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How can I cancel LIC Jeevan Anand policy?

Author

James Holden

Published Mar 17, 2026

How can I cancel LIC Jeevan Anand policy?

The policy can be surrendered anytime provided two full years' premiums have been paid. On surrendering after two policy years, the insurance company will pay a guaranteed surrender value of minimum 30% of all premiums paid after deducting the first year's premium.

Keeping this in consideration, how can I surrender Jeevan Anand plan 149?

Jeevan Anand (Table No. 149) can also be surrendered at any time after receiving maturity (after completion of premium paying term). The surrender value will depend upon sum assured, policy term and age of the policy holder. Please use following calculator to calculate surrender value after maturity.

Subsequently, question is, can I cancel my LIC policy online? First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. The reason for this is, your all policy documents like proposal forms, loan details and all other details will be available at servicing branch only.

Consequently, can we cancel LIC policy online before maturity?

Documents Required For Policy Surrender

  1. Original policy bond documents.
  2. Request for surrender value payment.
  3. LIC Surrender form- form 5074.
  4. LIC NEFT form.
  5. Bank account details.
  6. Original ID proof like Aadhar card, pan card or driving license.
  7. A cancelled cheque.
  8. Hand-written letter to LIC stating the reason to discontinue.

How is Jeevan Anand surrender value calculated?

Surrender Value Calculator for LIC new Jeevan Anand (Table No: 815) provides Approx surrender value based on bonus accumulated and total premium paid.

How to calculate Surrender Value of LIC New Jeevan Anand.

Sum Assured10,00,000
Yearly Premium (without any rider and Service Tax)52,370
Year of Surrender2024

What will be the maturity amount of LIC Jeevan Anand?

Scenario 1:
Year of maturity2039
Age at maturity50 years
Sum AssuredRs.5,00,000
Bonus additionsRs.8,00,000 (approx.)
Total amount payableRs.13,00,000

Is Jeevan Anand a good policy?

Jeevan Anand has been a popular plan of LIC as it offers sum assured plus bonus at the end of payment term and offers whole life cover even if you stop paying premium. I had bought LIC Jeevan Anand policy in 2016 for a premium of Rs 22,000.

What are the benefits of Jeevan Anand plan 149?

Key Features of LIC Jeevan Anand – Plan 149
Double accident benefit and extended permanent disability is available as an inbuilt benefit under this plan and shall be available during the term of the plan and also till the age up to 70 years. Maximum DAB & EPDB cover will be Rs. 5 lakhs.

Is it good to surrender LIC policy?

Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.

How much will I get if I surrender my LIC policy after 5 years?

Moreover, if you have paid your premiums for more than four years, but less than five years, then you will receive 90% of the total maturity sum assured as a special surrender value. A 100% special surrender value is given out if the policyholder has regularly paid the premiums for five years.

Should I surrender my Jeevan Anand policy?

In case you opt for paid up option, the invested amount with return earned will be paid out on due maturity date. Surrender of policy is not recommended since the surrender value would always be proportionately low."

How can I get my money back from LIC policy?

The lapsed policy can only be revived if it has not expired for a period of fewer than 6 months or more than 3 years from the date of revival. Under the special revival scheme, the policyholder has to give a written request for reviving the policy.

What is meant by surrender value?

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. Often there will be a penalty assessed for early withdrawal of cash from a policy.

How can I check my LIC policy surrender value?

You can compute the surrender value of your LIC policy by making use of the simple formula: Basic Sum Assured (Total number of payable premiums/Number of paid premiums) + Total bonus you receive x Surrender Value Factor.

Is LIC good investment?

Is LIC Plan a good investment? Yes, LIC offers best life insurance plans. If you are looking for investment and protection option under one product, you can consider Endowment or Unit Linked Investment Plan (ULIP) as per your risk appetite and financial objectives.

What happens if I stop paying LIC premium after 3 years?

A policyholder will only be able to surrender his/her policy after having paid the premiums diligently for 3 years. Upon surrendering the policy, LIC provides a certain portion of money to the policyholder. This amount of money is known as surrender value.

How is LIC maturity amount calculated?

The basic format is Sum Assured + Bonuses + Final Additional Bonus (if declared). An example for calculation demonstration: Mr Z buys a policy of Sum Assured 15 Lakh with a term of 20 years. The insurance company includes Bonuses and Final Additional Bonus in the maturity value as per their company policy.

What happens if I stop paying LIC premium after 2 years?

For policies with a lesser term, at least two years' premium payment is mandatory. In case you haven't paid even 2 or 3 years' premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.

What if I stop paying LIC premium?

Term: If you stop paying premiums, your coverage lapses. Permanent: If you have this type of policy, you will have the following choices: Cash out the policy. You may, however, have to pay taxes on some of the cash value if the sum exceeds what you have paid in premiums.

What do you know about LIC?

Life Insurance Corporation of India (abbreviated as LIC) is an Indian government owned insurance and investment corporation.

Life Insurance Corporation.

Yogakshemam Vahamyaham
TypeStatutory Corporation established by an Act of Parliament- LIC Act 1956
Founded1 September 1956
HeadquartersMumbai, India

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.

How can I withdraw old LIC policy?

02.Maturity Claims:
  1. It is our endeavour to settle your maturity claim on or before the due date.
  2. Please submit your Discharged Receipt in Form No.3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.

What if I cancel Jeevan Anand policy?

This policy can be surrendered at any time. However, if you surrender it before completion of three years, you will not get any sum in return. On surrendering after three policy years, the insurance company will pay a guaranteed surrender value equal to 30% of all premiums paid after deducting the first year's premium.

How bonus is calculated in LIC Jeevan Anand?

You can use this to calculate the LIC New Jeevan Suraksha-I Plan Maturity Value. The vested simple reversionary bonus rates are per 1,000 Sum Assured.

Simple Reversionary Bonus.

YearPolicy Term (in years)Bonus Rate
2018-20196 to 1038
11 to 1541
16 to 2045
> 2049

Which plan is best in LIC?

Best LIC Plans for 2021
LIC PoliciesPlan TypePolicy Term
LIC Jeevan UmangWhole Life Insurance100 years minus(-) the age at entry
LIC Jeevan AmarTerm Assurance Plan10 years-40 years
LIC Money Back 25 yearsMoney Back Policy25 years
LIC New Jeevan AnandEndowment Plan15 years-35 years

Is Jeevan Anand maturity amount taxable?

Key Features of LIC New Jeevan Anand

The LIC New Jeevan Anand Plan offers tax exemption on the amount of premium paid under Section 80C and the claim amounts i.e. Death or Maturity Benefit under Section 10(10D) of the Income Tax Act, 1961.

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