cancelling LIC policies

Discussion in 'Money Matters' started by arasi999, Nov 27, 2008.

  1. arasi999

    arasi999 New IL'ite

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    hi
    my friend has taken a LIC policy in India for 50 lacs, that will mature after 35 years,out of which she had paid 2 premiums..
    but she would like to cancel the policy now..
    does any one know,what are the terms with LIC for early cancellation of LIC policies...c
     
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  2. abhatv

    abhatv Senior IL'ite

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    Hello arasi999,

    If you read the policy conditions you will get an idea. It depends on the type of plan that has been chosen. But in the usual policies, atleast 3 years' premiums are to be paid if you have to get atleast a part of the money that you have paid . Hope this helps.

    Regards,

    Abha.
     

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