Premium paid on Life Insurance plans are eligible for deduction from taxable income under section 80C up to a combined limit of Rs 1,50,000 per annum (as long as the sum assured on the plan is 10 times or more than the premium being paid). One must then hold these policies for a minimum period (2-5 years) to ensure that the tax benefit so obtained is not forfeited. Contribution to NPS is also eligible under 2 segments - within section 80C under the overall limit of Rs 150,000 as well as under section 80CCD that is exclusive to NPS up to a limit of Rs 50,000. The third class of investments for considering tax benefits could be payments for annuities. They are also eligible for deduction from taxable income under section 80 CCC although it is carved from within the Rs 1,50,000 limit offered to Sections 80C and 80CCD. There is thus an opportunity to save up to Rs 2,00,000 per annum on taxable income through investments in these instruments.

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An insurance policy with savings component will acquire a surrender value only after a minimum of 3 years. Therefore, if you surrender your policy now, you may get nothing in return and would thus lose all the premiums you have paid so far. Even after 3 years, the surrender value remains low for few years and gains ground closer to the end of the term of the policy. Surrendering of an insurance policy must hence be done with great care at any point in the duration of the policy. You may speak with the insurer or an advisor to consider other alternatives around this.

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HI Chandrabali, you will need standard documents such as Policy Document, ID Proof, Address Proof etc and submit the same along with a NEFT form with the nearest LIC branch office or online to get the benefit of LIC Varishtha pension bima yojna, you can read more details https://tinyurl.com/1p7be7in