How can I convert an LIC policy to a paid policy?



I have the following policies taken 8 years back.
1. LIC New Jeevan Shree
2. LIC Jeevan Rekha
3. LIC Jeevan Suraksha
I have taken up adequate term life insurance cover and I invest separately in mutual funds. I no longer want these LIC policies. How do I convert these into paid up policies? These were taken in the Bangalore branch of LIC.
btw, i meant “paid up” policy.

3 Replies to “How can I convert an LIC policy to a paid policy?”

  1. Hi Sumant,

    You stop paying premiums now and your policies would automatically become paid up. Note that, you won’t receive any future bonus on those policies and term insurance charges would be deducted from your policies paid up value.

    However, if you have taken enough term insurance, then better choice may be to surrender those policies and take the surrender amount. You would receive good amount now and you can invest it in other investment options like single premium pension plans and MFs, stocks, PPF etc. Keeping your polices paid up won’t earn you any income from them.

    Regards,

    Pranav



  2. your investment in mutual funds is high risk high return and you can with draw any time do not ever surrender lic policy you had taken this policy 8 yr bck .if you wnt to surrnder then go for jevan rekha jeevan shree is good policy and jeevn suraksha is pension plan both are best plan
    keep some safe investment in lic .do not put all in fundz ,you had seen market fall til today many fundz had not cover loss
    keep these policy in force you will get good return do not listen to ny agent they will miss gide you





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