4. Sir,
    For surrender of policy, bank cancelled cheque/account should be the same from which premiums have been paid or another bank account of policy holder can be given for credit of surrender amount?

  5. Hi Sir,
    I took jeevan labh for 4 lakhs for 16yrs. So far I paid 60k premium for 3 yrs. Now I would like to surrender my policy. Kindly advise the best way and how much I would get it

  6. Dear Sir,

    I had 15 years of LIC policy but I surrendered it after 10 years and I also got the lumsum amout of it. Now is this whole amount Taxable ? Do I need to declare the whole amount into ITR fill ?

  7. Hi Sir , I have taken new Jeevan Anand policy in the year 2019 for the Sum assured of 10 L for 22 yrs.. Now I’ve paid 3 Yrs premium & want to discontinue this policy with paid up option.
    Should I notify this to LIC or they will automatically convert into Paid up ?

  8. Sir, I have 7 policies of New Jeevan Anand and want to surrender it.
    Premium period paid :- 5.5 years.
    The surrender value is 22k to 17k of 7 policies with 25,26,27th year maturity and so on..
    Premium per year paid is 36k
    Accrued bonus is 24k in each policy.
    Total surrender value of 7 policies will be more than 1 lakhs.

    So, do I have to fill form 15g to avoid tax deduction and will I get part of accrued bonus ( call center says I won’t get any bonus)

    Please help

  9. I have a policy done for my kid and the premium each month was 2973 which I paid for 8 years, commencement of policy was from 11/2013 till 11/2028. I want to surrender the policy as of now and wanted to know how much will I get.

  10. Dear sir,
    I have LIC New Jeevan Anand 815 Policy and details :

    Sum Assured: 1000000
    Monthly Premium : 6392 + GST (143.82) = 6,536
    Paid until this month : 65 Months
    Policy Start Date : Jan-2016
    Policy End Date : Dec-2031
    Maturity Date : Jan-2032
    Total years : 16

    Paid amount upto this month : Rs.415,480

    If I surrender only I get 50% of the paid amount. What to do now? can I surrender or paid-up the policy? .Really confusing please guide me.

  11. Dear sir,
    I want to surrender my policy but my branch is too far .

    Is there any option to surrender without visiting physically in branch.

    Please Answer

  12. Hi, I have LIC Jeevan Anand with a yearly premium of around Rs. 26000. When I started investing in Mutual Funds I realized that LIC was a mistake and now after 6 years of paying premiums I want to stop. What you suggest should I go Surrender or Paid Up?

    Please advice.

  13. Hello sir, My jeevan saral 15 years LIC policy is not paid in last 4 years. I want to withdraw this policy. Please let me know how to proceed and what’s the amount I will be getting. The amount paid yearly was Rs 6,005.00 from 2011.


  14. Sir, I took an LIC Jeevan Anand policy (Plan 149) in Nov 2008. Sum assured is 5 Lakh /-. The year of last Premium payment is Nov 2026 and the policy Maturity Year is Nov 2077, till I get to 69 years. I have paid 12 premium instalments already and I need to pay the premium till 2026 (19 instalments). I haven’t taken any loan on the policy and I have made all prompt payments yearly. However, I see not much of a benefit in the policy other than the accident claim, what would be a more beneficial option for me – continue to pay the premiums till 2026 and then discontinue or surrender the policy or discontinue the policy forthwith after paying 12 premiums so far?? Also, should I go in for a Surrender value or Paid in value? Can you please let me know the appx amount I will get in both scenarios if the yearly Premium value was 29,500/-.

  15. Hello Sir – I have an accrued bonus of 1,00,000 rupees for my Jeevan Anand 149 policy that is currently in paid up status and not in force. If I surrender now, will I get part of the bonus amount or should I revive the policy and then surrender it.

    Thank you

  16. Hi , I took LIC Jeevan labh policy for sum assured as Rs 25 lakhs for 25 years. I wanted to stop the insurance after paying premium for 3 years and keep the money there for next 25 years. If I will withdraw money after 25 years, how much money I will get back.

  17. Hello,
    i want to know is it possible to close down the account .the plan is 333and policy status is In-Force.
    but i have taken the loan
    so what will be the procedure .
    i creat account on 26-12-2018
    and my instalment premium is (Rs32,950)
    i took loan on January 2021.
    it was Rs 70,000 .
    i want to close down my account
    so will i get refund or do i need to pay penalty .. how much will i get ??

    thank you.


  19. Sir
    I have payed the premium for 5 years
    How much amount can I get now if I surrunder the policy

    Half Yearly Premium is 4000 rs

  20. Sir
    I have payed the premium for 10 years
    How much amount can I get now if I surrunder the policy

    Monthly premium is 1021

  21. Sir my HDFC Ergo term policy amount 80k every year for till 15 years. Just my 3 years policy completed (80k×3÷240k). So please tell me if today I’m withdraw my policy amount. How much amount will receive??

  22. I wish to surrender my LIC term policy Amulya Jeevan 190 that had commenced in 2012. Will I get any returns on the premium paid till date on this policy.

    1. Dear Seema,
      It is term life insurance of LIC. Hence, to discontinue the policy, you just have to stop the premium payment. There is no maturity or surrender values in this product. Hence, you will not get any returns.

  23. I have a LIC jeevan anand policy. I have paid premium from 2011 to 2020. If I surrender now, how much percentage will I get back the amount.

      1. Dear Basavraj,

        For all questions if you answer as “Contact the nearest branch” what is the use of this portal ???

  24. Sir I want to withdraw my policy. Just I paid half year premium Stil it’s not completed year tell me tat shal I quit I don’t like to continue this policy

  25. Hi, Anybody can help me out with information that I have premium tenure for 10 years with Aditya Birla .. I have completed the 5 years of premium.. now will it be paid up or surrender value? And if I want to withdraw.. will there be any deductions or penalty from Aditya Birla.. will I get the whole amount (the amount showing as current value) at the time of withdraw ? Thanks

  26. I am paying LIC premium from SEP 2017 to SEP 2020 for LIC money back plan . Now I want to preclude the policy. How much amount will I get if I surrender my policy?

  27. Hi Sir,
    I am not happy with the LIC and hence wanted to surrender all the policies. Is it necessary to perform the procedure at the servicing branch only? Can’t we do this at any LIC branch?
    Also, what is the procedure to change the servicing branch then? Since in the current situation, I can’t visit the servicing branch. Requesting you to please suggest the alternative for this.

  28. Hi There,

    I’ve bought a LIC policy in Gorakhpur but for 9 years I’ve shifted to Delhi and now I need to surrender my LIC Policy. So it can be done from any LIC center or I’ve to approach the center from where policy is made.

      1. So, this can be done online or should I visit the nearest branch and ask them to transfer the policy to the Delhi branch and the last thing do I need to get the confirmation from the Gorakhpur branch regarding the same.

  29. Hi Sir, thank you for this detailed explanation. However, I have a question:

    I have a LIC Jeevan Anand Policy and have been paying all premiums (53,000 *2) from April 2014 to Oct 2020. This was a Half Yearly setup.

    I am now planning to buy a house now and was considering using this as a Downpayment after withdrawing it.

    Will the surrender value, in this case, make more sense, or taking a loan from LIC against it?

    Somehow taking a loan from them for my own money doesn’t make clear sense, but I am open to your advice.

  30. I have an policy, due every December. Can I pay my third year’s premium earlier, say in August of that year and surrender my policy after third installment?

  31. Hello sir I have LIC Jeevan Anand policy I had taken a loan on it but due to some financial problems I’m able to pay nor premium neither interest & both are getting accumulated. Now My policy is showing reduced paid up . If I wait till policy completion is my interest will also get increased. And I have to give a lot for interest or is it better to surrender it

  32. Hi sir.
    My husband has surrendered my ,his and my sons policy.
    My bank account is not there.can we get the surrendered amount in my husbands bank account

  33. Nice article.. may i know one thing. The policy is in my wife’s name. If i want to surrender that can i go alone and get it done with her signature in the form? Or her physical presence is required at the concerned live office?

  34. Sir I have a LIC jeevan Anand plan since 2012 now I want to surrender the same but I do not have the original bond it was misplaced while shifting my house so how can I surrender without bond.

    Please help advice

    1. I took a policy in year 2000 and have paid all the premiums for 15 years. It shows a maturity date of 2025.
      Since I have paid all premiums how much will I get it I close the policy now?

        1. Hi Sir,

          I have take Jeevan Anand 149 policy in 2012, December. If I surrender, shall I get at least what I paid till now? My agent is not giving any information. Please guide me on this. I have seen in internet that I dont even get what I paid till now if I surrender.


  35. Dear sir,

    First of all, I have not understood properly the guaranteed surrender type LIC surrender policy scheme as you explained above. By the way I have a Jeevan Labh Policy which have 12000 Monthly premium. and on March 2021 three years will complete. please tell if I surrender this policy on April 2021 How much amount will I get? Please say me in Rs. Value. No gape till now in premium payment.

  36. Dear
    I have taken one lic jivan saral policy on 2013 which annually amount was 36360.Last seven years I was regularly payment of policy amount but due carona i am job less and no money to continue this policy, so that want to stop and surrender the amount. Please suggest me after surrender the amount how much money will I get by lic

  37. I HAVE 2 JIVAN SARAL POLICY POLICY TAKEN 11.01.2011 PREMIUM 12010 & 6005


  38. Hi,
    I have two lic policy from last 10 years which I want to surrender. My lic home branch is faraway from my current inlaws resisdence. Also I am pregnant and could not travel. So if ill send the documents along with my husband or sister then will the branch accept it? Or I have to go?

    1. Hello sir,

      In 2002 my mom taken a lic policy and she continued to pay the amount since 2006. After that, she didn’t last my mom died. My father is a nominee and the maturity date is 2022. Shall we get any amount before maturity or else we have to wait until 2022?..if my father wants to get the money then what are the procedures? Can you explain sir

  39. This blog is useful. Regarding surrendering the LIC policy, the rules are framed in such a way that there is no way out once trapped . If one surrenders then huge loss. Better to either make it paid-up or pay till maturity to remind your own mistake committed for the loved ones. LIC should change with technology at least and be more empathetic towards investors.

  40. Hi Basavaraj,

    I have taken a LIC policy in 2015 and have been continuously paying an annual premium of 27000 till date(2020). Now I don’t want to continue the LIC Policy any more and want to stop my LIC and surrender the same.

    How much amount will I get if I surrender? Do the accumulated bonus during this 5 years will be provided to me by LIC.

  41. Hi

    I had made 2 policies for 1 year in 2015 and did not continue the payment . Will I Be eligible to withdraw the money.

  42. Hi, Thanks for your detail explanation about surrendering LIC. I a trying to surrender my LIC from last 5 years but my LIC agent is not supportive and make excuse every time. May I know how to surrender if your condition as followed:

    1) You are not citizen of Indian from last 1 year.
    2) You do not have any bank account in India now.
    3) Your PAN, Aadhar, are invlaid and on;y driving lic is valid.
    4) What is I want to gift my LIC to relatives.

    Thanks if you read my msg and help me out as I lost my all hope on this LIC and regretted a lot.

      1. Hi, thanks again for your reply. Well, I used to have my Pan, Aadhar, and bank account 1 year back and I tried a lot with my LIC agent to surrender my LIC but he always made excuses, I also tried contact LIC office and they also kept asking me to contact the agent. Well, now I am not citizen and my soul is still stuck on my LIC hard earn money. Anyways, I lost my hopes and want to advice all people here do not waste your money on this LIC as they are not worth trusting. for good example. 1990 RS was having good value you invested in LIC hoping to get 25 lakhs in 2030 but unfortunately when you reached in 2030 that 25 lakhs is nothing. So, use your money wisely and invest in something else but not in LIC> My hard earn knowledge.

        1. Dear Pandya,
          To surrender the Policy, AGENT is not required. If the branch is insisting for the same, then they are misguiding you. Regarding your views about products, NONE do this commonsense research before buying.

  43. Hi Sir,

    I have a LIC Policy of sum assured value 10lac and time period of 35 years and it has been started in Aug 2017 and it’s been more than 3 years I have paid the premiums regularly but I want to discontinue the LIC policy.

    LIC New Jeevan Anand

    What amount I’ll be getting after discontinuation and is it beneficial if I discontinue it.

    Please help me as I’m not willing to go continue it

  44. Hi Sir,

    I have 2 policies and paid for 2 years 20000 each policy. Can i transfer 1 policy paid premium amount into other policy without loosing any amount from the second policy before surrendering duration? So that i can pay from next year onwards for one policy 20000/-.

  45. I am holding a Bharti AXALife Elite Advantage Plan .(28 apr 2018) Maturity 30 apr 2030 .For sum reasons I want to discontnue this policy .What should I do and how much I will be paid.

  46. A 14-35 endowment policy was taken by me on the life of my daughter in 2000 for a sum assured of 6 lac. The policy is in force. My daughter now is a citizen of UK. Should she surrender the policy or can she continue. Kindly advise

  47. sir,
    Isn’t that possible to surrender the policies online as private companies are giving option to surrender the polices online via service mail id ?

    1. I purchased lic policy 2 months back, i want to cancel it now. Will i get my money back which I paid in the form of 2 premiums?

  48. Hi
    I have a policy starting from 2016., due to mature in 2032.
    But under very low financial conditions I am surrendering the Policy.
    2 things I have found to Hate is
    1. They are asking to submit, a Paper of tissue quality with delicately printed, called Policy Bond mailed to me in 2016., which got erased off by itself and almost rotten. I don’t know how this people are still living in medieval times. I think they do all this on purpose so that no one should be able to get there amount back.
    2. They are giving me only about 70% not the full amount I’ve paid till now.

    I believe I made a right decision to get out of this entity.

    Kindly be careful and buy a locker first to keep your Policy safely first… Hahaha..


    1. Dear Mohammed,
      1) It is not like that. It is a standard procedure. If you have such a policy that is completely rotten, then you can apply for a new duplicate policy document and then can submit.
      2) It is based on the surrender value.

      1. Hi
        I appreciate and thank you for your reply.
        Also I will apologise for making fun of the system.
        But, don’t you think that LIC is an entity that is a world in itself.
        In the era where Tea, Banana and Vegetable vendor are going on Online payment., how come they are not going to Online banking or transactions?

        1. Dear Mohammed,
          I understand your anguish and especially during such situation, they have to develop a system to cater to their customers. But the sad part is that they are still living in the era of 1942.

  49. Hello sir,,
    I am having 2 lic policies, 1.jeevan anand and 2.jeevan saral… I paid 8 years premium for jeevan anand and 6 years premium for jeevan saral… Now I would like to surrender these both policies… Are they eligible for surrendering… What is the return expected?? Only paid premiums or with bonus also?? Please clarify

      1. I opened a policy for 30 year. now I closed my policy but lic not give me a payment … I have 12 year payment slip and all documents was surrender for closing the policy., lic not gave me a payment … I don’t believe on lic

  50. Hi Sir,

    I have a policy for INR 500000 under Jeevan Anand 149 75 scheme. Out of the 20 yearly premiums of INR 26701 each, I have paid 10 of them. I would like to withdraw the the policy now. Could you please tell me how much can I expect from the same?

  51. Hi sir, i have jeevan surabhi 107 sum assured 6 lac. Paid premium for 8 yrs got 02 money back of 1.5lac each. I want to surrender the policy. Will the 3 lac given to me recovered or that is not considered. 30% of premium – 1st year comes to be 1 lac only. Please clarify.

  52. Sir,
    Myself Imtiaz Ahmed, I have New Jeevan Anand (with profits) policy… premium paid 4 years…. policy duration 21 years…. premium 5542 monthly… I want to surrender the policy and investing some SIP or PPF or Stock Market…. Is it beneficial or fully mature the policy ?

  53. I have Bought jeevan anand 815 with monthly premium of i am unavle to pay my policy.mis its possible to close this policy and can i get any money return back??please suggest

  54. Hi I have 2 Jeevan labh policies for myself and spouse. Both policies term completed 3 years and I want to surrender the same. Can I alone go with all documents and submit it. Wife cannot travel due to small baby and not safe to travel.

  55. I have 2 policies opened in 2007 and I paid premium till 2015 but after that due to some family issues I couldn’t pay premiums further. I just want to ask that can I surrender the both policies.

  56. Hi Sir,

    I have started Jeevan Labh Policy on 30th july 2020 can I surrender it immediately.?
    Will I het the 2 premium what ever I paid.

    1. Hello sir i have 5 policies 3 is mine and 2 of them are my son .
      All the poclicy start 2011 and paid till 2020 .
      If i surrender all policy ,will i get my invest money . ?

  57. Hello Sir,

    I have LIC Jeevan Anand Policy which I purchased in Jan 2012. It has a premium paying term of 21 and maturity of 67. The premium per month is 13,140 and sum assured of 25Lakhs. I checked the site and it says accursed bonus as something around 9Lakhs. Including July’s premium, till date I have paid 13.5Lakhs. My question is what will I get if I surrender it today? is it advisable to surrender?

    Best Regards,

  58. Hello Sir,

    I just got to know that my dad opted for a lic market plus 1 plan 10 years back as he started receiving messages to choose annuity option . The investment has now matured. I searched online and I found that I can withdraw a maximum of 1/3rd of the fund amount and the rest has to be received as annuity. Is there an option to surrender the policy now to get back the entire amount? My dad doesn’t really need an annuity payment as such.

      1. have Bought jeevan anand_ 2322 with monthly premium. now premium paid 9 months .but i am unavle to pay my policy.possible to close this to do get money back waiting for your positive response

  59. hi ,
    i have lic policy of 4 lakh name jeevan aanand .which is going to mature on 2026 . what if i ll pay next 5 years amount at present and can recive matureity amont now. is dis possible

  60. Hello Sir,

    I have few insurance policies and dont know the details regarding the same.

    It was started by my father and he sadly passed away.

    How can i get information on these policies. I dont know how it works for LIC in Mumbai as i live in canada.

    Help will be greatly appreciated

  61. Hi Sir… Thank you for the detailed information, especially the part explaining that we get the sum of accrued bonus (of course, new accruals will not happen once premium payment stops) and paid up value at maturity if we decide to stop paying premiums after 3 years.
    We have a policy in the LIC Endowment Plan 814 . Sum Assured is Rs. 2 Lakhs, Start date Mar 2014, term is 16 years, current age is 31. Premium is Rs. 3262 quarterly.
    We want to stop this policy and go for mutual fund investments (preferably Multicap funds as have ongoing SIPs in them). We also have dedicated health insurance and Term insurance policies. So we feel this policy is not adding any value to us.
    We recently inquired the LIC agent on this and he gave us this info. Surrender Value Rs. 55,262, Paidup Value Rs. 75,000, Accrued Bonus Rs. 43,000.
    We are unable to decide if we should go for surrender option (we get 55.2K now and we can invest this in MFs) or paid up option (we get 75K+43K in 2030). Kindly suggest us which option is better.

    1. Dear Jaya,
      If you leave the policy for 10 years, then it will fetch around 3% returns (From Rs.55,262 to Rs.75,000 at maturity). Hence, better to surrender now and invest. Even if you put the money in 10 years Bank FDs, it will generate more return after 10 years than Rs.75,000.

  62. Hi, I have recently taken a limited endowment policy for yearly premium of 60,191 for a period of 9 years, with sum assured 600,000 in 12th year. I recently got to know that if the premium paid annually is more than 10% of sum assured, then the whole proceeds are taxable. Is this the case?If it so, will the tax slab be 30%, as per my current income tax slab? Also, is it possible to change the policy so that it falls within the 10% bucket, it is marginally higher? Would you suggest surrendering the scheme, now that my investment view on this product changed? Appreciate if you could respond soon, as the decision is time sensitive

  63. Hello,
    I hold a jeevan anand policy with sum assured 2500000 with policy purchased at 2013 and yearly premium of 50,612.

    The last premium is in year 2052.

    I want to surrender/pre-mature my policy due to some financial crisis.

    Can you please help me how can i do it. and also how much will be the surrender value i will recieve (approximate will do)

  64. Dear sir
    I have a jeevan saral plan 165 policy paying 15300 quarterly . I completed 7 years and planning to surrender the policy .How much money will I get. Will I get atleast the money paid in 7 years ? Can you please help.

  65. Hi Sir,
    I had purchased two LIC policy(1. Jeevan Anand & 2. Jeevan Saral) on 2012 and i have paid 8 yearly premium of 4,00,000(25K * 2 Policy * 8 years).
    I already owning Term Insurance for 50 Lakhs. I feeling now that these policy giving lower return (like 4 to 5 %).

    I am having housing loan for 15 Lakhs.

    Could you please help me resolve below two queries.

    1. Is it right decision to surrender these policy and do partial payment in Housing Loan?

    2. I had taken these two policy in Vellore distinct in TamilNadu whereas i am staying in Chennai now. Is it possible i can surrender these policy in Chennai itself.

    Kindly help me on this

  66. Dear Sir,

    I have a Jeevan Anand policy and have been paying premium for the last 15 years and the next year is the last premium payment. However the maturity of the policy is in 2082. If I withdraw the policy after the full premium payment, would I be getting the full amount I paid? I don’t want to wait till end of the maturity period. Could you please advice me on what would be the best thing to do at this point?

    1. Dear Divya,
      Your policy is maturing in 2022 (if we consider your last premium is in 2021). After that LIC will pay you the sum assured and accrued bonus. However, the risk sum assured will continue throughout your life (2082).

  67. Sir I have purchase lic policy in 9/2013 and now I want to surrender my policy ,can I surrender my policy online and what is the process of surrender policy

  68. After reading all the previous users Comments I got to know one thing that if someone wants to know as to how much money we will be getting after surrendering the policy then we will definitely get no reply other than “Please visit the LIC branch” advice. So i request people not to ask this question again.

  69. Hi sir,

    My name is Sunita Negi. I purchased jeevan saral 165 policy in 2010, after paying premium for 7 years, I stopped paying the premiums. Policy details are as follows:

    Policy term – 15 years
    Total premium payable- 30
    Total premium paid – 14
    Premium amount – Rs. 29112/-
    Policy years completed- 10 years

    Now I want to surrender the policy. Please tell me approximately what amount will I get as a surrender value.

    Sunita Negi

  70. Hello Sir, I have purchased LIC child future plan on my daughter name in 2007 from there I am paying premiums regulalry yesterday I saw my policy bond throughly in that bond premium amount is Rs 15703 and PWB amount is Rs 94.25, but while making payiment LIC taking only Rs 15703 not taking PWB amount Rs 94.25, from 2007 this is happening, kindly explaim me what will happens with my policy

      1. Sir I have purchased 3 policies of single premium money back policy in 2016 Sept 1 lakh pr policy for 20 yrs time. I want to break this. How is this possible pls tell

  71. Hello sir
    I obtained lic by 2011 and now we leave this address and also I lost my bond . How can i get money back. Indemnity bond help me

  72. Hi sir
    My both policy 6 yrs old I paid premium regularly
    My policy table no is 165 Jevan Saral my policy premium per month 2042/-
    Now I want to be a surrender this policy
    How much I get money back after surrendering this policy

  73. Dear Akbar,

    I have a policy which i started on 2002 April. My last premium is coming april 2020. The premium amount should be 1900/per year. after my last premium how can i withdraw my money and what is the amount i can get approx. Thanks.

    1. what is procedures of withdraw money from LIC?
    2. Howmuch the apprpx amount can i get?

  74. Dear sir,
    I have 2 polycies under my niece & nephew names, the policy if for 21 years premium to be paid every 6 months each, I have paid 2.5 years premium for each policy and now I found that the policy is not what I was looking for.. can I surrender the policy..? And will I get returns what I had paid ..? Please reply.

    1. Thanks for the reaponse sir, I understood that premium to be paid for 3 years In order to surrender the policy.. I am already to pay the dues but when I visit to the branch office they said after I paid all the dues which will be 3.5 years of premium I can surrender the policy but in return I will get nothing, my 3.5 years paid amount will more then 2 lakh and i willnothing in return after surrendering the policy..? Please help..
      Thank you.

        1. Dear sir thanks once again,
          Less means how many percent I can get in return.? And what you suggest me in this my situation..? I wanna contact you directly can you send me your contact details to my email ID [email protected]


  75. Hello sir if i am not paying 2 months perimum of lic now i dont to continue for personnel reason so it is necessary to pay that 2 months perimum for can i surrender the policy please help me

  76. Dear Sir
    I have submitted my document for surrender of lic .It has been passed 8 days but no any message on my mobile for the process or to be credit of amount.bHow long it will take time to get my mone please let me know!!

  77. Can I transfer my LIC policies to my home town .can I visit to nereast LIC office to transfer home town

  78. I want to surrender policy bima gold 179
    I have completed 12 years
    My plan is of 20 years
    My premium is 16547 rupee
    I am confused to continue this policy
    What if I surrender did I get loyalty and amount?

  79. Dear sir I have a pic policy of952 rupees for month.i have given 6 year now I want tosurrender my policy ,can I get my total primium that I have given

  80. Hi
    I’m 35 years old and hold LIC’s Jeevan Anand (149) Policy taken in 2010 by my father for me. It’s for 21 years’ premium paying term. Policy term is 74 years. I pay an annual premium of ?123669. I’m really confused as what I’m going to get on maturity of this policy. I get different answers from different people. Also, I get a feeling that this is not a good policy from the perspective of investment. Will it be wise to surrender it now. Request your expert opinion.

      1. Thanks for the reply.
        I have already paid 9 years. Now I think it’s time to stop doing mistakes further. Do they give the bonus accrued so far, if I surrender now?


  81. Dear sir it’s me lohith
    I had taken a loan in lic using my bond if 18000
    Now I need to surrender that is that possible

    Weather it’s possible my lic bond premium paid is 3.6 years

  82. Hello Sir,

    Very informative article and very nicely explained in detail.

    I’ve questions regarding cancelling / surrender of my policies.

    I’ve 12 Jeevan Saral policies, I’ve been paying against it since 2011. So far I’ve paid around Rs. 5,40,000/- till last year.
    While opening these policies, I had specifically asked my agent to open 1 or 2 policies with the specific yearly amount. It was for income tax and investment perspective, I thought that time.
    But the LIC agent broke that yearly amount in multiple premiums for him to get the benefit of it. I ignored that part and have been blindly paying the premium since then without fail. Recently I was reviewing the policies in detail. I created my login on LIC portal to review all. I realized that he has setup different maturity dates for all 12 policies with a difference of an year or 2 in between. Starting from 2032 onward.
    Considering all this mess created by the agent and my ignorance I do not want to continue with these policies anymore. My question as below –

    – Can I withdraw all the amount I’ve paid against these policies by cancelling or surrendering it ? Is there any way for that.
    – If I do not pay going further will that lapse the policy and would there be any penalty against it?
    – Is there any way I can complain about the agent in LIC to cancel his agent code? Because I recently I got know, few more people have been victimized by this agent’s approach of breaking the lump sum amount in small premiums to achieve his policy targets.
    – How come the sum assured is less than the amount of premium for some of the policies? Is that compensated by the bonus ? Is the bonus / guaranteed addition for any policy declared at the beginning of it or later?

      1. Thanks for the reply sir. But my questions are :

        – by surrendering those policies, would I get all the amount I’ve invested or will there be any deductions ? If any deductions then do you know the deductions percentage / calculations ?
        – in case LIC does not allow me to surrender the policies and if I do not pay any more premiums, will there be any penalty levied against non-payment ? And would I be still eligible for all the default benefits in case I do not make any more premium payments ?
        – How come the sum assured is less than the amount of premium for some of the policies? Is that compensated by the bonus ? Is the bonus / guaranteed addition for any policy declared at the beginning of it or later?

        1. Dear Kedar,
          -It depends on your policy details. Hence, better to approach the branch.
          -They have no rights to stop you from surrendering.
          -Many are under such myth. Sum Assured the amount you get in case of death or at maturity. It varies based on many factors.

  83. Hello sir. Thanks for the article. I have few LIC policies running from last 20 years. I changed my name last year (added a middle name), but this has not been updated in the policies yet. Will it be a problem at the time of maturity? If yes, what should I do? Please suggest. Thanks.

  84. Dear Sir. Last year in April 2019 i have taken Jeevan Tharun policy , I want to change to Jeevan Labh. I am ready to pay extra premium . His it possible

  85. hi i have Jeevan saral and jeevan ankur premium paying since 2012 and jeevan anand premium paying from 2006 , if i surrender this policies what we will get .

  86. Hi, Thanks for the column

    I have taken LIC Health Plus in 2009 for yearly premium of Rs 6,000/- for insured amount of Rs 2,00,000/- This is upto age 65 years

    I don’t want to continue LIC Health Plus, since i have taken better private ones.

    I want to ‘Surrender This’ policy. Will i get any amount in return.


      1. sir, please send the link
        They were said to continue but i am not interested because per monthly 6,686 rupees.

  87. Basu Sir,

    I need your help in evaluating whether to surrender or paid up my endowment whole life policy.
    Insurer: SBI Life
    Product: Shubh Nivesh whole life
    Age : 31 yrs (now)
    Sum Insured: Rs 57 Lakhs
    Annual Premium: Rs. 3.27 Lakhs
    Premium frequency: half yearly
    Policy term: 20 yrs
    Maturity benefit: Sum insured + simple revisionary bonus+terminal bonus
    Other benefit: sum insured covered till 100 yrs after the maturity pay out
    Premium paid so far: Rs 18.15 Lakhs (in 5.5 years or paid 11 half yearly)
    Bonus accrued so far: Rs 9.975 Lakhs (6 annual bonus participated as policy start date is 25May2014)

    My queries are below,

    a) what would be the approx Surrender value if I need to surrender now?

    b) what would be the ‘total paid up value’ if I need to stop paying premium further?

    c) which option (a) or (b) is more sense considering the tax implications of 10(10D)- TDS?

    d) Does it worth to continue for next 4.5 yrs and then let the policy paid up to save tax implications on 10(10D) TDS- in any annual premium it should not be higher than 10 times annual premium as sum insured. Is it a good strategy to continue the policy till 10 yrs and leave the policy paid up?

    I ve enlightened not to get mixed up with insurance and investment, especially with something like endowment plans. Rather I would divert this into MF investment to generate my retirement corpus (goal).

    1. Dear Bhavesh,
      a) Contact the SBI Life for the values.
      b) Contact the SBI Life for the values.
      c) Surrender.
      d) If you are OK to commit the same mistake again and again, then better to continue.
      These are a dangerous product. Closing, investing the same in PPF may give you better returns than committing the same mistake.

  88. Hlw Sir…mene ek policy li thi or usme 50000 rs diye h 2 baar me…….2016 vo wapis ho skte h kya

      1. So niw my question is about my 5 lic policies ,
        1 is complete 27 years
        2 is complete 35 years
        3 is complete 20 years
        4 is of my son is complete 18 years
        5 also of my son is complete 20 years …and all policies i paid 10 years . So also i can rocver my invest money.?

  89. Dear Basvaraj,

    I have a Jeevan Anand (Plan-149) that I had bought in Jan 2012 for a sum assured of 5 Lakhs for a period of 21 years (2012 – 32) with an annual premium of 25,764.
    I want to surrender the policy now – my premium paid so far is 1,89,000 and vested bonus is 1,72,000. When I checked on the surrender value through customer care, I am told that it will be 1,39,000 and no bonus amount will be given, whereas clause 7 on the bond for Guaranteed Surrender Value reads, “The cash value of any existing vested bonus will also be allowed.”
    I feel I am looted, even after 7 years, there is no single rupee benefit, instead still getting amount that is less than what I have been paying.
    Please advise, if there is any possibility of getting anything above what is being told.
    Indeed a worst investment ever…

  90. Sir, I am LIC’s Jeevan Saral policy holder. Date Of Commencement of Policy is Jun 2009 @ Rs. 3675 quarterly for 20 yrs term. My age was 24 yrs when i purchased the policy. Now i am planning to surrender it on Jul 2019 i.e, just immediately after completing 10 yrs. So how much do i expect to get back…???

  91. Hello Basavaraj Sir,

    I have a New Jeevan Anand (With profits) policy. Now I want to surrender it.

    Basic sum assured is 5 Lakhs & accidental benefit sum assured is 5 lakhs.

    I have paid the premiums for 3 years without fail. Policy duration is from 2016 to 2036.

    I request you to advise on below queries:
    1. Can I surrender my policy.
    2. How much will I get if I surrender it at this point of time.

    Thanks in advance. Looking forward to hearing from you.


    1. Dear Mudassir,
      1) If you are OK with around 5% returns for around 10 to 15 years of tenure, then go ahead and continue the policy. If NOT, then better to surrender.
      2) Please be in touch the nearest LIC Branch.

  92. Dear Basavaraj,
    I am using Jeevan Saral LIC policy for almost 8 years. But I want to surrender it with below condition:-
    1). I bought policy in Delhi, but currently relocated to Bangalore.
    2). The address mentioned in the bond paper is no longer exist.

    Now, please suggest what should i do, if i do not want to visit the Delhi-branch to close this policy?
    Also, my friend told me to transfer the branch here locally at Bangalore, then surrender.

    Please suggest your opinion.

    1. Dear Prashant,
      The best option for you is to first let it be transferred to Bangalore (Send a letter to Delhi branch to transfer the policy documents to Bangalore Branch). Once it is done, then go for surrender.

      1. Hi Sir,
        I have sent 2-3 email with attached adhar card to LIC office for transferring account from delhi to Mohali (Punjab).But still my account is not being transferred . I sent mail 2 months Back.
        What should i do next?
        One more question for closing account do we need to visit delhi branch?

  93. i want to surrendrer my policy but i lost my original bond. brach told me to filled form and that needs franklin and notary. i want to know how much amount of franklin and notary in required for that

  94. i want to surreder the lic policy but i have not present on originator place where i have take policy. How can i surrender the LIC policy any other place or any other branch?

  95. Hello Mr. Basavaraj,
    For getting the surrender quote or to understand what will be the paid-up value, can I visit any LIC branch or do I have to visit the same LIC branch from where the policy was initiated? I was in Kolkata when the LIC policies were started and now I am in Mumbai so can I visit Mumbai LIC office or I need to go back to the Kolkata LIC office? Kindly advise. Many Thanks, Best Regards.

  96. Hi, I have 2 LiC policies
    Jeevan saral & Jeevan anand since Jan 2010
    Now after knowing the disadvantages I want to close it
    What will be the sum assured ?
    It seems I have payed more than 5 years, so will it be 100% ?

  97. Dear Basavaraj

    I have a policy (term plan) that charges around 38,000/- per quarter for a term cover and some maturity benefit. I’ve been paying this regularly for the past 5 years. I decided I don’t want to continue with this and have not paid the last two payments of my premium. Also, I received an intimation that the surrender value is now 5,11,000/-. I want to surrender but I have two questions:

    How do I surrender if I have lost the original bond?

    And, if I have not paid the last two premiums and want to surrender now, what will happen? Do I have to pay first or can I just simply surrender?

      1. It’s not a term plan. My mistake. Its a plan where I pay for 8 years and I get a maturity benefit after20 years and then death benefit. I don’t want to continue this. Now? I have a surrender value of 5,11,000/- and also I haven’t paid last two premiums.. also I have lost the document. Please advise.

      2. It isn’t a Term Plan. It’s LIC Jeevan Tarang with a 30 L maturity benefit. My premium is 1.57L per annum quarterly. I lost the document and missed the last two payments. I want to surrender and I have a surrender value of 5,11,000/- . What can I do and what will the non-payment impact?

  98. sir, I have a endorsement plan of lic bunch of 20 policies and I am paying 38300 yearly since 2012 but now I want to surrender my all policies so please tell how much of amount I will get

  99. Dear sir,
    I have jeevan saral policy. paid premium for 6 yr . now i want to surrender this policy… i want to know that can i get my 100? of premium paid amont?.

  100. Hello sir, I have LIC Money Plus (paying only Rs.15000 .3 qtrly -2007) 20 years policy. Now can I surrender my Policy

  101. Dear Mr. Basavaraj,
    I have Jeevan Tarang policy. My yearly premium is 83674 and I am paying from 2012. Also I have another policy whose premium is 1844. In all I am paying 85518 and I have to pay till 2032. I want to discontinue this policy. How much amount will I get.
    Please reply.

  102. Hi sir, i’ m paying premium for lic Anmol Jeevan -I (plan- 164) from 2013 ; now I want to stop the premium wether i’ get any amount or not sir; as my agent told me this is a risk policy.

  103. Hello sir,
    I have opted for Lic jevaan laabh…..with yearly premium of 70,000/-, I have paid the first premium but now I wanted to quit………!!!!!!
    Shall I quit right now or complete the 3 years………which will be better…….???
    Plz do reply sir.

  104. Dear Basavraj,
    I am also a victim of falling in the hands of LIC agents who sell policies to young and vulnerable clients and don’t actually explain the consequences of it. I bought JEEVAN ANAND (149). The date of maturity is 2085 answer the current status of the policy is “In Force” with premium paying terms of 30 years. What will happen if I want to terminate the policy? Will I get any money back ? I have paid premiums for last 10 years.

  105. I took up the lic policy in 2005
    I have been paying regularly and I have to pay till 2025.
    But now I realised maturity is in 2077.
    I don’t want to wait till maturity and so if I surrender,how much will I loose?

  106. Hi Sir
    Mine Jeevan anand policy complete s 5 years from commencement on Dec 2018..
    1. If I surrender policy or Jan or Feb 2019 is there any effect for 80 c claimed deduction for the current FY..

    2. Which ITR is correct and where to show surrender amount in case no tax and no 80 c reversion..

      1. 1.Policy completed we are in end of FY 18-19..premium paid till Jan is still claimed under 80 c dedction if I surrender before FY ..

        2. Read few articles..for surrender if annual premium paid is less than 10%..surrender value is not taxable right..correct me if I’m wrong

        1. 1.Policy completed we are in end of FY 18-19..premium paid till Jan is still claimed under 80 c dedction if I surrender before FY ..

          2. Read few articles..for surrender if annual premium paid is less than 10%..surrender value is not taxable right..correct me if I’m wrong

  107. Hello sir, 2 of my policies were purchased from KA state branch & nowadays I’ve been shifted to MH. While surrendering the same will i have to visit the serving branch?

    1. Dear Shiva,
      Sadly YES. However, the alternative is that you first transfer both the policies to your nearest branch (by sending the written request to the home branch). Once the transfer is done, then you can surrender the same from the new branch.

  108. Hi Sir,
    My policy Name : LIC Jeevan Labh
    total premium amount : 15 Lacks for 12 years
    yearly i have to pay 80000/-

    Clarification : i want to surrender this amount this year 2019 ( will complete 3 years ), can i get complete paid amount.

    Example : 80,000 * 3 = 2,40,000/- will get or not?

  109. Hello Sir,

    I have paid premiums for Jeevan Anand 149 plan amounting to 30516 for 8 years now from 2010, there are 12 individual policies with maturity of 1Lakh each. Now I am thinking of closing the policy now. Need to know the amount that I will get if I close now.

  110. Dear Basavaraj,

    I have paid 6 quarterly premiums so far. I am quite young. I signed up for the policy by mistake. I don’t intend on continuing the payment. What will have to the 1.5 yrs of premiums I paid?

  111. I have taken Loan against 2 LIC policies…so further I wanted to stop these policies,So how much I should pay further or I will get return amt.from LIC?
    please help

  112. Dear Sir,
    I don’t want to surrender the policy, but won’t be able to pay future premium. To convert it to paid up policy, dose I need to contact servicing branch? Do I need to give letter in writing? Please clarify…

      1. Hi Basavaraj,

        3 years completed, If we stop paying premium.Should we get money or not. If yes when shall we get. i paid almost 1.5L

  113. Dear sir i had buy an one of the LIC plan recently and they committed me to medical insurance and credit card of LIC along with policy after a long time six months they still not given me the same. i had paid one installment and don’t want pay or continue the policy as i found cheated.. sir what to di pls advise. Thanks

  114. Hello sir, I have LIC Jeevan Saral (paying 12000 from Dec 2010, SA 2,50,000) and Jeevan Anand (paying 12000 from Jul 2011, SA 2,00,000) policies. Both are 20 years policy. I plan to close both due to financial situation. Is it good to proceed now for surrender. Whether I will get any partial policy bonus? Please advice.

      1. Thanks for your reply sir. I came to know that Jeeval Saral is not good and I won’t get complete paid amount.Don’t know about Jeevan Anand. I thought I can close one based on return profit and hold other to compensate loss if any in coming months.

  115. helo sir mane lic policy li hai aur 5 year complit bhi hogya hai isme mujhe 2 baar mony back aya hai 10000 thaushand ka meri monthli lic 1040 ki debit hoti hai ab me ye lic close karna chata hu to bataye mujhe kya benefit hai…

  116. i have paid 3 installment of LIC jeevan anand 815, i want to close LIC thsi policy, how much i will get back money.

    Last 3rd Premium paid date is – 25June 2018

  117. Hello Sir,

    My relative had taken Jeevan Anand (Table No. 149)
    Policy Purchase Year: 2011.
    Sum Assured : 400000
    Tenure: 16 years.
    Premium: 27652 Rupees / Year
    Premium payment Date: 28/Dec

    He has paid first 2 installments and after 2012, he has not paid anything.

    1) What happens to 2 paid installments ? will it remain as it is or will LIC charge any money on it.
    2) Is there any Bonus Earned on those 2 installments ?
    3) Life cover is still there?
    4) When can invested money can be withdrawn or recovered ?

      1. Hello Sir, I have taken Jeevan Saral profit plan in Oct-2010, with half yearly premium of Rs. 6065/- and paying payed all the premiums on time till Oct’2017. I want to surrender the policy now because of some financial conditions. Can you please tell what will be the amount I will get back if I surrender now.
        Also I am in another city now, so can I send the required documents to my home branch by post and expect to get the work done?

    1. he has to re-run it after submitting late fees…there is no benefit in surrendering lic as it gives maximum returns on maturity…jeewan anand is a very good plan….u will not get a single rupees if u havent paid money for three years continuously…run it till maturity if u have opted this plan and if u can manage to pay…hope this helps…even if u surrender it after three years itz a big big loss…thanks

  118. Jeevan saral with annual premium of 36k in 2012 Dec.
    Now it has completed 7 years and i now when i search accross i get the return on such policy are around 6-8% and not more then that.
    when i review my finacial stuff i dont think i need such policy and hence need advice if i should surrender.
    but the surrender charges are 30 k (I invested 109k and i am getting back 87k ).
    Not sure if i continue for 10 years and then see or how should i take it since loss is very high.

    1. Dear Lalit,
      Even if you continue also, the returns are not more than 6%. I am not sure who told you that your current returns are even 8%. Think that you committed the mistake and paying penalty for your ignorance.

      1. no after maturity definitely u r going to get benefit….dont opt for market plus policy…..becos lic gives returns by investing in market and by people like you…who surrender it uselessly and accrue losses….

  119. I have taken a Jeevan saral policy, tenure is 35yrs. Already finished 9yrs. Intend to stop the policy after completion of 10yrs. Kindly advise

      1. Dear Basu,
        As Jeevan Saral include Special surrender value, 100% premium will be back after 5 yrs. My policy completed 8 yrs. Intend to surrender it ASAP OR after 10 yrs. Its matter of 2 yrs.
        Can you plz confirm if policy will be surrender, then amount would include loyalty addition (after 10 yrs).?

  120. Hello,

    Is there any way in which we can lower the tenure of the policy. Eg one policy which i took has been issued to me for 35 years, which i feel now is a little too much. Can I reduce the tenure for this policy to close to 20 years somehow


  121. Good morning Basuraj,
    Two things I would like to know from you sir :
    1. I’m paying annual premium of 5 lacs towards LIC – mostly Jeevan Saral policies. All these policies have completed 3 years of continuous payment.
    Is it worth stopping them and investing that amount in Mutual funds?

    2. Since I have taken 2 lacs loan against two LIC policies, can I surrender or make it paid-up without repaying the loan amount?

    1. Dear Anil,
      1) Yes, it is worth but also if you go for surrender, then be ready to get less than what you paid.
      2) You can either surrender or paid up. After deducting the outstanding loan, then paid you or convert to paid up.

  122. I have Jeevan Anand Policy with 11000 yearly premium. I have already paid 12 installaments. (12 years). term – 21 years
    Now I want to surrender the polciy.

    Can you please let me know how much I will get back on this.

  123. I purchased a Policy from PNB Metlife. For 1st year I paid the premium in single shot. For 2nd year I opted for monthly ECS.. Which continued for 1 year and suddenly it stopped, offcourse not due to insufficient funds.. When approached, costumer service executive told me that it is due to some technical error at their end, which will be rectified soon.. However, it never renewed. Pls suggest, What should I do in this case?

      1. Dear Basav,

        Thanks a lot for such a prompt revert. Would you advise for surrendering the policy and withdraw the money..? And go for a new policy may be..

  124. I was purchase policy 2008. I was paid premium only 2.5 year then stop paying premium any reason .now i want to surrender my policy ..the period was 10 year …can i eligible to my money back how i paid ..which process i do

  125. Dear Sir ,
    I have money back policy no 127787789 , 3 years completed . I am planing to policy surrender as not paynig farther premiums .
    Request you to please let me know your suggestio how to proceed I have taken term insurance for my insurance needs.

  126. Hi Basavraj,

    I have taken New Jeevan Anand (Plan-815) sum assured is 15,00,000 and installment Premium is 1,16,437 and Policy Term 15 years and Premium Paying Term is 15 years and policy benefit is 15,00,000.00 date of maturity in 15 years
    Is above policy worth to take what ? After maturity with interest how much amount i will get? or
    1)After paying 3 years Guaranteed Surrender Value Surrender will come around 1,20,000 is waste to go with it?
    2)after paying 3 years Special surrender value i will be 4,00,000 for 7.5 Lakhs for what i paid?Special surrender value will get after date of maturity only na ?

    Shall i quit this plan or continue with this plan?or Shall i go with any sip?
    Please suggest?

    1. Dear Vaibhav,
      Continue this policy if you feel Rs.15,00,000 life insurance is sufficient for your family dependents to survive in your absence. Continue this policy if you feel 4% to 5% returns are best for the 15 years of investment.

  127. Hello sir, I joined in a Bima gold policy in 2006 with 50000Rs 20years. I want to cancel the policy. Is this good decision?
    Is this possible?

  128. Sir , I have lost my policy bond or either the agent wouldn’t provided me , can I surrender my policy with first premium receipt ?
    Please let me know the process to retrieve duplicate policy bond.
    Currently my location is Bangalore and I have done my policy from west Bengal.
    Thanks in advance

  129. Sir I have a jivan saral policy (with profits) purchased in December 2013. And I have paid total 4042 per month*53month
    …so sir please tell me how many surrender value amount or paid up value return to me from lic of india

  130. i have a jeevan anand policy for 25 years which i took in 2014, paid up to 4 premiums now. Is there an option to extend it to 35 years (policy term) as that seems to fetch me more returns ? If not possible pls advice me if i can cancel that and take a new jeevan anada with 35 years?

  131. Hi Sir, I have taken a New Jeevan Anand policy of Sum assured 500,000 in 2017 and have paid 1 annual premium so far. Understand that if I pay 2 more annual premiums i.e. complete 3 years and lapse thereafter then it would be considered as Paid-up value. There are 2 options to take the paid-up value; One is to take this paid-up value on maturity with bonus and other option is to take the paid-up value after 8 years without bonus. Is the second option true? Please advise

      1. Dear Sir,

        Thanks for your response.

        Please request you to let me know how much will be the approximate paid-value (amount) for the below policy Jeevan Anand for term 30 years:

        1st Premium paid- INR 18,000/- – Paid in June 2017
        (On 1st June 2018, I got my Sum assured reduced to 100,000 from existing 500,000 after my request to branch)
        2nd Premium payable – INR 5,000 (Approx.) – Due in June 2018
        3rd Premium payable – INR 5,000 (Approx.) – Due in June 2019
        And After paying remaining above 2 years’ premium If I decide to keep the policy as Paid-Up then how much amount will I get on maturity:

        Will it be 28,000 (all 3 premiums if paid) + bonus or ?
        Wil it be 10,000 + bonus (Only 2nd +3rd premiums if paid and not the 1st premium bcoz of breach of contract for sum assured to 1 lakhs from 5 lakh)

        Please request you to let me know the appropriate paid-up value on maturity so that I take the right step for the remaining 2 premiums whether to continue to pay or forget 1st premium paid to avoid further loss.


          1. Dear Sir,

            There is a misponses from LIC zone and LIC branch office. So i am confused. Branch office told me that I should forget 1st premium paid i.e. 18000 and LIC customer zone said that I will get all amount i.e 28000.

            Please help me.


  132. Hi Basu Sir,

    I have 2 jeevan anand policy (started in 2004 and 2005) and one money back policy (started in 2008). I am planning to surrender as I understand that returns will be below 6% and invest in Mutual fund SIP. whether its the right thing to do? or get all 3 policies paid-up by not paying further permiums?
    Request you to please let me know your suggestion how to proceed.

    I have taken term insurance for my insurance needs.


      1. Thanks for your suggestion.

        – For Jeevan Anand 2004 – Policy will mature in 2029 ;
        For Jeevan Anand 2005 – Policy will mature in 2030 and
        for Money back policy 2008 – Policy will mature in 2033.

        All of them mature after 10 years. I understand from your suggestion that better to surrender the policies.

        Could you please let me know of any tax implications if I surrender these policies? whether any TDS will be deducted or I need to pay tax after receiving the surrender value?

        Thanks in advance

        Best Regards,

          1. Thank you sir. I have surrended one Jeevan Anand policy and in the process of surrendering another two.

  133. Hi Basavaraj,

    Firstly, thank you for explaining the difference in the Surrender Value and that of Paid Up Value

    I’m an NRI who has paid 3 years of premium for LIC 814 Plan
    I pay 60K(excluding tax) a year and the plan is for 30 years in total. (so when I’ll be 60 it will mature)
    It started in 02.2015.
    Lic said I will get a surrender value of 1.4Lakh in May 2018

    I would like to know if it makes sense just to stop the premiums and go for Paid up Value, so at the time of maturity I can get the bonus amount of 2Lakh or just take the money out and invest it into SIP which might give me better returns.

    Is it possible for the agent to get the entire process taken care off and transfer the money to my account or do I need to be physically present?

    On the other hand I was thinking of taking an Icici term life just to be safe, but I’m not sure if I can get it online, being out of India. ( It was not mentioned in your post on term life insurance)

    Can you please suggest what could be a good approach in this case.

    ***plan to settle abroad**

    Thanks in advance



    1. Dear Aki,
      As you are into initial phase of policy period, I suggest you the surrender option rather than paid up. Yes, your agent can handle surrender once you send him the signed documents and KYC details. But whether your agent supports surrender or paid up (when he knows that his income will stop immediately)? Regarding term plan, yes you have to be present in India to buy the plan (to undergo a medical examination and all).

  134. Hi, I have one LIC’s new jeevan shree policy, and I have paid only the first premium of Rs. 61952 in the year of 2012. Now can I get my money back from LIC?

  135. I have paid premiums for new bima gold. (policy duration 16years/half yearly amount is 12544) now policy duration completed 9.5 years(policy will complete in 2024). But now I want to surrender it. please support.

  136. Hi sir

    Am having a jeeven saral policy since September 2010 and premium am paying is 4549 half-yearly.

    Now am trying to find how much is total amount with the bonus. And want to discontinue it . . Took this for 20 years.

    Please help me wat is the procedure for discontinue it and how much is current value


  137. Hi Basu, I have an ATM LIC policy which commenced from April 2013 with an annual premium of Rs 48996.Now the policy has completed 5 years and I wish to cancel it what would be the amount that I would get if I surrender it now.


  138. Hi I have paid premium 3580/-from 2005 to till date for lic policy annually. Now I would like to cancel my lic. Can I get my money back & what amt kindly give reply

    I had checked the web site but there nothing related to Surrender.
    No form , No procedure ,No contact details for surrender value

  139. Good evening sir Iam having 2 policies LIC one is Jeevan anand (commencement date 2010) and sum assured is 500000 and iam paying premium regularly @20330 per year with date of last payment is 2034 and another one is Jeevan mithra ((commencement date 2010) and sum assured is 500000 and iam paying regularly premium @ 22000 per year and its d/o.maturity is 18.06.2035 . Now iam in nee of money please just me should i surrender the policies or continue…pls suggest me sir

  140. I had purchased LIC policy in Bangalore. Now I am working in Delhi. Can I send original policy document along with surrender form by post to the branch.

  141. Dear sir

    I have taken 2 LIC policies in 2012 and have paid premium till 2017 amounting to Rs.1,31,505 for both policies have already received my first bonus amount of Rs.60,000 in the year 2016 and now i want to surrender what will be the approximately amount I would receive and what will be the process time for payment many days we have to wait after surrender.

    Really appreciate your response sorry for long Post.

  142. Sir I have taken ulips health plus plan in 2007.till now I have not claim anything. I think surrender the policy. Is it possible. Or Ivan get any loan on that plan. Please suggest.

  143. Hello Sir,

    I have following policies listed as under:

    Plan Name Bima Gold (Plan-174)
    17,697.00 yearly, Sum Assured 5,00,000, Commencement Date 28/03/2006, Date of Maturity 28/03/2026
    I had received 3 times 50,000 as survival benefit after every 4 years.

    Self and spouse
    Plan Name Jeevan Saathi (Double Cover Joint Life Plan) (Plan-89)
    5,726.00 yearly, Sum Assured 1,00,000, Commencement Date 10/06/2005, Date of Maturity 10/06/2025
    Vested Bonus 54,200.

    Girl 13 yrs
    Plan Name Komal Jeevan (Plan-159)
    7,528.00 yearly, Sum Assured 1,00,000, Commencement Date 10/06/2005, Date of Maturity 10/06/2031
    Premium Paying Term 18 yrs, Vested Bonus 97,500

    Plan Name Jeevan Tarang (Plan-178)
    11,567.00 yearly, Sum Assured 2,35,000, Commencement Date 28/03/2006, Date of Maturity 28/03/2105
    Premium Paying Term 20 Yrs, Vested Bonus 97,500

    My wife is house wife and I have term plan of (50+25) lacs.
    Should I keep invested in above policies or can exit?
    Is it worth surrendering now or wait till any particular period?

    Please advice.

    Anil K

  144. Dear Sir,
    My LIC policy yearly premium is 15462 and currently Inforce. I have paid for 12 years. Premium paid as of now is : 12*15462=185544. Vested bonus shows 82800.00. Where I can find the current Fund value excluding there charges etc.,
    Its Jeevan Anand plan and no NAV applicable I hope. Nowhere I see fundvalue online. Kindly help.

  145. Sir I have an lic jeevan aarogya health insu ylr pr 19346 paid for 2 I feel I don’t need this what to do pls advice.

  146. Dear sir,

    I have an LIC Jeevan Surabhi policy (107-20) where the premium paying term is 15 years and life coverage will be for 20 years. I started paying a premium of Rs. 43,780 from 10/2007 and have paid 9 premiums excluding the first one. sum assured is Rs. 5,00,000 and bonus accrued so far is 2,10,000. How much will I get if I surrender the policy now? FYI I haven’t paid the latest premium yet.

    Please advise.

    Thanks and regards.

  147. Jeevan Mithra(Double cover endowment Plan)(Plan 88)
    Commencement:02/2000, Sum Assured:50,000, Premium Monthly 219, Date of Maturity:02/2020

    Jeevan Saral(plan 165)
    4100 monthly, Sum Assured, 10Lakhs, commenced:07/2011, maturity 07/2036

    Money Plus(plan 180)
    25000 yearly, commencement:03/2007, maturity:03/2026, sum assured 2,50,000

    Is it worth surrendering now OR wait till any particular period? I have enough coverage for life outside of this and don’t need that component unless comes free. Checking if I can get some cash return back for living instead of a death benifit.

    Please advice


  148. I have a LIC policy

    Plan – Jeevan Anand (Plan-149)
    sum assured -? 2,50,000
    Premium amount – ? 24,105.00
    Premium Mode -Yearly
    Age – 53 Yrs
    Commencement Date – 25/03/2009
    Premium Paying Term – 15 Yrs
    Policy Term – 47 Yrs
    Date of Maturity – 25/03/2056
    Vested Bonus – ? 91,250

    I want to know the Surrender Amount.
    When I withdraw(surrender) my policy now how much amount will i get?

      1. They don’t know the exact value, they after u surrender it will be system generated. But I need to before hand so that I can decide whether to withdraw or not. Please help

  149. Hi Sir,

    This is Ramkumar,

    I was Start the Jeevan Anand Polocy on 01/03/2014, (2770/– QLY ) And after 2016 am not paid the Premium Amount, So if any chance i get the Paid amount or not , please suggest me.

  150. Sir I took a policy jeevan anand in Dec 2013. I paid 4 installment of rs 10621 yearly. Now I want to surrender my policy. Can I get my total paid amount. Maturity date of policy is year 2033

  151. Sir i took a lic plan in September 2015. I pay premium every 6 monthd.So to surrender the plan i have to make payment till September 2018 or march 2018.

  152. Hi ,
    I have three LIC policy

    Jeevan Surabhi – 20 Years (Plan-107) 0 Sum Assured 1,00,000 Premium ? 9,162.00 Policy Taken 15/01/2005

    Jeevan Samridhi – 20 Years (Plan-156) Sum Assured 1,00,000 Premium ? ? 8,405.00 Policy Taken 15/01/2005

    Jeevan Chhaya (Plan-103) Sum Assured 1,50,000 Premium ? ? 8,515.00 Policy Taken 15/01/2005

    What should I do with these policies ? I feel it is too expensive to maintain.

      1. Hi,

        These plans were suggested by my friend. I was not very much aware about insurance market.
        I feel I am not getting good returns . I have enough term Plan to cover my insurance.


        1. Praveen-If you feel the insurance coverage is sufficient for your family to sustain for long in your absence and returns of around 5% to 6% is the best return, then continue. Else, better to surrender.

  153. Sir,
    I have paid some money to LIC for a 4 years.and i’m not active in paying the policy since 2009 feb 14 and i’m not interested in LIC i want my money back that i have paid to LIC.How to get that money back?
    Please Reply much i will get if i surrender

    My policy details:
    Policy name:Money back policy 20 years
    Instalment premium:Rs.8478.00

  154. Hi Basu,

    I have enrolled for 3 LIC policies ( Bad knowledge on the tax exemption at early days).

    1) Jeevan Jyothi Plan 149 — Term 70 –QLY premium payable Rs 14006 – Sum assured 10,00000 – Enrolled date-28/05/2011
    2)Jeevan Jyothi Plan 179 — Term 16 –YLY premium payable Rs 26150 – Sum assured 500000 – Enrolled date-23/01/2013
    3)Jeevan Jyothi Plan 179 — Term 20 –QLY premium payable Rs 994 – Sum assured 100000 – Enrolled date-24/05/2010

    I would like to stop these policies and invest in mutual funds. I have paid the policy premium till dated. Please advise me if i need to opt for policy paid up or surrender mode .

  155. Hello Sir,

    1) Who has to go in person to the LIC branch? LA or LP?
    2) Whose bank account has to be provided for surrender? LA or LP?
    3) Who should sign the forms (initiate surrender)? LA or LP?

  156. Hi Basavaraj,

    My wife before marriage had a new jeevan anand policy (with profits).

    I want you help in two things

    -Lumsump Amount at the death or maturity of policy (Assuming this is an endowment plan)
    -She has paid two premiums (36 K yearly)

    For the first problem

    The policy content says 500000 L sum assured and Simple Revisionary bonus (at the rate of 41 per thousand SA)
    So by calculation using formula PRT/100

    So total amount we will get is Basic Sum Assured+Bonus= 500000+307500=807500 Rs

    Second problem will I get anything in return if I surrender policy after paying just two yearly premiums

    By this calculation i am getting only 4.9% return

    Is my calculation correct

  157. I had a two money back policy 20 years plan purchase on year 2009. what will be the surrender value it will close 2018..
    Policy No:1-240000 yearly 12000
    Policy No:2-360000 yearly 18000

  158. Hi!
    So a lic agent contacted me regarding a lic combination plan comprising of lic jeevan akshay which gives a guaranteed return of 6.75% and jeevan umang which gives 8% guaranteed return totaling aroung 15% approx yearly which we get with some mutual funds.
    So i wanted to ask you should i go ahead with this plan or invest in mutual funds only(but in mf the returns are not guaranteed)?

    1. Mohit-May I know on what basis Jeevan Umang will give 8% GUARANTEED RETURNS?? Your mathematics is wrong or agent fooling you that you are combining 6.75% and 8% to total it 15%. The agent is the clever guy here.

      1. What he was saying is if for example i take a jeevan akshay anuity plan of 25 lac it will give 6.75% annualy which is around 168750.
        And a 25 lac jeevan umang for 15 years by paying premium around 2 lac of which 168750 will be provided by jeevan akshay so i will have to 30000 yearly for 15 years.
        After 15 years i will get 8% of sum assured which is 2 lac for lifeand 6.75% from jeevan akshay 168750 totaling to around 14.75% (6.75% and 8%)
        Maturity is seperate which will be given on death or 100 years(in case of jeevan umang) and on death ( in case of jeevan akshay)

        1. Mohit-Great selling tactic. If you cant’ understand what he is selling, then go ahead. He is securing his income from your investment 🙂 Indirectly he is killing your Rs.25 lakh by saying you SATISFY with 6.75% returns 15 years. By selling Jeevan Umang, he is securing his commission for next 15 years. By the way can you share his presentation to my mail [email protected]? I want to know which GYAAN he received which prompted him to believe that Jeevan Umang will give you 8% returns.
          I know he excluded the tax of what you receive from Jeevan Akshay. Just to remind you, the pension what you receive is taxable income for you.

          1. Sure. But 8% survival benefit is given by lic only in their official jeevan umang pamphlet which acts as a tax free pension for life.

            1. Mohit-8% of Sum Assured as survival benefit is not the 8% return on your investment. Please understand the basics of how the return on investment is calculated. Otherwise, the agents like who approached you may trap you forever.

  159. Hi Sir,
    I have money back policy 15- 20 years and I paid 10 installment now I have to discontinue how much I can get

  160. Hello Sir,
    I have paid premiums for new jeevan anand policy for a total of 4 years till now. I want to surrender it. But the problem is I had purchased the policy from one of relatives who is a LIC agent. Can you please tell me how I can surrender the policy without my relative getting to know about this? I want to do the best I can to keep my investment and relations with the relative healthy at the same time.
    Please advise.

      1. Thanks for the prompt reply sir. I know I should be practical in this case and worry only about my money. But just wanted to know if I directly contact the branch, how will the LIC agent not come to know about this? I think they must be getting the report of all their clients’ policies by the end of the month or so. I would appreciate if you share any information on this.

        1. Akshay-To be frank concentrate on your MONEY rather than anything else. If your friend or an agent is so concerned about you, then he might not have sold you this plan. His concentration was with his commission income.

              1. sure sir. So far I have paid 4L worth of premium for 4 years. In that case, I can either surrender (where I will get ~1L in hand) or go for paid up value (~4L will stay invested for another 20 yrs). If I compare investing the surrender value in some debt fund at 9% vs paid up value increasing at constant 5~6 percent, the latter sounds good. Can you please advise if my approach is correct?

  161. Sir I have a jivan anand policy purchased in november 2014 . And I have paid total 1845 ( with tax)*39 EMI
    Sum assured is 400000 and maturity of policy is after 21 years ,…so sir please tell me how many amount return to me from lic of india

  162. Dear Mr. Basavaraj,
    So, if I understand correctly by reading your above blog, in case of surrender of policies before the end of the policy term, I will not even get the full premium amount paid till that date. Instead I will only receive part of the total premium amount paid till the surrender date. My understanding was that I will at least get the full premium amount if I surrender the policy after paying premium for more than 3 yrs.

  163. hello sir mere father ki jeevan sathi policy thi unki death ho gai he par 3 years ho gaye he par amount hame nahi mila he lic agent ne pure document leliye he par abhi tak kuch nahi kiya aap muche use nikalne ka tarika bataiye sare original document agent ne liye he aur o bal raha he ki use lic office me jaama kar diya he

  164. hello sir mere father ne ek jeevan sathi naam ki policy li thi aur o policy ki installmant kuch time baad laps ho gai usi time durtion me mere father ki dath ho gai mene sare original document lic agent ko de diye par 3 year complete ho gaye par us agent ne kuch nahi kiya na hi document return kiye ab ham kya kare ki o amunt hame mil sake

  165. Sir, can i surrender the policy from another state LIC office (instead of Khandwa M.P in Vijayawada A.P)

  166. Sir,

    I have get the lic jeevan anand policy on jan 2014 can u please explain how many amount i will get when surrender

  167. Hello sir,
    What is the surrender value of jeevan anand table 149
    Sum Assured 1000000
    Total term 25 years
    Premium 20323 hly
    Paid 6 terms
    Vested bonus 142000

  168. Hello sir,
    I have jeevan saral 165 policy i have paid for 5 years sum assured is 5 lacks policy term is 25 years please suggest what amount i will get if i surrender my policy

  169. Can you please suggest – Surrender or Paid Up on below policies

    * Jeevan Anand (Plan-149) – 1 Lakh Sum Assured – 15 Years (From 2004 to 2018)
    * Jeevan Samridhi (Plan-156) – 1 Lakh Sum Assured – 20 Years (From 2004 to 2024)

  170. Sir,
    Kindly advice and guide me on the following
    I have two combined LIC
    1. Jeevan Anand (149)
    Date of commencement – February 2012, Sum assured 200000 – 21 years?
    2. The money back policy (75)
    Date of commencement – February 2012, Sum assured 200000 – 20 years

    I have paid monthly premiums till December 2017 (5815 x 24 = 1,39,560 paid) (6 years completed)

    Which is better option – Surrender or pay-up?

  171. Sir, I have a money back policy for tenure 20 years and I have paid 6 year premium. But now I want to discontinue it so what is the best way I should do.

  172. Hi!
    I have the new jeevan anand policy.
    Sum Assured 7,00,000
    Annual premium 31044 with accident rider benefit.
    Policy started on June 2017.
    Should I surrender or continue with the policy?

  173. I have Jeevan Saral Policy (With Profits).
    I Have been paying for this policy for last 5 yrs.

    My sum assured is Rs 727,700
    Accidental benefit is rs 500,000
    Term rider is Rs 500,000
    and monthly premium is rs 2042.

    Policy maturity date is 2037.

    Now I want to surrender this policy, Which option of surrender will be best for me. Will you please tell me how much I am going to get?

  174. Hi,
    I started investing in New jeeva Anand policy in 2014.I want to discontinue,can you please suggest me if I have to go for surrender or paid up.

  175. Sir , I HV a policy Jeevan Anand wid a premium of 80000 annually for 30 years , hv paid for 3 years now my last premium s due and policy s lapsed . What should I do continue or surrender . Thanku so much

  176. Hi sirji, I need ur advice & guidance regarding the following policy :
    Jeevan Tarang policy
    Sum assured :3500000
    DOC: 15/10/2013
    Paying term: 20
    Should I go for surrender or paid up, please suggest
    Regards Rohit

  177. Sir,

    Kindly advice and guide me on the following

    I have 2 Jeevan Anand Policies

    1. Date of commencement – June 2007, Sum assured 300000 – 21 years
    2. Date of commencement – April 2008, Sum assured 100000 – 21 years
    Sum assured – 30000, 21 years premium

    Which is better option – Surrender or pay-up?


  178. Hi Tonagatti,

    Kindly advice and guide me on the following

    Jeevan Anand Policy

    Date of commencement – Jan 2013
    Sum assured – 30000, 21 years premium

    Which is better option – Surrender or pay-up?


  179. Dear Sir,
    i have taken JEEVAN chaya POLICY.Almost 6 years completed.My annual premium is Rs.40000. I have taken one term insurance policy from ICICI BANK. kindly suggest me whether i should continue with LIC policy or i can surrender this and with the same amount i can invest some other area.

  180. I’ve took a money back policy for 25 years, policy was taken in Sep 2014 & i have paid monthly premiums till may 2017 (2500 x 32 = 80,000 paid) and now i want to surrender it. i’ve visited the LIC branch for the same and they said that you need to pay 4 more premium (2500 x 4 = 10,000) to complete the 3 years tenure and post that you can surrender it. Now my question is ‘How much money i will get after all the deductions?’

    Thanks in advanced!


  181. Hi Basavaraj that’s a great article and information as well.

    Currently I have a Jeevan Saral policy with yearly premium of 36,030 which I started in January, 2013. Till now I paid 5 yearly premiums which amounts to 1,80,150. Currently I have a due date to pay the 6th year premium and I’m really in a utter confusion whether to continue or not. I’m thinking of surrendering the policy but not sure whether this is a wise decision or not.

    Please help and guide me here

  182. Hi Tonagatti,

    I would like to get some advice and guidance from you on following

    Jeevan Anand Policy

    Date of commencement – 2014
    Sum assured – 100000, 21 years premium

    Which is the better option – Surrender or paid up?

    Mangesh Mandhare

  183. My lic premium is on half yearly mode worth rs. 8150 per six month. Since last 4 years i have deposited 65200. Now i want to discontinue my insurance.. What possible maximum amount that i can receive?

  184. Hi Tonagatti,

    I would like to get some advise and guidance from you on following

    Jeevan Anand Policy

    Date of commencement – 2003
    Sum assured – 100000, 21 years premium

    Which is the better option – Surrender or paid up?


  185. Hi Tonagatti,

    I would like to get some advise and guidance from you on following

    I am going to take Term Insurance for me , for the purpose of retirement and pension

    As I am now 50 years old, can you suggest what are the main and important things need to look on term insurance when I am
    going to purchase

    Do you advise me to go for Private Insurance or Govt Insurance in case of benefits , service, and other terms and condition

    Thanking you in advance

  186. Dear sir I have lic policy. I have been paid last seven years @ 12000/- p.a. if I surrender policy. How much I will get amount. Please tell me sor

  187. Hello Sir,
    Sorry for long information –
    I have 4 Jeevan Anand Policy of 1 Lakh each, the commencement date is 18th Jan 2011, now I don’t want to continue with at-least two of them but rather surrendering it I just want to stop them as it is.
    My Premium term is showing 21year and date of maturity is written as 18 Jan 2074, please advice when I will get the maturity amount? if it is in 2074 then I will stop paying all the policy.
    Last now I want to go for only one term plan single premium (advice any good company), a floater mediclaim of 5 lac (as of now I have 3 lac and a company provide too) and rest money If I could save will go in Mutual funds. Advice if this sounds ok to you… my age is 43 with no serious medical history.
    Thanks – Ashish

    1. Ashish-In my view, your date of maturity is 21 years but not 2074. Hence, you will receive the maturity at the end of 21st year. However, the life risk will continue as usual. Surrender is best if the maturity is too long. Paid Up (just stop the premium payment) is best when you are nearer to maturity years.
      Regarding term, health insurance, and mutual fund investments, I can’t suggest anything blindly.

  188. Hi sir i paid more than three years my policy if i surrender how mch i ll get
    Like how mch percant i ll get back
    Lic policy

  189. Hi Sir,
    I have just paid premium for 2 months. I decided not to pay premiums further. what is impact if i not pay premium and not surender?

  190. Hi Sir,

    Policy: Jeevan Anand Policy.
    Duration : 21 Years
    Paid : 3 Years
    Premium per year : 20,000.00

    Now i want to surrender the policy so please guide me procedures to surrender the policy.

    Return Amt:
    Days to credit:

    Please assist me.

    Thanks in advance,

  191. Hello sir ,I had done 3 policies in.2017 apri month ,I want to cancels the two polices ,is it possible to cancel this Lic policies sir ?

  192. Hi Raj,

    I am really appreciating on your helping mentality and replied to everyone on their doubts and enquiry.

    Most of the times the common people does not known the benefits of LIC POLICY, and all the times LIC Agent has informed
    to the people wrong information on their policy, because the agent want to sell anything from LIC because of their commission .

    The end loser are common and innocent peoples.

    As you have answered to most of the peoples here, majority of LIC POLICY are not suitable for their investment purpose, it is
    mainly useful only on their death or loss of life.

    Sadly common people understood wrongly LIC policy gives more benefits than the Bank, BUT IT IS FALSE AND LIES FROM THE AGENT OF LIC.

    So the final suggestion is that LIC POLICY only for death or loss of life and never expect high return.

    Most of the peoples here are facing the issue on their lose of total amount which has been paid by the premium, when they are
    closing after 3 years, they are felt painful because they are lost 80% of their hard earned money by return.

    Better , DO NOT PREFER LIC POLICY anymore and make investment in the bank , which are better and no more great lose like LIC.

    Have a good day

    Thanking you once again Raj.

    1. Sam-I completely agree with your views. As long as WE (the investor or buyer) not understand or not educate about personal finance, there will be people in the disguise to cheat us. Hence, the biggest learning is that we must educate ourselves first. This makes us of capable of taking financial decisions in an informed and conscious mode.

  193. Hi sir,
    I have surrender my policy but still there is no update I hve received, so kindly suggest,
    Home branch Delhi KG Marg 11J, even though I am trying to connect but no piking the call is thr any alternative no for contacting….

  194. My friend Basu,

    I am 50 year old now, like to invest some money to some good return policy, which need to help me while I am going to retire from my job. At least I am looking for Rs 15000 every month for my personal expenses. Kindly inform which policy is having good return and also inform me how much I need to invest. Apart from policy, anything is there to give good return for long years, kindly update to me. My personal email is [email protected]

  195. I have Jeevan Saral Policy.
    Total instalment premium 12010
    Have been paying to this policy since 5 yrs now.(date of commencement :14/09/2013)
    Now I want to Surrender this policy.
    If i surrender now ,how much will i get back ?

  196. Dear Sir,
    Thank you for your valuable information. I have taken New Bima Gold LIC policy 10% Cash Back after every 4 years with Sum Assured of 9.95 lac in 2009 for 20 years . Now I decided to surrender it. Is it right time to do so.

  197. I have taken Jeevan labh lic policy yearly 64000. I have paid 2 premiums.. I would like to surrender after 3yrs .. do I get my money return which I paid or they will deduct any amount pls suggest

  198. Hi Basavraj. Read ur posts, great advice. Am in a predicament. Decided 2 withdraw Jeevan Saral after 5 yrs. 10,200 p.m Prem- 6.12 lac till Date. Getting 4.66 after closure- loss of 1.5 lac. Agent says stay put for 5 more yrs- u will get all Prems paid plus bonus. So around 14-15 lac after 10 yrs. What do u advise? Put 10,200 n an MF / PPF. I already have a Term Plan of 3 cr. Need 2 revert by Mon i.e. 20th Nov. plz guide. Thx.

  199. I have 3 live policies and 2 inactive policies if I like to surrender them what to do. I am now 60+ years old

  200. mr.basu, regarding sijahs comment on Nov 01- i think some idiots want YOU to give them YOUR personal money as LIC will not give them full money!

    Appreciating your blogs!!!! Thanks for your time.

  201. I had taken this policy and after a year I could not pay the amount annually so I asked my agent if I could do it quarterly an d at first he said no…whrn i told him than I can not pay he said ok I’ll find out …after that he told us you can pay half yearly so some how we managed and paid but it was becoming difficult and I requested him to make it quarterly to which he said it can not be done so I stopped the policy. Now he tells me since I didn’t pay the premium for three years I have to forfit the amount I have paid. Is it true? Can I get back my money?

  202. Dear Tonagatti,

    First of all I thank you for your time and help on various issue asked by the people around the country

    I am 50 years old now, like to save my life after the retirement, also I would NOT like to ask help from anyone in this world when I am 65 years old

    I have one lakh hard cash now ( 1,00,000 ) and seeking your time and help , to where I need to invest for the period of 10 to 15 years , and it must give me Rs 25,000 rupees every month for my food and accommodation .

    You may reached me through my personal email [email protected] or my whatsapp no 0091 99444 90175, if you need

    Hope you will consider my kind request and strongly believe that you will send me reply

    Thanking you in advance

  203. Hi Basavaraj I would like to know about my lic policy. I have one policy was opened 10.09.2013.(2 lakhs) premiem rs. 5895 (quarterly). Now the policy are completed 4 years and i want to close it. How much i can get the amount. Meanwhile last two years i was not in position to pay premium. Last week i am settled the two years premium with penalty of amount. Rs. 59000/-. And i submitted the surrender form. Today i have recd a cheque from lic bearing of amount 15000/- only. What about my premium paid by me of rs.100000 please guide

  204. Dear sir,
    One of relative took HDFC classic assure plus policy through a fraud system ( Person asked him to buy insurance and offered him some loan, but he didn’t give loan and even he took hard cash also for giving him loan).
    Now my relative is not capable to pay the second year premium and the person has run away with his money also.
    Is there a way out with out submitting premium?

  205. Hello Basavaraj,

    Thanks for the information shared. I have taken Jeevn Tarang policy in OCT 2013. I pay Rs.29,841 premium twice a year. The policy is for 20 Years and will mature in 2033. Sum assured is of Rs.12,00,000. After reading your blogs and some research I feel I am cheated and this was a foolish decision I took to buy this LIC policy.
    Since, OCT 2013 till March 2017 I have paid all the premiums.
    Please let me know how much money I will get if I surrender my money and if I choose second option and stop payment of premiums then how much money I will get after the maturity.
    and Which option you suggest I should opt?

    1. Yes, I am also planning to surrender. I pay premium of 12,000/13000 yearly from october -2007 as I have two policy and it will be lapsed in 2028/2032;. I felt bad I invested like this. But it’s business you bleed from somewhere and you make money from some-where else. So I want to weed out this junk policy and will make afresh start . I am 31 year old now and I dont want to keep inevsting in a bad product.

  206. I had purchased LIC Jeevan Saral with a monthly premium of Rs.2042/- and sum assured is Rs. 500000/- in October 2011 for 31 years (Paying Regular Premium from last 6 years) but now i want to surrender this policy and invest the same amount per month in Mutual Fund for next 25 years for the purpose of retirement.

    How much approx amount can i get if i surrender this policy and is this a better idea to invest the future amount in MF.

    Please suggest.

        1. Shijas-I don’t know BECAUSE you have given me HALF DATA. I don’t know BECAUSE I can’t handhold YOU (and all Individuals). I don’t know BECAUSE IT IS NOT MY MONEY BUT YOUR”S. If you are so lazy, then I am double lazy. I know that how to SURRENDER LIC POLICY. Hence, I wrote. But sadly you need handholding. I can’t do that for each individual. Your MONEY and YOU HAVE TO TAKE CARE 😛

          1. Hello Mr Basavaraj,
            Good day…!!!

            Your doing very great job bro, why you are giving such a explanation, infact need to say thanks, instead of blaming, give support,

            Doing service free of cost,

            Crazy Guys….

            Harsha VArdhan

            1. Harsha-Thanks for supporting my views. But sadly few people need a readymade solution or spoon feed in all the problems they face (irrespective of whether it is possible with opposite party or not). We can’t change them.

              1. Some people feel very helpless. Some people feel God comes in human form to save them from their own mistakes after they have committed them.

  207. Hi,

    I am a New Jeevan Anand policy holder (Plan no. 815). I have puchased this on 5th june 2014 and i have paid premium till 5th September 2016(quaterly payment). Hence could you please suggest me how can i surrender my policy and how much amount i can get from this plan.

  208. I want close my policy …3 yrs r completed …till now i paid 30000 rs …but the branch people r saying i will get only 8050 rs …if i surrender the policy….i want to dis continue my policy.. .but the problem is that i m not getting a full amount whichi was paying last 3 yrs….can u plz tell me …what to do about this policy now….i m paying 667 rs …for month…..i m rid of it now…i want my full amount which i paid

    1. Roshni-This is the drawback of such products. You will not get the full amount. But if you continue also, it’s not a good return generating product. Hence, I suggest you to surrender (I know it is painful).

    2. Roshni,
      One thing every one must understand, (Correct me Basavraj if I am wrong), is that in India, the common notion of considering an Insurance product as an investment instrument is TOTALLY wrong and unfounded.
      An insurance is like asking someone to cover an unforeseen loss. Like say a car crash or fire. The company charges a premium for that, not to pay you the money back under normal circumstances. And even if, god forbid, the car crashes or the fire rages, the company will not spare any effort to make sure it was not deliberately caused. Only after that they will pay for only the ACTUAL loss suffered, which can be lower than the amount covered.

        1. I guess the reason is partly due to LIC’s commitment to the nation’s employment problem. I do not grudge them that. Too many people depend on the national behemoth. Her presence also keeps a check on the unscrupulous Pvt. thugs. I may have a streak of the socialist in me.

  209. Hi Basu, I have taken 5 insurance policies for my family while I was in foreign country. I have paid the premium for 2 years only. Unfortunately my employment contract has been cancelled and I returned back to India, so I could not continued to pay my premium due to unemployment. I went to my branch and asked them to return paid amount and it was Rs 1,70,000 . The branch manager told me that they will not pay any single rupee because I am not completed the premium minimum period of 3 years. I have shocked and worried. Can you suggest and advise me how to get my hard earned money from the LIC through other procedure ( requesting finance minister to refund my money )

  210. Dear Team, Recently I have read some messages on social media regarding LIC is not returning amount to there policy holder , if this is fake news then why your team is not answering this type of messages on social media, please revert.

    1. Vikas-Returning money in case of maturity or death claim? Please confirm that at first, then we discuss. Also, fetch the information about the reasons quoted by LIC for such NON RETURN of money. Otherwise, provide the source of such social media message to investigate more. For your information, 99% of social media messages are non-authentic.

  211. Hi Basavaraj Tonagatti,

    Hope you doing wel i can see most of your reply.

    I would like to know about my LIC policy. I have 2 policies

    First Policy was opened on 2003 ( 50 K )
    Second Policy was opened 2006 (1 Lakh)

    Now both Policies are completed more than 10 Years now i want to close it. How much i can get the amount and how can i close it.

    Please reply me with proper guidance.


  212. Hi,

    Requesting you to please clear that for surrendering the policy, do I need to go in person or one of my parents can go there, as I am a NRI now and won’t be able to go in very near future.

    Is there a separate form for that purpose.


  213. i have purchase new jeevan anand policy ( date 24/09/2014) sum assumed 300000/- monthly premium 1382/- policy term 21 years. after 3 year i will surrender the policy (24/09/2017) how much amount i will get

  214. Dear Mr. Tonagatti,

    I have been a Jeevan Anand (Policy 149) policy holder since Oct 2013 (3 and half years). I have always paid premiums on time and till now I have paid 8 premium installments total ?1,22,296 (15,287*8) as following:
    2013: 15287
    2014: 15287*2
    2015: 15287*2
    2016: 15287*2
    2017: 15287

    I want to discontinue this policy. I am unable to understand surrender value calculation described by you. Will I get only 30% of my investment which would be huge huge loss for me.

    Can you tell me how much will I get if I have invested Rs 1,22,296 so far in last 4 years. Please Please help me.

  215. Respected Sir
    I have purchased Lic Jeevan Anand policy in 8/2013 for Sum assured 10 lac having yearly premium of 48550.
    If I surrender my policy now,
    1. Surrender value will be taxable?
    2. 80c deduction claimed will be reversed?
    Paid 4 premiums till last year.

  216. Respected sir,
    I have purchased the Keegan anand policy in 2014. I had been paid three years premiums. Now I want to discontinue the premium. I want to make this policy as paid up value. For this would I submit any document or only to stop premium.

  217. Basu Sir,

    I have Jeevan Anand policy since 2007 and I am playing 11500 half yearly. My policy says premium paying term is 15 years which is till 2022 but policy term is 75 years which means maturity in 2085. This is making me mad. Does that mean that I need to wait till 2085 to get the amount? What happens if I want my money in 2023? Will it be considered as surrendering the policy?


    1. Ankur-In my view the maturity is after 15 years (from 2007). But your life risk in this plan will continue till your death (even after premium ceases and you receive the maturity amount). If you are confused with features, then contact the LIC Branch of your agent.

  218. Im seriously thinking to surrender my lic premium. It’s been 8 years and I’m paying 30K annually .
    It’s supposed to be till 2024. Now I realise it’s a long way and wanted to quit .
    Does it really make sense to cancel the policy ?

    1. Surrendered it… LIC policies are of no use.. It neither give you proper insurance not investment… Hardly you will get 4-5 % of return.. I also done mistake by taking 3 policies.. I surrendered 2 of them… Take a pure term plan of 8-10 times of your annual income and invest in Mutual funds/PPF/RD/FD/NPS/NSC etc… It these products money atleast in front of your eyes… LIC policies are totally irrevelant in today’s time when term plan is concept is there…

  219. Hi,

    I have a question regarding lic policy. We took 4 policies Jeevan Anand,Jeevan saral and komal jeevan policies in 2009 and paid those premiums until 2016. But before we took these policies we became permanent residents of canada and soon we will be citizens. I heard that lic doesnt sell policies to permanent residents like that?. How do we go about? Should we surrender policies or should we wait until maturity?. If we wait what are the documents required for processing it?.

    Saral 48040 per year
    komal jeevan 28726 per year
    jevan anand 86653 per year

      1. NON-RESIDENT INDIAN:A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued by the Government of India.NRI should not be a green card holder.

        Canadas permanent resident is equivalent to US green card

        He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country of residence or any other country.

        In this we are already planning to apply in future citizenship after n no of years. Did we make mistake in taking these policies

        1. Ram-Mistake or not I can’t tell. Because what prompted you to buy such dummy products, I don’t know. Because I am not aware your financial life. Hence, hard to comment whether this is RIGHT or WRONG.

          1. Its not about financial life. If I continue to pay premiums would i be receiving maturity amount or not. If theres no way i can get it or it involves big tedious process then I may withdraw now itself. Since I stay out of India before sending some one to surrender policy I like to get recommendations.

  220. Hello Sir,

    Do I need to go in person to surrender the policy to the home branch office?

    I can send all duly filled forms and required documents with someone else with authorization letter to the home branch office (which is not in my current city). Is it possible?

  221. Hello Sir,

    I had taken a Jeevan Saral Insurance approximately 5 years ago, and have been paying the premiums ever since, I read in a few sites that once 5 or more years’ premiums have been paid then 100% of the Maturity Sum is Assured. My question is:
    1. Do we receive the whole amount paid?
    2. If not how if the Surrender Value calculated?
    3. How long does it take to complete the surrender of Insurance?
    4. Lastly, does it really matter if the insurance was for say 20 years, but surrendering it after 5 years?

    Thanks in Advance,

  222. Hi Sir,

    I have surrendered Jeevan saral (table no 165) after paying premium for 6 years. Do i need to submit form 15G if the surrender value is more than 2.5 lakh. Thanks in advance.

      1. Hi Sir,
        Thanks for the reply.
        But do i need to submit form 15g. My agent is asking for this form and i am not sure whether this is really required as the surrender value is tax free or my agent is simply trying to delay the process.

        1. Debayan-TDS will be applicable if-
          The policies where the sum assured is less than 5 times of the premium paid for policies issued on or before 31st March 2012 or where the sum assured is less than 10 times of the premium paid for policies issued on or after 1st April 2012. All policy related payouts such as Partial Withdrawal, Surrender, Maturity, etc, if the payout is above Rs.100,000 within the same financial year.

  223. Sir,

    I have two policies New Money back and Jeevan Saral. For Jeevan Saral as of now I paid around 1,32,000 of 5 years. For New Money back I paid around 1,20,000. I am planning to surrender the two policies now. Please clarify me about the few things:
    1. surrender value.
    2. Tax benefit
    3. Is it good to continue?


  224. Dear Sir,

    Need your suggestion.Regarding LIC.

    My dad is raising policy in year 2004. he is paid only 2 years premium. SA Amount 1 lack.maturity date 2024. yearly premium is 6771.

    Have discuss with lic person he said u do the revival policy and paid toal amount 131000.

    please suggest me can we have meet advantage when i have paid money.

  225. Hello,

    I’ve a Jeevan Anand Policy for which i pay Rs 58962/- pa. Till date I have paid 3 premiums. If I cancel it today, what will be the value I will be getting now.
    Is it advisable to go ahead with this or not?

  226. Hello Sir,

    I have Jeevan Anand policy with paying yearly 42K and till now i have paid 9 times. I would plan to take loan for this policy so how much i will get OR if i surrender the policy how much i will get.
    If i take loan how to pay the amount.

    SA is 600000

    Kindly suggest me.

    Thank you for your help.

    1. Srinivas-Regarding loan and surrender values, you have to contact the LIC branch. Regarding loan repayment, you have to pay only the interest part. Principal you can retain it up to maturity. While paying maturity or death claim, LIC will deduct the outstanding dues and will repay to you or nominee as the case may be.

  227. Hello Sir,

    I have a 7 year old LIC policy in my before-marriage-name (with fathers’s name as my middle name and father’s surname as my surname).

    Meanwhile, I got married and later I have got my name changed, as per after marriage (with husband’s name as my new middle name and husband’s surname as my new surname) through LIC online service portal.

    Now, I want to surrender the above mentioned policy. Do I need to submit any extra documentation, as my bank account (where I want the surrender value fund to be transferred) bears my after-marriage name, and which may conflict with the name on policy document?

    Please suggest.


      1. I have already updated my name in LIC’s record. It’s just that I have my old name on policy document, which may lead to confusion and procrastination from LIC office’s perspective.

        Should I submit the copy of my marriage certificate as well?

        1. Sheetal-If you already updated your name with LIC, then you no need to worry and go ahead for surrender. But in my view, while updating the name, they might have changed it in bond and endorsed the same. Whether that was done?

      2. Dear sir
        I Joined a NBFC company in 2010 and resigned 2014. The company head office is Hyderabad. The company had provided a LIC bond which amount was deduct by the salary. Now I want to sumbit that bond. Is it possible without visit to hyderabad bcs now i m in Raipur Chhattisgarh. Pls suggest.

        1. Dear Krupadhar,
          Check the home branch of that particular bond. If it is to Hyderabad, then no option but you have to visit. Otherwise, once you came to know the home branch, then write a letter to transfer the policy docket to your nearest LIC branch. Once the transfer is done, then you can apply for surrender by visiting that branch.

  228. Hello Sir

    I have Jeevan Saral policy of 2000 P/M holding from last 7 years
    now i am thinking to withdraw it for my marriage purpose
    will I get benefited if i withdraw it now or should i wait till 10th year

    Thanks & Best Regards
    Ajit Moolya

  229. Hello Sir,

    Thank you so much for putting together he information, which one rarely gets at the Govt. controlled offices.

    I have a 5 year old LIC policy, which I would like to surrender. However, my original policy document is misplaced. I have the olicy number, branch details through LIC’s online portal.

    How should I go about this policy’s surrender process?


  230. I am having 3500 units of lic growth plus which will mature in august 2019. Would you advice me if i shouls surrender them now and of yes which mf would be the best to.invest it n

  231. Dear Sir, this is very well compiled article. Thanks a lot.

    Sir, I have a question. As you rightly said (Many of us buy LIC policies without knowing features and benefits.), LIC Agent gave a bunch of policies with a TOTAL annual premium of Rs 63,000. There are 16 policies with the policy numbers in the serial order (364237919 TO 364237934) Now I want to surrender my policies.

    So, my questions are:
    1) How many Form No.5074, I should fill?
    (1 Form is enough, by mentioning the policy numbers range AS 364237919 TO 364237934 ? OR Is it necessary to fill 16 Forms – for each policy number?

    2) How many NEFT Forms I should fill? 1 Form? Or 16 forms – for each policy number?

    Thanks in advance, for your valuable suggestions.

    1. PRS-1) As many as policies you are holding. Better you give individual forms for individual policies.
      2) As many as policies, you are holding. Because each policy is treated separately and each policy has to update your Bank details.

  232. sir i have buy jeevan tarang policy on 12/1`2/12 of rs 18651 half yearly .i have paid premimium till now but i want to surrender it now ,…….is it possible and what i will get

  233. Hi Basavaraj Tonagatti,

    Can you please confirm that surrendering policy should be done only at servicing branch?
    Is there any way to surrender at the nearest branch from my current residency?


      1. Don’t invest in this stupid policy. better invest in Mutual Funds.. this policy ruined my money… i hate insurance. its benefit in case of death only…….

  234. Hi Basu,

    I have jeevan anand 149 policy with below details
    Sum Assured: 500000
    Term: 21 Years
    Premium: 25304 Per year(Half Yearly 12652)
    Policy Start date: Oct 2010
    Total Paid term: 7 years (14 Hly payments)
    Vested Bonus : 149000

    What will be my surrender value as I am thinking to surrender my policy now.

    Thank you,

    1. Hello Swathi,, What was the outcome i’m under similar policy and also want to surrender the policy could you help share more details on the same


  235. I have taken up a policy..after paying 2 premiums at quarterly intervals i am having some financial problems..will i get any value after 3 years??

  236. I have purchased Jeevan Tarang from Guwahati branch can I surrender it from Noida or I need to go Guwahati branch?

  237. Hi Sir,

    This is Amit here, i purchased 4 policy:
    Policy detail are:

    Sum Assured Plan no Policy name Policy term Qtrly paid prm amt
    100,000 103 Jeevan chhaya 21 1,307
    100,000 179 New Bima Gold 20 957
    100,000 93 Money Back Plan 25 1,349
    100,000 168 Jeevan Anurag 24 1,164

    This policy are Money back policy.
    Policy taken in year 2013- Mar, I’ve already paid =(4777*17= Rs 81,209) and also got Rs 10,000 amount from LIC as a money back 1st survival bonus.

    I want to know if i surrender these policy then i’ll be in profit or loss or how much i’ll get after surrender.
    Is Surrender will be good or Paid up.

    Could you please advise.
    Thanks in advance.


      1. Hi Sir,

        Thanks for your prompt reply.
        Could you please advise if i surrender now how much i’ll get.
        If i surrender after completion of 5 year then how much i’ll get.

        Thanks in advance.


  238. Hello Sir

    I have 11 Jeevan Anand policies which I took on dec-2011 and paying a premium of Rs.10801 per quarter till now (total premium of all policies is 10801 per quarter). if i surrender the policies now, how much will I get

  239. I have a New Bima Gold Lic Policy term for 20years and sum assured amount is Rs 500000. I will be receiving my first money back on 28th June 2017 by completing 4 years.Due to high premiums(Rs9760-half yr) and low returns i wanted to stop it now or want to make it paid up.In place i am planning to take a new term loan from Axis for 22lacs for Rs 7600 per month.
    Please share your valuable thoughts.

      1. Sorry there was typo error:Rs 7600 per *Year.

        Thanks Basavaraj for taking out time to reply back my query.

        In addition I will reconsider to take up the new term insurance of 15-20 time of my annual income.

        Thanks once again.

        1. Hi sir,
          I have received the amount of Rs 50,000 and am deciding to re-invest it through
          1. Rs 10,000 as term insurance for Rs60 lakhs
          2. Rs20,000 as Debt funds
          3. Rs20,000 as balance funds(Rs 10,000 in HDFC Balanced fund and Rs 10,000 in SBI Magnum Balanced Fund)
          Please suggest if i have taken wrong decision.

              1. One thing more as since I paid my LIC (hlf yr ) premium in the month of June 2017 so I think the insurance part is not needed till the month of Dec 2017, is it?. Kindly share your thoughts.

                1. Else please suggest how to re-invest.I already have a portfolio in 5 MFs such as L&T Emerging Businesses Fund Growth,ICICI Prudential Value Discovery Fund-Growth,Reliance mid & small Cap Fund,Franklin andAxis Focused 25 Fund ,for this SIP of Rs 1000 is being deducted for each month.

                1. Hi Sir,
                  I invested Rs45000 in BSL Cash Manager.Please share your thoughts if i did invest my money in correct Debt fund or should i swipe into another fund

      2. Hi Sir,

        I have started a Bharati AXA Child Advantage plan in the month of January 2107 .Sum assured (After 15 yrs) is 3.7 Lakhs and After giving 3 months premium(about Rs5192 per month and policy term is 10 yrs) I have been stopped making any payments towards it since last 3 months.Having an intention not to continue with it and have not returned the bond paper to the company yet. If there is any chance to redeem my money after policy term of 10 years ?

  240. Hi,

    I have 2 LIC policies, currently i am continuing only one. Other one is called Endowment Plan and I am not continuing this.

    I have paid only one initial term and stopped. Do I withdrawn this amount in any way ? please suggest. [ Now 3 years is over since policy starts but not term wise ]

      1. Hi Basavaraj, Thanks for your prompt response. It means I lost that money and there is no other way to get it back. However, once again thanks a lot for the response.

  241. Sir,
    I paid my premium for 3 years till 2015. Then I didn’t paid any premium till now. Am i eligible for surrendering my policy? If not what is the solution?

  242. basu sir i hv jeevan saral lic i paid 5yrs premium but last yrs premium i couldn’t pay due to lack of money and i had also taken loan on it but that loans intrest also not paid therefore i want this to close my lic .but my question is this that without reviving policy i will get more return or after reviving i will get good return.pls help me nobody is helping me not the branch and the agent

    1. Kalpana-In my view this is the worst product. Hence, if you already paid about 5 years, then better to surrender the policy immediately. Investing in simple product like PPF will fetch you more return than this plan.

  243. hi,

    After surrender, How will i know if i will get money under

    Guaranteed Surrender Value OR Special surrender value

  244. Hi Sir,

    I have got a LIC policy of 2 lacks for 20 years started from 28/07/2014, I have been paying yearly premium of 11,670 since 2014. My 3 years will complete on 07/2017 after paying the yearly premium.
    Please let me know if I can surrender the policy and get my money back which I had paid as premiums.

  245. Dear sir,
    Completed 7 years since I brought LICs Jeevan Anand (table 149) and I want o surrender the policy. As I am staying in Pune I transferred the policy from Hyderabad branch to Pune branch last month.
    Wanted to know if the transfer of policy recently will not cause any issue while surrendering the policy and is there any different process to surrender in my case of transfer of policy from Hyderabad to Pune?

    Thanks & Regards,
    Vinod Manerajure

      1. Dear Sir,
        I have submitted the policy for surrender 27th May 2017 i.e. last Saturday. My Premium of ? 6888/- due by 26th May I paid on 10th May. I can see the receipt generated on LIC portal. And next due is shown as 26th July it being quarterly premium.
        However now I have received bill payment notification in my bank account for amount ?6942.6 due by 9th June 2017. I am not sure why this is generated as I have already paid last premium and have surrendered policy documents at branch and waiting for amount to be credited I my account. Could you please advise on how surrender process works when it is quarterly premium and I need to pay the bill generated or wait for policy surrender to complete?

        1. Vinod-The surrender value will be calculated based on THAT DAY’s values and status of the policy. I am not sure why again they requesting for premium. Instead of waiting, I suggest you to raise this issue with bank and you can show the proof of LIC receipt and all.

  246. Feb 7 th 2016 I put two different types of policy’s ,15 months premium I successfuly paid now I like to close the both policies ,there is any option for this ,or 3 years after only have option to close a policy

  247. In order to surrender the policy, do we need to visit the original branch from where the policy was issued, or it can be done anywhere in India? For example, I live in Hyderabad, whereas my policy is from a city in Uttar Pradesh. Please suggested. Thanks in advance!

  248. Sir I want to surrender my policy due to sum personal reason. My policy completed 4 yrs last yr

  249. Hi,
    I have 14 LIC policies running 9 of them in my name and 5 in the name of my wife, while I am paying premium.
    All of them are Jeevan Anand.

    12 of them are of Sum Assured of Rs. 1,00,00 each policy + 1 of them is SA = Rs. 5,00,000, these are running from 2008 on YLY Prem & HLY prem respectively.

    01 policy is a high value policy in my name (jeevan anand) which is running from 2012, I pay monthly premium of Rs. 16,000 approx. and Sum Assured is Rs. 55,00,000/- and maturity is in 2032.

    I am planning to go migrate to Canada in 2018 and thereby acquiring its citizenship in 2021.

    What should I do with my policies:
    1. Can I continue them? specially the SA 55 Lacs one. as its SA> 50 Lacs. After my Canadian citizenship.
    2. How do I surrender them & what money would I get as surrender value?
    3. If keep them running, how to maintain and claim maturity?

    Please answer my queries & I shall be highly grateful to you.


    Manzar Abbas

      1. Hi!

        I am faced with a similar situation. Me and my husband have four policies among us which were taken while we were in India. Recently we acquired citizenship in UK and have the status of Overseas citizen of India. What will happen to my policies? Will we get any money we paid back. The oldest policy is 10 year old and all paid up to date. Will be able to continue to the policy and draw the money at maturity? Or will it be cancelled/surrenders. Please assist. I have been desperately trying to get an answer as my annual premium is due soon and I do not want to pay it if is going to be all voided. Really appreciate your assistance.

        1. Sumayya-If you have no issues with return and features of policies, then continue. However, if you are not satisfied with features and returns of the policies, then you can surrender now also.

  250. Dear Sir,

    I am a regular reader of your blog.Its very informative.Its eye openner for lot of non finance background peopleI am having LIC policy new bima gold Table no – 179 for the term of 20 years. its a money back policy.I having this policy for last 10 years.Paying premium of Rs.10702 per annaum.pls suuget can i continue this policy/surrender/Paid up the policy.uour suggetion is highly appreciated.
    Warm regards

  251. I have a LIC Policy Jeevan saral, policy purchased on 05/10/2011 with 35 years term .

    I paid 5 premiums continuously including first premium , I have not paid on 05/10/2016.

    Now i want to surrender my policy. Can you please tell me my surrender value.

  252. Sir suppose i want to discontinue the policy after 3 years abd my annual premium is of sum 12000 inr. What value i will get if i surrender.

  253. I have paid premium from 5 years and not paid the premium amount is 40k from 17months .as I don’t have money to pay the premium from 1 year. How to surrender …need your help. I really no money pay for least if I get little money of what I paid this help me in my present situation…

  254. I have my lic policy jivan saral i have
    Only one EMI paid 2013 and stoped the policy so now i want the my 1 EMI amount return please give me reply to how can i get Mony back.

  255. I have a very strange query. One of the ULIP policy which I was purchased 5 years ago in the name of my husband has been discontinued for non payment of premium. My husband is not staying with me for a year now. but we are not divorced . Recently I received a cheque in my husband’s name (since he is the policy holder) from the insurance company. I have paid the premium for last four years, but when he left me I stopped paying the premium. He is not even aware of the policy, and I don’t know his whereabouts. Can I deposit that cheque in my Account or in my daughters account? I have all the policy documents (original). In the policy document my name has been mentioned as appointee and my daughter’s name as nominee. Please help…

        1. Is there any other possibilities? I bought that policy keeping in my mind my daughter’s educational expenses. Now my financial condition is not good. It is a pretty good amount. Kindly suggest any alternatives.

  256. Hi,
    I have one ULIP policy with LIC with 10000rs yearly premium. Its already 10yrs I am into this policy and now want to close this policy.
    But I want to know one thing if I surrender this policy then what amount I will get. I have calculated the amount through my units and values score. Now want to be sure whether I will get the same amount as per this units and values calculation or LIC will do some thing else while paying to me.

    Vikash Kumar

  257. I have a query Sir !
    I want to know the surrender merits and demerits of my jeevan saral LIC policy which i have taken in year 2011 with the yearly premium of 60000/-. I have taken loan on the policy also of Rs. 2 lakhs. total i have paid 6 installments…I dont want to run this policy any more..Please tell how much return i will get and when ??

  258. HI,
    Thanks for sharing this topic.

    I have bought LIC Health Plus in Jan 2009 with sum assured 2 lakhs and yearly premium of Rs 6,000 till age of 65

    Now I’m married, found this LIC Health Plus isn’t attractive. If i stop this how will i get back.

    I have paid premium from 2009 to 2017.

  259. Meri ak money back policy hai.mai use 3years premium de suki hu.ab mai surrender korni chahiti mujhe profit kya miligi.plz help

  260. Hello sir
    meney money policy ko 6 years chalaya jo ki 20 years ka tha…premium rs 1039 quarterly tha lekin policy abhi do safal se band h…agar mey surrender Karu to mujhe kitna mileage …mujhe ek baar rs13000 bonus mil Chuka hai. ..

  261. I have 2 LIC policies
    (a) Term 111/26 – Maturity 28/05/2021 – Premium Rs.711/- p.a.
    (b) Term 111/26 – Maturity 28/03/2021 – Premium Rs.757/- p.a.

    I cannot pay the premium, how much money I will get If I surrender the above policies.

    Please revert.
    Thanks & Regards,

  262. Hello Sir,

    i had paid LIC Jeevan lakshya, As per my policy duration period is 18 yerar, and i have to pay 15 years, every year like 85k INR, My Question was, i had paid 8 years continuesly, i dont to want to surrender the policy upto 18 years, but at present as per my conditon i unable to pay policy money, is there any way like can reduce Policy Assurance/matured amount, can adjust with my previous paid amount.

    Can you please suggest for me, Thanks in advance

  263. jeevan saral of 20yr taken in 2011, i paid 5 year premium. Loss on surrendering it equal to or Around 1 YEAR PREMIUM. How to cover this loss.

  264. Hi Basavraj,

    I have 2 Lic policies one is Jeevan Anand and other one is Jeevan Saral.

    Jeevan Anand had completed for 10 years still 11 years need to pay.If i have surrenderd that policy now i will get bonus amount also can you please confirm if i din’t receive how much amount i can expect.

    Jeevan Saral had completed for 5 years please confirm this one also.


  265. Dear Basuji,
    The term is 16 years each. And tell me about Jeevan tarang. Is it fine to continue? I have paid for 11 years. Should I stop paying and get paid up value?

  266. Dear,

    About – Also, keep in mind that you have to personally visit the branch and request for surrender of LIC policy.

    Is there any way out? As I am not in India at present, and get the money. Will my parents or my relative are eligible to do the surrender, I will provide all documents shared above.


    1. Tanvi-You have to apply for duplicate policy bond along with applying for surrender. The procedure for applying for duplicate LIC policy bond is as below.
      -Indemnity Letter in Form No. 3815 A (unstamped) if the claim amount does not exceed Rs. 5,000 and no surety is required.
      -Discharge Form is to be submitted.
      -Form of Declaration of ‘No Assignment’ is to be submitted.
      -A declaration by Surety having sound financial status, acceptable to LIC in the appropriate Form is required, if the claim amount exceeds Rs. 5,000. To Obtain Surrender Value: Indemnity Bond in
      -Form No. 3815 duly stamped and executed by the Policyholder along with Surety is to be submitted.
      -Stamp Duty charges – which depends on the Surrender Value of the Policy are to be paid. A declaration by the Surety having sound financial status acceptable to LIC is required. Discharge form is to be submitted

      1. Hi, What would be the stamp duty charges for Form 3815 if maturity value is 284200.

        I was told it was Rs 100. Is it true. Thanks in advance.

  267. Dear Basuji,

    I have 2 jeevan tarang policies in my son and daughters name. I have paid almost 11 yrs. 5 yrs. remaining. What is proper? To continue or to paid up the policies?

  268. hello sir, i have two lic policies. one is from 2009 and other is from 2011. first policy is Jeevan Saral (T.No. 165) and second is Jeevan Anand (T.No. 149)
    sir, i want to surrender both policies. any premium is not paid for this financial year 2016-2017.
    sir, plz guide me correctly
    thanking u in advance

  269. First, let me thank you for the detailed info here.
    My question is how long do they take to pay the surrender value? Thanks in advance for all the trouble you’re going through.

  270. Dear Sir,
    i want to surrender my policy, i don’t have original documents of Policy. but i have receipts of premium paid of. and can download form 5074 foe surrender and courier it to the home branch. i have suffered lot of problem due to LIC policy agent. can any one help me out.

      1. Please tell me that how i will get original policy bond papers? Should i have to visit to home branch or i would get at any branch by showing receipt of premium paid. Because that only i have.

  271. Hello Sir,

    My Original Policy Bond is lost. Also I am not staying at the same location as that o)f the service branch. Its toooooo far.(3 days by train to travel…. ).

    I visited the branch they are saying that I can send all the documents through courier as well. Can you please tell me the procedure to surrender. My policy is already lapsed as I was unable to pay premium for 7 years.


  272. sir i have payed lic jeevan anada policy 7 years my premium was half yearly 12787 . it was 20years tenure. if i surrender policy now how much amount i will get ? what about vested bonus ??

  273. Dear Sir,

    I have one LIC policy with 18 years maturity period. Now I completed 10years premium. Now my agent saying you cannot surrender now because you didnt reach your maturity period.
    please clarify If i will surrender now :
    1. I will get only howmuch i paid?
    2. I will get less than i paid?
    3. i will get more than i paid (i mean with bonus)

  274. I have Komal Jeeval policy since 2009 and paid upto 2015. Want to surrender, appreciate to know the surrender value.


  275. Money back plan ke tahat hamne lic le rakhi h Jo Ki lagatar 5 saal tak premium bhi paid Kiya lekin ab 10 saal ho gye h hum premium paid nhi kar he ab hum lic surrender karna chahte. Plz sir advice me

  276. Hello Basu

    Can you please clarify if the money we get from surrendering the policy considered as taxable income ? Thanks

  277. Dear Sir,
    I have LIC money Plus Policy of 20 years tenure.Have already paid up 10 years. Should i continue to invest or surrender?
    i’m not able to find out the surrender value of this policy.
    kindly suggest..

    thanks in advance

  278. Dear Sir
    I had two LIC policy with 15years Maturity Period..but I discontinued within 18months…
    I had paid 54000 for each policy with monthly premium of 3000/-each..shall eligible to surrender policy?..I enquired about LIC agent he said I am not able to surrender policy because I didn’t complete 3years period.Is it true?.
    Ramesh C

  279. Yes.

    Millions of people want to come out of LIC traditional plans. Your article would provide them guidance in this regard.

    I would also like to draw your attention to an article dated 23rd December in Economic Times (Mumbai edition) wherein it has been mentioned that Insurance industry is facing its toughest times as yields on investments fall to multi-year lows and as a result mutual funds are eating into their business. Year 2016 is marked as year in which insurance lost it to Mutual Funds.

  280. Here’s my experience with this process that happened a couple months before:
    I sent my father to inquire the process and refund estimate of my old LIC policy. Guess what, he came back trying to convince me not close/surrender the policy :-D. I plan to visit myself during my next visit to my native place.

    As always, many thanks to Basu for posting an yet another eye opener!!

  281. these negative minded people are all LIC agents who are not happy with their commissions ceasing and millions of people surrendering LIC policies due to less returns and still sarkari approach
    thanks to basu sir like personalities of guiding general public

  282. Dear Basavraj,
    advising surrender of policy just to boast is as same as to advise some innocent one to suicide.

    Don’t provike people to ruin their small savings theymade for their future

  283. I have Jeevan Saral Policy.
    Have been paying to this policy since 8 yrs now.
    Now I want to Surrender this policy.

    If i surrender now ,how much will i get back ?
    Will it be = 30 % of 7 payments made to Jeevan Saral ?

  284. How much are you paid by private companies/Foreign insurance companies to write against India’s most trusted brand LIC

    1. Naresh-Is writing about one service option of LIC is like I SOLD OUT to so-called “private companies/Foreign insurance companies”? I feel to laugh at you 🙂 I know you may be an agent of LIC. But do remember that I am also an agent since 15 years 🙂

      1. Basu sir explained procedure for “How to surrender LIC policy”..simply That’s It.
        Tomorrow, If he explain about some private insurance companies policy surrender details, Does it mean he is against to LIC?
        Please understand it right way.

      2. Basu,
        The fun begins whenever you write an article about LIC policies. The jokers are back 🙂
        We need such articles every now and then to relax viewing comments from these joker agents.
        The season of new policies is not far away, cant wait for Jeevan xxxxx and funny new features 🙂