Any LIC experts here

[LadiesTailor]

Paying lic since very long time and not sure when it ends… few questions regarding the policy

1. mature date: ante ee date ki manam kattina amount mottam back ki istaru kada 

if that’s yes my policy mature date is 2079 and I’m sure I will kick the bucket by then

now 

2. how would I cancel the policy and get all my money back

experts please help 

[yoda123]

8 minutes ago, LadiesTailor said:

Paying lic since very long time and not sure when it ends… few questions regarding the policy

1. mature date: ante ee date ki manam kattina amount mottam back ki istaru kada 

if that’s yes my policy mature date is 2079 and I’m sure I will kick the bucket by then

now 

2. how would I cancel the policy and get all my money back

experts please help 

i think you can request for cancellation of policy after paying premium for 3 years ...

then LIC will payback your money ... with some interest ...

[dasari4kntr]

first...register your policies here..you can check online.. https://licindia.in/

2079...ante..are you paying to term insurance..? (just like life insurance...)

 

if it is non term policy...you can see in the website...Bonus accrued / Guaranteed addition/ Loyalty addition is payable...

[LadiesTailor]

Just now, yoda123 said:

i think you can request for cancellation of policy after paying premium for 3 years ...

then LIC will payback your money ... with some interest ...

Thanks baaa… going through all available info and thinking to cancel it.

 

[LadiesTailor]

Just now, dasari4kntr said:

first...register your policies here..you can check online.. https://licindia.in/

2079...ante..are you paying to term insurance..? (just like life insurance...)

 

if it is non term policy...you can see in the website...Bonus accrued / Guaranteed addition/ Loyalty addition is payable...

Bonus accrued information vundi bro

[dasari4kntr]

1 minute ago, LadiesTailor said:

Bonus accrued information vundi bro

policy peru cheppu bro...LIC lo sava laskha varieties vunnayi...endowment/money back/ulip..etc

konni hybrid kooda vunnayi...like first 20 years money back and next it will be endowment..etc

 

nee policy name chepte..will search it up...

[LadiesTailor]

1 minute ago, dasari4kntr said:

policy peru cheppu bro...LIC lo sava laskha varieties vunnayi...endowment/money back/ulip..etc

konni hybrid kooda vunnayi...like first 20 years money back and next it will be endowment..etc

 

nee policy name chepte..will search it up...

Jeevan anand bro

[Sreeven]

15 minutes ago, LadiesTailor said:

Jeevan anand bro

Naadi ade nakunkuda 2079 chupistundi..may be adhi life insurance even after we take matured amount.

[dasari4kntr]

30 minutes ago, LadiesTailor said:

Jeevan anand bro

lol...naa first policy ade... paying term inkaa enta vundi...?

this is what i am thinking once my paying term (in few years) is over ..i will keep that for life coverage for some years..then i will cancel.. 

 

[dasari4kntr]

Jeevan Anand is a life insurance policy offered by the Life Insurance Corporation (LIC) of India. It's known as a combination of endowment and whole life policies, which means it not only provides financial protection against death of the policyholder but also offers a lump sum amount if the policyholder survives the policy term. 

There are two variants of the Jeevan Anand policy: New Jeevan Anand (Plan 815) and LIC's Jeevan Anand (Plan 149).

Key features include:

1. **Dual Benefit:** The policy provides death benefit if the policyholder dies during the policy term, and a maturity benefit if the policyholder survives the term.

2. **Life Coverage:** The death benefit in case of death of the policyholder during the term includes the sum assured on death (which is higher of 125% of the basic sum assured or 10 times of annualised premium) and vested Simple Reversionary bonuses and Final Additional bonus, if any.

3. **Maturity Benefit:** If the policyholder survives the policy term, they will receive the Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

4. **Extended Risk Cover:** Even after the policy term, the risk cover continues until the policyholder's death. If the policyholder dies after the policy term, the nominee gets the Basic Sum Assured.

5. **Loan Facility:** The policyholder can avail a loan against this policy, after it acquires surrender value.

6. **Tax Benefits:** Premiums paid towards this policy are eligible for tax deductions under Section 80C, and maturity/death benefits received are tax-free under Section 10(10D) of the Income Tax Act, 1961 (subject to prevailing tax laws).

As with all insurance products, it's important to thoroughly read the policy document and consult with an insurance professional to fully understand the terms and conditions. Please note that the information is based on what was available as of my knowledge cutoff in September 2021 and might have changed.

[dasari4kntr]

if you cancel...

 

If you cancel your Jeevan Anand policy before the maturity date, you may be able to receive a surrender value, depending on how long you have held the policy. The surrender value is the amount you get from your insurer if you decide to exit the policy before maturity.

The surrender value can be of two types: Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

1. **Guaranteed Surrender Value (GSV):** The policy may be surrendered after it has been in force for at least three full years. The Guaranteed Surrender Value is a percentage of total premiums paid (excluding extra premiums and premiums for riders, if opted for) minus any survival benefits already paid.

2. **Special Surrender Value (SSV):** The Special Surrender Value is calculated based on the Insurance Cover and duration for which premiums have been paid. The SSV is not guaranteed and can be more or less than the GSV. The exact value is determined by the insurance company.

Note that surrendering your policy early could result in receiving less than the total amount of premiums you have paid. It's always advisable to consider your financial situation and future needs carefully before surrendering a policy. If you're unsure, you might want to consult with a financial advisor.

Remember to check your policy documents or contact LIC for the most accurate and current information, as terms and conditions may vary and updates may have occurred since my knowledge cutoff in September 2021.
 

[LadiesTailor]

13 minutes ago, Sreeven said:

Naadi ade nakunkuda 2079 chupistundi..may be adhi life insurance even after we take matured amount.

Yeah adi confirm chesukovali bro.. em Benefits entha money vastundi ivemi teliyakunda pisalu kaduthunna just lic agent ni nammi

[Hitman]

3 minutes ago, LadiesTailor said:

Yeah adi confirm chesukovali bro.. em Benefits entha money vastundi ivemi teliyakunda pisalu kaduthunna just lic agent ni nammi

This is how it happens in small towns. We don’t know much details, just relaying on mana agent words 

[dasari4kntr]

1 minute ago, Hitman said:

This is how it happens in small towns. We don’t know much details, just relaying on mana agent words 

thats fine no..? atleast dabbulu guaranteed…with some life coverage…

ade financial advice teesukuni stocks lo pedite…gamblingee

[Bapineedu]

47 minutes ago, LadiesTailor said:

Jeevan anand bro

Good one