How can I check my LIC policy surrender value online?

1. Open your mobile to send SMS.
2. Click on compose SMS.
3. Type ASKLIC XXXXXXXX STAT.
4. Send to 9222492224 or 56767877.
5. Immediately you will get the live status of LIC policy through a reply short message or an error message if your mobile number not registered.

What is surrender value PLI?

What is surrender value of a policy? Surrender value of a policy, means the amount that is payable to an assured, when he foregoes the contingent benefit of his policy and surrenders it for an immediate cash payment.

How is PLI surrender value calculated?

The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.

What happens if I surrender my LIC policy?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Is LIC surrender amount taxable?

The surrender value that you may receive will not be tax-free under Section 10 (10D), and the amount will be treated as 'income from other sources' and taxed as per the existing tax bracket.

What will be the surrender value of LIC policy after 5 years?

A 100% special surrender value is given out if the policyholder has regularly paid the premiums for five years.

How can I know my lic policy status?

Just SMS ASKLIC<policy number>ANNPD to 56767877 from your registered phone number. One is required to remember the amount that has to be released each time. However, it's not easy. To enquire about the annuity amount, just SMS ASKLIC<policy number>AMOUNT to 56767877 from your registered phone number.

How can I know my lic policy details?

Is there any app for LIC?

Life Insurance Corporation of India ( LIC), to serve its customers better and to take the LIC services at the door steps of its customers launched a new android app. ... However, to avail of these services at fingertips, the customers can download the My LIC App on their Android and Apple iOS Mobiles.

What is surrender value factor?

The surrender value factor is the percentage of total premiums paid. Surrender value factor increases with the number of years of the policy. Surrender value factor will get close to 100% of premiums paid when the policy nears maturity.

Is LIC removed from 80C?

No, the new tax regime does not allow Section 80C deductions on the premiums paid towards a life insurance policy. You would, therefore, not be able to claim the deduction under the new tax regime.

Can you deduct loss on surrender of life insurance?

What are the income tax consequences of policy surrender resulting in a loss? The general rule is that losses recognized upon surrender or sale of a policy are not deductible to the policy owner.

What is lip payslip?

According to rule 80C Tax deduction is allowed for the insurance premium paid for self, spouse and children.

What is special surrender value in LIC?

Special surrender value = (Original sum assured * (No. of premiums paid/No. of premiums payable) + total bonus received) * surrender value factor. When one stops paying premiums after a certain period, the policy continues but with lower sum assured. This sum assured is called the paid up value.

Can I get money back if I cancel my life insurance?

Do I get my money back if I cancel my life insurance policy? You don't get money back after canceling term life insurance unless you cancel during the free look period or mid-billing cycle. You may receive some money from your cash value if you cancel a whole life policy, but any gains are taxed as income.

Can I withdraw cash surrender value?

Surrender value refers to the amount a person would receive if they withdraw money from their own life insurance policy's cash value. ... After a period of time set in the policy, the policyholder usually can withdraw the cash value without any fees, in which case the cash value and surrender value would be the same.

What is minimum guaranteed surrender value?

Most insurers offer two options: a minimum guaranteed surrender value, which is a regulatory requirement, and a non-guaranteed surrender value. The guaranteed surrender value is a fixed percentage of your premiums—typically, it is around 30-35% of all the premiums paid minus the first year's premium.

What is a surrender benefit?

The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value of a policy. Other names include the surrender cash value or, in the case of annuities, annuity surrender value.

Which app is best for LIC?

LIC most trusted Insurance Brand of India has launched Mobile Apps for android phone. This app is called as LICMobile. This app is developed for LIC's esteemed customers and Marketing personnel.

How can I check my LIC policy without registration?