Can I change LIC premium amount?
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Yes, you can reduce premium amount of LIC. Change your mode of payment from annual to Half Yearly, quarterly or monthly. This will help you to pay the premium easily. No you can’t reduce the premium amount.
Is it possible to change LIC policy term?
After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions.
Can we cancel LIC Jeevan Labh policy?
836. Traditional plans are not designed to offer much flexibility when it comes to exiting anytime before the end of the policy term. You will only get back a part of the premiums which you have paid. You can use the surrender value factors mentioned below to know the amount you will get in case you surrender the plan.
Is Jeevan Labh a guaranteed plan?
LIC Jeevan Labh Plan acquires a surrender value if the premiums are paid for three full policy years and the policy stays in effect for these 3 years. Here’s what paid out as the surrender value: Guaranteed Surrender Value: The guaranteed surrender value is equal to the percentage of the total premium payments.
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.
Is Jeevan Labh taxable?
Yes, the premiums paid towards LIC’s Jeevan Labh policy are exempted from income tax under Section 80C of the Income Tax Act, 1961. Besides, the maturity amount receivable is also tax free under Section 10(10D) of the Income Tax Act, 1961.
What will be the maturity amount of LIC Jeevan Labh?
Jeevan Labh (836) with an Example
| Maturity Year | Age at Maturity | Maturity Amount (Approx.) |
|---|---|---|
| 2041 | 54 | 3240000 |