[www.keralites.net] LIC Policy bonus calculation

Dear Sir,

I have a doubt,please clarify that I have an insurance policy in L I C under table14. One of my friend says that if we pay the premium after due date ,the bonus generated on this policy will be calculated only on the amount we had paid . Is this true?

  Usually I pay the premium through my agent but sometimes he forget to remit in time.  Kindly inform me that whether I could lose any bonus amount?

thank you.

 

babu

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From: Johnny Kutty <johnnykutty_2008@yahoo.com>
To: Keralites <Keralites@YahooGroups.com>
Sent: Tue, 24 August, 2010 8:43:35 PM
Subject: Re: [www.keralites.net] LIC Policy cancellation

To all the keralites group,

 regarding the surrender value of LIC policy.

Dear sir, many are cheated by the insurance agent.At the time of joining the insurance the agent claim that after 3 years if we do not want to continue the policy we can surrender the policy.For almost all insurence policies have this benefit.But they never tell about the amount we recive at the time of surrender.In most cases it is 20% of the total amount standing in the polcy.At the time of joining the policy the agent only tell that we can surrender the policy but they never tell the amount we recieve at the time of surrendering the policy. If it is unit linked insurance plan the the amount of surrunder value may deffer. We can refer the policy doccument in this regard.Many are cheated by believing that they will get all the amount after three years.Believing this many are joining for the insurance in the hope that they can surrender the policy after three years.

So, beware do not be cheated by insurance agent.Know all details before joining the policy.

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From: M K MENON <mkmenons@streamyx.com>
To: Keralites@yahoogroups.com
Cc: Smitha K. Nair <krishnenducom@yahoo.co.in>; NIZAAM HUSSAIN <rockysimple143@gmail.com>
Sent: Sun, August 22, 2010 1:48:22 PM
Subject: Re: [www.keralites.net] LIC Policy cancellation

Dear Sir,   As mentioned by Ms. Smitha K. Nair the amount of surrender value of the life policy depends on the period the policy has been in force and depends on the period for which the policy is taken. The first two year's premium just over their administrative expenses and you will get nothing for the first two years. Thereafter, the quantum increases every year upon payment of the premium on the due date or within 30 days if you are paying annually. If you have taken the policy for a short period of say 5 years, I suggest that you wait until the maturity date when you get much more than the surrender value of 55% now. If you continue, you may perhaps get more than 150% of your premium as the interest rates in India are much more than several countries overseas.   Yours sincerely, M. K. Menon Malaysia -------Original Message------- From: Smitha K. Nair Date: 8/22/2010 8:30:51 AM To: Keralites@yahoogroups.com Subject: Re: [www.keralites.net] LIC Policy cancellation   Dear Mr. Nizaam Hussain,                Insurence policies are of different types. What you mean by normal policy?. first you specify whether it is a traditional policy or an unitlinked policy. If it is a traditional policy you can not cancel that policy before the completion of duration of the policy. Otherwise you will lose fund revival charges and it may around half of the policy amound. if it is a unit linked policy after 3 year completion you can close the policy if necessary. and you may lose some few amount of money as charge. And in such policies there is option that you can paid up the policy that is, no need to pay again but  cqan hold the policy. that is also possible. so pls specify the nature of policy, duration of the policty and name so that some more suggestions can be given. Because it is a good amount you have paid think very well before going to cancell it.   Regards --- On Fri, 20/8/10, SIMPLE FAST <rockysimple143@gmail.com> wrote: From: SIMPLE FAST <rockysimple143@gmail.com> Subject: [www.keralites.net] LIC Policy cancellation To: "Keralites" <Keralites@YahooGroups.com> Date: Friday, 20 August, 2010, 7:19 PM   Dear all iam holding a lic policy for last 3 years and its a normal policy. now i wouldlike to cancel my policy and am already paid near 1.5 lakh by 6 installments. i cheked with the agent he adviced me that only 55% wil get back if i cancell my policy. kindly advice me if anybody have idea on this. pleaseeeeeeee --Regards Nizaam Hussain www.keralites.net