I have taken a Jeevan Tarang policy from LIC. I have paid a one time investment amount of 108000/. For some reasons i have decided to close this investment. In the policy document, it states that a 10% charge is applicable if policy is preclosed.so i will be losing about 10,800. My question is 1) Is there any way that i can avoid/save this deduction.....( Like keep for 3 yrs)etc. 2) The amount of interest paid by a Govt bank currently is about9 %. Can we direct LIC to return the amount at this rate, after they deduct their preclosure charges.
1 Answers
There is no way to save 10% amount they would be deducting for early withdrawal. As per policy terms, they would only return 90% amount along with any bonus, if any declared. You cannot ask for interest on amount and you will have to proceed as per terms of policy.
Related