Can I close my Dave account if I owe money?
Yes, you are eligible to surrender or withdraw your LIC policy after 5 years, as the minimum lock-in period for most LIC policies is typically three years. Surrendering the policy involves breaking the contract with the insurer, which results in the immediate termination of your life insurance coverage and the forfeiture of any future maturity benefits or bonuses. Currently, you cannot surrender an LIC policy online; you must personally visit your service branch (the branch where you bought the policy or your currently mapped branch) to submit the required documents, which include the original policy bond, a canceled cheque, identity proof like a PAN or Aadhaar card, and Form 5074. Be aware that the surrender value you receive may be significantly less than the total premiums paid, especially for traditional plans, and once surrendered, the policy cannot be revived.
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Yes, DMB Community Bank, like any legitimate, state-chartered or national bank in the United States, is FDIC insured.