How much money will I get if I surrender my LIC policy Quora?

Minimum guaranteed surrender value is equal to 30\%of all paid premium minus one premium .

Is it good to surrender LIC?

Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.

How much money will I get from LIC?

Maturity Benefit: If the policyholder survives till the period of maturity of the policy, he/she will receive 40\% of the basic sum assured coupled with reversionary bonuses and the additional bonus amount.

What is surrender payment?

The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value of a policy. Other names include the surrender cash value or, in the case of annuities, annuity surrender value. Often a penalty is assessed for early withdrawal of cash from a policy.

What is the surrender value of an LIC policy?

1.Surrender Value: If you paid 3 years premium, then only you are eligible to get surrender value. It is usually 30\% of the premiums paid, excluding premium for the first year. It also excludes any additional premium paid for riders, taxes and any bonus that you may have received from the LIC.

What happens when you surrender a life insurance policy?

The policy can be surrendered anytime provided two full years’ premiums have been paid. On surrendering after two policy years, the insurance company will pay a guaranteed surrender value of minimum 30\% of all premiums paid after deducting the first year’s premium.

When can I Surrender my LIC Jeevan Anand policy?

The policy can be surrendered anytime provided two full years’ premiums have been paid. Surrender of policy is not recommended since the surrender value would always be proportionately low. I opted for LIC ’s Jeevan Anand policy in December 2014. Its maturity period is 21 years with sum assured of Rs 9,90,000.

How to calculate special surrender value of insurance policy?

Special surrender value = [ {Basic sum assured X Number of premiums paid/ number of premiums payable} + accrued bonuses] X applicable surrender value factor For example, you have invested in a policy for 20 years for sum assured of INR 10, 00,000. Let’s say you are paying a yearly premium of INR 60,000, which you have paid for 4 years.