How much I will get if I surrender LIC policy after 3 years?

30\%
A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far.

How do you calculate surrender value factor?

Types of Surrender Value

1. Guaranteed surrender value is mentioned in the brochure and is payable after the completion of 3 years. It is 30\% of the premiums paid, excluding premium for the first year.
2. Special surrender value = (Original sum assured * (No.
3. Surrender value factor is a percentage of paid up value plus bonus.

How can I know my LIC policy surrender value?

How to Check the Surrender Value of your LIC Policy? You can calculate the surrender value of your policy using this simple formula [Basic sum assured (Number of premiums paid/Total number of premiums payable) + Total bonus received] x Surrender Value Factor.

How can I close my LIC Jeevan Anand 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.

What will be the surrender value of LIC policy after 5 years?

Special Surrender Value If in case, the insurance holder has paid premiums for more than 4 years and less than 5 years, then 90\% of the complete maturity sum is provided. If the policyholder is paying premiums for more than 5 years, then he/she receives 100\% of the sum assured (maturity amount).

How can I check my LIC policy surrender value?

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.

What is the benefit of LIC Jeevan Anand?

LIC Jeevan Anand is an endowment plan offering bonuses on maturity A whole-life plan wherein the risk of death is covered till the insured is aged 99 Flexible term of the policy allows planning for specific life-goals An additional benefit is provided on accidental death of the insured, till the age of 70 years.

What is the surrender value of the policy?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30\% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

What are the implications of surrendering a LIC policy?

The implications of surrendering a LIC policy are negative. The policyholder cannot enjoy coverage after the surrender and the surrender value is also very low. So, to avoid surrendering the policy, the policyholder has another alternative. This alternative is to make the policy paid-up.