When you decide to surrender your LIC policy before maturity, it means that you want to prematurely exit from LIC’s insurance product before maturity. So you will now get an amount called as Surrender Value. To become eligible for surrendering a policy and the policy to have some surrender ...
Start a baby fund by regularlysetting aside an amount every monthto manage the expenses related to vaccinations and other medical check-ups. This amount has to be increased by an appropriate amount if both parents are working and after the child’s birth, the wife is planning to quit the jo...
Such amounts can be "rolled over" into an annuity policy without having to recognize any taxable income. Penalty-free withdrawals can then be taken by setting up a program known as "Substantially Equal Periodic Payments" (SEPP). This exemption to the IRS pre-59½ early-withdrawal penalty ...
Surrender value is the amount that Insurance company will give you in case you were to withdraw policy before its maturity date based on their pre-decided calculation. For the first 3 years, the Surrender Value is NIL or very low. As the time increases, this amount keeps going up. ...
the main advantage of the ULIPs. But with the rule change for high premium ULIPs, there is no way to go for tax-free rebalancing for HNIs via ULIPs now. Even the government-backed LIC has many ULIPs and surprisingly, one namedSIIP from LICto make it sound similar to mutual fund ...
Maturity Claims In case of Endowment type of Policies, amount is payable at the end of the policy period. The Insurance company which services the policy sends out a letter informing the date on which the policy money is payable to the policyholder ( at least two months in case of LIC) ...