Straight answers
Guides
The questions that come up again and again — usually after a policy has been bought, when they are harder to act on. Each answer explains the idea in plain English and then shows what LIC's own policy document says for each plan, with a link to the document itself.
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- guides
What happens if I stop paying my premiums?The answer depends almost entirely on how many years you have already paid. Stopping early and stopping late have very different consequences.
What do I get if I surrender my policy early?Less than you paid in, in almost every case, especially in the first few years. Here is how surrender value is actually worked out.
Can I borrow against my LIC policy?Usually yes, once the policy has run long enough. It is often cheaper than a personal loan and does not end your cover.
My policy lapsed. Can I still revive it?Usually yes, within a set window from your first missed premium — but the window closes, and it does not reopen.
I just bought a policy and I am having second thoughts.You have a free look period to read the actual policy document and return it for a refund if it is not what you expected.
What exactly does my family get if I die?It is usually not simply "the sum assured". Here is how the death benefit is actually built up.