Can I surrender my Jeevan Saral policy after 9 years?
LIC Jeevan Saral is a non-market linked high insurance cover plan. A Tax-Saving plan offering tax benefits under section 80C of the Income Tax Act. This is the best plan, offering 250 times life insurance coverage on the total monthly premium paid. On the maturity, the sum assured plus Loyalty additions if any will be paid to the policyholder.
Surrender Value: The policy can be surrendered after paying for a complete 3 years. The surrender value will be less than the total premium paid.
Under this plan, the loyalty addition gets added from the completion of the 10th year. It recommended closing the policy after paying the premium for a complete 10 years.
Yes, you can surrender this policy after 3 years, but not recommended to surrender the LIC Jeevan Saral Policy as the surrender value may not be that satisfactory. This is because this policy gives 250 times the Insurance cover of the monthly premium. The expenses are very high.
It is better to keep the plan and the Life Insurance cover is very high when compared to the other plans.
