How to get rid of LIC Policy? | Surrender LIC Policy | Surrender Value explained
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- เผยแพร่เมื่อ 5 ก.ย. 2024
- How to get rid of LIC Policy? | Surrender LIC Policy | Surrender Value explained
In this video we explain how to get rid of your policy, the value that you get if you surrender you policy and certain drawbacks associated with surrendering your LIC Policy.
After watching this video, you will be able to decide if you wish to continue with your LIC policy or not
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Link for the Surrender Form your LIC policy
www.licallinone...
lic folks were not feeling about surrender value , you just explained it much easier with short and crisp video.Thank You.
Lic is totally Midclass financial trap
I took the lic policy and now I am regretting it because I'm getting much much better return through mutual funds and stocks. Regarding retirement cover and other accidental or death cover. You have your PF. Also, we can take term insurance.
Same. My father took it when I was younger and after I started earning, transferred the responsibility of paying a premium. Hate it. Getting much higher returns on my mutual fund investments
🤣🤣🤣🤣that is why seniors says FD is best because at least we get intial amount
😅
But mutual fund is best 👍
But also get 1 % penalty
Exactly
@@arcrazy79271% penalty on interest not principal amount
Keep doing such content so that after any mishap those family's life style degrades easily.
Life Insurance is a basic need for every persons. In other developed countries it is mandatory but people here thinks that it is a investment option.They always try to skip it.But any life insurance always protects you particularly of you are the only bread earner in the family. But some youtubers for their views always try to use such topic so that people can easily catch.Ultimately it will ruin their future.
Yes new generation is completely against any type of insurance and one day that will cost for them.
I would rather go for term insurance and MF
Wat you are speaking man ?
Term insurance - ✅
investment - ❌
जो LIC लेने का सोच रहे है उनसे मेरा विनर्म निवेदन है की इन्शुरन्स ना ले... 🙏🙏
Pls dont leave youtube guys,sincere request from a young person
At the time of giving the policy,agent never tell these terms and conditions clearly..worst part of the agent,they should not cheat the customers..they should tell termination terms surrender terms minimum return amount with interest %
There motive is to sell you lic policy anyhow. And they try to sell it so hurrily. Not even focuses on what details are you filling.
The most important fact is ....majority of the people consider LIC as an investment ....but it is not an investment product.... it's an insurance product.....these guys are talking about surrendering a LIC policy.....but this same person will tell you to take a Health insurance plan....but why ? How much will you get at the time of maturity? Its 0.... then why should we take that plan? Because it will protect us during our health issues.... Similarly LIC policies will protect your family in case of any mishap....So never ever surrender a policy....u will regret it later.....think before purchasing a life insurance policy....if you don't want to buy endowment or money back policies then buy Term insurance plans but never ever surrender a running policy
Bilkul sahi kaha aapne
Then i would prefer to go with term insurance with 100x times more return and MF
@@debjyotibose8372 Term insurance does not provide any return.......it only provide the insurance coverage when any mishap ( death/disability) happen.....MF does provide better returns compared to LIC ....
LIC is mainly for lower middle class family in which people want to invest very less amount for long time.
In my area daily labour people doing LIC and paying 400-3000 per month,
Thank u for this topic , LIC is just not worthy as Life insurance vs investment are totally different things , LiC can give max to max 8 percent return in long term and with very little life coverage as compared to term insurance ..The LIC has its roots in two words in it , one Life Insurance and another word is India , people think that LIC is govt of India"s own insurance company and blindly believe the agents who first impress our senior members and then approach the newly earning busy guy through them ...I was also victims of LIC but now came out of it ...Thank u for bringing this part in notice of everyone 🙏🙏🙏
Completely Agree, hopefully the video reaches a wider audience to create awareness on a mass scale 🙏
Hey even i am fooled by the Lic people and have paid 50k premium for the first year .. now i want to surrender it and they are saying i will get nothing back... I will have to invest minimum of 2 years and then i can withdraw.. please let me know how to come out of it
@@phoenixmail2830 Hey bro! did you find any solution?
@@phoenixmail2830 i also want to know if u found any solution to this
@@phoenixmail2830
You guys are not just one of the, I'll rather say you are, hands down, the best personal finance channel in the country. I wish even I could be a part of your venture somehow.
Thank you for the compliments 🙌
Why don't you send across your CV to bekifaayati@gmail.com
This video makes life much easier. Thank you so much!
Absolute pleasure 🙌
Very nicely explained
Short and clear. i can't say sweet bcz I am policy holder (purchased through relative who didn't explain me t&c)
Tq fr details
I am going to surrender all my LIC policy now. Also, my wife will surrender all her LIC policy and will buy term life and health policies instead. My medical is free since i and my wife both are in central government office still i will buy a health policy since there are not much benefits after retirement where i need my health insurance more. LIC is a total waste. Will be getting a huge loss after surrender but still better than incurring further losses.
Aap ne jo samjaya kash vo agent vale batate to aaj 21000 nai faste 😢😢
liked it, very straight forward and relevant. No bakwas/gyaan.
Bahut Easy tarike se bataya aapne
It would be better to show in screen the calculations..so we can also get whole idea in much better way.
Agree
This
Great info and clarity provided 😊
Guys if you want to stop the plan but don't want to loose on money. Then just stop paying premium. It'll be converted to paid up plan and you will get the amount+bonus after maturity.
Just stop paying the premium
2012 me Policy li thi 2032 me mature hogi...ab tak sabhi premium diye hain...lekin ab nhi dena chahta... maturity ke time amount Milne me problem toh nhi hogi ?
@@aryanvipin11 nhi hogi
Maine LIC customer care se baat krke pucha tha
Aik baar aap bhi baat krke dekho to feel more confident
@@jsuryakt Hey my lic agent has done it in neft mode what to do now?? 🥺
@@chinmayee.j4806 go to your bank and disable auto pay
@@jsuryakt Wow thank you so much man. The agent is one of my trusted relative, idk how I got tricked like this as an educated fellow. The amount is huge, I mean at least huge to be debited from monthly salary. I thought he is doing something with low amount so I got agreed but now I'm totally f*cked. Thanks a lot and what are the consequences?
Thanks for the explanation for how to surrender the LIC policy. Questions: If I have paid the premium for 12-13 years, do I have to return the tax benefit for all 13 yrs and how that will be calculated.
Same question??
Arre bhai why she will tell, she is not insurance expert, go to ur nearest branch, asking her is like asking a teacher about building a house.
I have the same question
Mam bahat hi badhiya explain kiya aapne Thank u....
Crisp and clear explanation..thanks
Best part of the video is ..How to get rid of Worst LIC policy
एलआईसी एजेंट या कंपनी का फ़ायदा क्रति है ग्राहक का नहीं
Thanks. suppose someone not paid premium for 5 years. Now I have two sets of queries..
option-1
suppose the customer goes for reviving option to pay ( premium + late fees ) then will the customer get sum assured with late fees amount at maturity or just the sum assured?..
option -2
After 5 years, the customer decides to surrender the policy. what are the options with him
--is premium amount unpaid is compulsory to pay?
-is late fees for 5 year is compulsory to pay?
Beautiful explain with beautiful lady
Thanks for info
kindly make a video upon bajaj alliance policy if someone has to surrender it.
Cute cute cute knowledge 😊
Explained in very simple way. Thanks .
I have taken policy in 2010. I want to claim my policy but I'm unable to claim.mere pass policy number wagera bhi hai plz help me mam kya karu?? 🙏🙏🙏
bolne mai dukh hota hai but papa ne bewakoofi krke saal ka 25k ka lic kra rkha hai aur itna gussa ata hai aur sbse bdi baat ye hai ki jo policy hai usmai papa ka dob se lekr sab info galat hai aur saalo se wo pay kre ja rhe hai
There is no point of surrendering your policy. You are bound to lose money. Either you don't take policy or if you have taken continue it. If you need money you can take loan on your policy, which is 90% in case of in-force policy. (In lapsed policy it's 85% of your paid-up value). The interest rates are considerably low as compared to personal loan.
Not taking policy is easier said than done, most people aren't even aware the polices that have been sold to them. It is only 5-6 years after paying the premiums, they understand what they've gotten into
@@bekifaayati can u suggest best way to get out of such a trap after 5 yrs into it? Surrender or paid up option? Pls enlighten us
@@Doshi.Akshay brother it's not trap... People must understand value of life to ur family.
@@sevago9245chup re faltu agent
@@paraskhedekar1907😆😆
Helpful & nicely explained
Love the great work you do.
You earned a subscriber today.
Thank you 🙌
Thank you dear... It was very helpful.. 😘😘😘
Hi how do i know what is the lumsump i will be getting after completing the said yrs of premium
is policy bond necessary
Hi ma'am,
I surrendered a Jeevan Anand (endowment policy) after 6years. I lost 90k from the original amount paid.
Do I need to return the Tax Return which I got under 80C over the period of last 6years?
Please let me know.
Did you got any tax notice or anything while filing the ITR?
Currently lic policy is good for nothing, your money will be devalued at the time of maturity. They best way to earn through your savings is SIP & investment in good fundamentals stocks like gov. PSU.
Is it possible to pay premium early if we have lumpsump money
Agar me 2 saal premium (LIC) bhar ke use Use paid up me convert krwata hu to kya per year bonus milega ya nhi?
Kya maturity ke time bonus add hokar milega?
Please anyone answer me
Hii madam maine 35 saal ki term le rakhi hai to main 10 saal baad surrender karunga to maire ko bonus milega. ????????
Very lucid and simplified..kudos and thanks
Thank you so much for this wonderful information 🙏🙏🙏
Madam I have a question. If I pay for 3 years & after that I take a policy loan..And I do not repay nothing of loan/interest/premiums, what will happen?
Nice 😅😅credit score b to kam hoga
If somebody has taken it and premimum is still payable, I would suggest go with good term plan first and keep this policy as well. I think it will still give returns equivalent to PF. So why to surrender and take loss. If sombody havent taken any insurance then go with Term plan only.
Returns equal to PF seems a little far fetched
Good thanks
link for the form 5074 please. thanks for the video.
Jevan tarun policy me lic ke website par new user account kesi banate hai
Lic is the instrument of financial loss
Clean and clear to understand
Guyes , you are comparing Guranteed Returns VS Non Guranteed Returns .
people are talking about amezing returns but is any one taking the gurantee of the invested amount ?
For the safer side we should have mix of all investment options .
Guranteed as well as non Guranteed.
Maidm aapka voice bahut achcha
What if we paid 10 yrs premium.. what are the pros n cons..
Do u guys provide paid one to one constation..
My father has a policy, maturity date 2024, should we surrender now
Thank you #bekifaayati 🥰🙏
Should we surrender our LIC policies. Is LIC safe anymore
Do I have to repay the amount I have saved in last few years under 80C?
is surrender value is our profilt like if our surrender value is 90 thousand then its our porfit or only 90 thousand we will get after surrender
Hi mam plz help me i want to surrender lic policy after 2 years. Will i get any money or not??
useful info, thanks
once surrender request has been applied, how long does it take to get money in my acc?
I started paying lic since 5 months (12years tenure ) i feel that i should stop paying it ... Pls suggest me
Maturity ka amount agar taxable hai toh kis tarah hoga, other sources me ya capital gain??
I paid 1lakh on the spot in LIC for example 16 years and the due date is in February 2027. If I want to quit before 5 years how much and what losses will be.
Mam, do i get 80% of what i paid as premium or 80% of the grown-up amount as per SIP after 13 yrs of investment.
Apko kuch nhi pata ....just brush up your knowledge....Branch Manager from LIC....this video has only 20 pc reality. Influencers ko har jagah nhi ghusna chahie
Sahi kaha, LIC wale sabko choona lagate hai, kuch bhi bech kar, aur banda nikal bhi nahin sakta
Cab i go any other branch of lic office bcz i have changed my house where i was living earlier.
a humble request to please make a video on LIC's jeevan surabhi plan 107 policy. thanks in advance!!
Why she will make video, what she knows, its like u r asking medicine from a engineer, go to ur nearest branch.
If i surrender a policy after 4 years , resulting in an obvious loss where the surrender value is lower than the total premium paid, Do i still need to pay any tax on the surrender value received ?
Actually this AC room people don't realise that 70% Indians withdraw their fixed deposit and SIP before time or maturity only because they have easily got liquidity. That's why people are taking educational loans and personal loans. for their long term goals 😇
LIC or other endowment policy develops the habit of saving among people.
Madam ji 3032 rs. Ka half yr. Jeevan anand Mera premium he ab 10 sall honge kuch mahino me , mujhe kitan total fund milenga. Jara bata dijiye please
LIC me link account ka hi pass book dena h ya dusra pass book same person ka chalega???
Mene 7 mahine pay kiya hai abhi band karna chahta hu kaise karu meri 7000 rs due chal rahe hai 😂😂😂
Surrendering the lic policy whether the agent can manipulate anything. Without an agent can we go directly to lic office and surrender the policy.
Plz reply me
Madam I can't understand hindhi so plz,
I Have made policy, Jeevan Lab 350000 policy, I allredy paid 2 premium(2year) yearly 20700
If I surrender the policy what they will debit the amount
You will get nothing from your lic
so jao chup chap
sorry bro, i have already paid 29000 per year for two year and get nothing.
@bekifaayati What is your intention? Why do you directly target on lic"s business? Do you take any commission from any other company for lodging these types of videos against LIC ?????
LIC is LIC, its not like Sahara, Sarada, Rose Valley, Alchemist etc etc. LIC is not like this. Till now this company never betrayed with their Policy holder. So don't insist people to surrender their policies from LIC, ultimately it will make loss of those policy holder.
AND IF YOU NEED ANY SERVICES OF YOUR LIC POLICY, LIC BRANCHES ARE ALWAYS HELPFUL. ANY LIC BRANCH ALWAYS TRY TO GIVE YOU THE BEST SERVICE FROM THEIR SIDE WITH A GOOD BEHAVIOUR.
so are you or your close relative a lic agent?
Does Term Insurance really works? Can I get some testimonials about the 1 CR getting to some clients? please help with this?
Sir main aditya birla secure plus plan 50000 yearly premium 3 saal tak diya...aur nehi de sakta hoon...mera ye jan na hai ke main agar yeh policy aisehi rah deta hoon to kaab mujhe 1.5 lak ke aas paas milega???
Sir maine 3 saal premium diya but or nehi desakta hoon....main kaise near about full payment withdrawal kar sakta hoon...???
Absolutely Right 👍🏻👍🏻
Can anyone please share the sources of this information. Thanks
Mdm mana 2polcy le te duno ma2sal perm daya ha 3sal hogya mana kio prm nhi dya laps hoge mra polcy muja surnd krna ha. Kya ma kr skta hu
If I pay only first premium and skip the rest. What will happen?
What if i stop paying premium and don't take my money until maturity , do i need to visit branch for it too or i can simply stop paying my premium
Jaha ka lic branch ha wahi ka address proof chahiye kya jese me ab delhi shift ho gya hu but policy bihar ka h us time address v wahi ka tha but ab delhi ka h
Special surrender value k bare me nhi bataya
mam mere lic me 3 kist sylary se kat chuki h kya ab me ise band kara sakta hu bhale hi mujhe koi payment nahi mile
Mam meri LIC surrender hone ke baad half amount aa chuki hae
Or jo LIC ne amount deduct kiya hae kya mae uuse ITR show karakar return lae sakti hu
Madam Maine 2011 mein ek policy li thi 1 saal hi policy ka premium diya uske baad nahi diya kya policy maturity ke waqt mere paise wapas milega
How and where to show surrender amount in ITR?
Mam mere father 1996 mai biman kiran policy liye the 4,5 saal premium diya usko baad se nhi diya toh aab kya continue karwa sakte hai aur nhi toh .kya jo paisa jama kiya wo mil sakte hai?
Hi,im stuck up with lic policy i have money back policy 20 years plan, yearly 12,000 premium its been 11 years till date how much surrender value & money back or bonusses in total refund will i get ????
So i've didn't get my lic surrender amount in 15 days . Will they pay me with the interest as they've said in their website and how can i get interest or they'll give my Existing amount
Maine bajaj alliance term insurance policy liya tha 1 week pehle medical v complete ho gaya policy number issue ho gaya hai lekin policy issue nhi hua hai maine cancellation ke liyai mail send kr diya hai kitne din me refund aayega mera aur kitna time lagta hai
Kya mera medical charges deducted hoga
Lekin maine policy issue hone ke pehle hi cancellation raise kr di hai mujhe pura refund milega ya medical charges deduct krke
mam mera premium 20 year ka hai maine 18 year pay hai but ab mai surrender karna chahta hu mujhe money back bhi 3 time mil chuka hai to mujhe kitna percent vapas milega
I would recommend never surrender LIC policy if you don't have money problem. It is best insurance company in India baki sab bewakoof banati hai.
101% सही जवाब देने हैं, यह लड़की दूसरे बीमा कंपनी का प्रचार भी कर रही है सोचिए सरकारी बीमा कंपनी को कहां ले जाएगी जनता समझदार है
Hi Mam, meri lic policy ka term hai 20 years and i had paid 12 years premium, but I want withdraw this policy and invest in sip. Mera premium hai 16000/- yearly and paid years 12 yrs to kitna amount wapas mil Sakta hai.
Nice video however we should carry our original lic policy as well 👌
Money waste. Get term insurance and invest the rest of the money.
Can you send me the link how to see the surrender value of policy