LIC Jeevan Tarang- Reutrn of Interest

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.

asked Jan 25 '13 at 09:26 by mdoomar 136


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.

answered Jan 25 '13 at 16:59 by Pankaj Batra 5.2k320

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Asked: Jan 25 '13 at 09:26

Seen: 1,986 times

Last updated: Jan 25 '13 at 16:59