How much time it takes to get money after surrendering an LIC policy?

How much time it takes to get money after surrendering an LIC policy?

 

LIC policy surrender is not recommended. It is a financial loss to the policyholder. In case of emergency, it is your own funds, you can surrender the LIC policy and withdraw surrender value funds. After surrendering an LIC policy, the time taken to receive the payout typically ranges from 7 to 10 working days, provided all necessary documents are submitted correctly. The amount received depends on the surrender value, which is lower than the total premiums paid. LIC policyholders incur a loss as they do not receive the full sum assured or bonuses. 

Surrendering early, results in minimal returns, as no surrender value is payable. Additionally, surrender charges and loss of long-term benefits, such as maturity bonuses and insurance coverage, make surrendering a financially unfavorable option.