All Policies acquire two kinds of surrender value:
- Guaranteed surrender value
- Special/cash surrender value
LIC Special Surrender value Factor
The surrender value factor is a percentage of paid-up value plus bonus. It is zero for the first three years and keeps rising from third year onwards. It differs from company to company and depends on various factors.Special surrender value
is arrived at by multiplying the total paid-up value (paid-up value + bonus) with a multiplier called the surrender value factor. The surrender value depends on a factor (known as surrender value factor!) and it depends on the age of the policy and bonuses offered.Special surrender value = { Sum Assured * (Number of Premiums Paid/Total Number of Premiums Payable) + Bonus } * Surrender Value Factor. = (Total Paid Value) * Surrender Value Factor
The surrender value factor For LIC is as shown in the below table
hi
ReplyDeleteI have a jeevan saral 165-20 plan from sep. 2009 its hly premium 6065.I want to surrender it.What will the surrender value at this time and after 5 year.The premium is continue.
Hi,
ReplyDeleteAs you are having this policy, u might be aware of the features of this plan.
jeevan saral is the plan which will give you good return in long term. is there any issue about the policy that you are planing to surrender it.?
I have Jeevan Rekha started in 2004 with an annual premium of Rs. 8108. I have received two money backs of Rs.20000 each. Bonus amount is 80000. Please let me know the surrender value of the policy.
ReplyDeleteI want to know surrender value by example
ReplyDelete