Should I surrender my LIC Jeevan Anand policy?

In case you opt for paid up option, the invested amount with return earned will be paid out on due maturity date. Surrender of policy is not recommended since the surrender value would always be proportionately low.”

What is the surrender value of Jeevan Anand?

Guaranteed Surrender value: 30\% of all premiums paid excluding first year premium.

How is Jeevan Anand surrender value calculated?

Surrender value of Jeevan Anand (815) Plan is sum of percentage of total paid premiums excluding Rider Premium & Taxes (Guaranteed Surrender Value) and percentage of accumulated bonus at the time of surrender.

What is surrender benefit?

Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. A regular premium policy acquires surrender value after the policyholder has paid the premiums continuously for three years.

What is surrender value factor?

The surrender value factor is the percentage of total premiums paid. Surrender value factor will get close to 100\% of premiums paid when the policy nears maturity. Hence, the guaranteed surrender value is calculated as total premiums paid multiplied by the surrender value factor.

How much I will get if I surrender LIC policy?

Guaranteed Surrender Value: The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far. However, this will exclude premiums that were paid during the first year of the policy, and premiums paid towards accident benefit/term rider.

How the surrender value is calculated?

The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.

How to surrender and close LIC Jeevan Anand policy?

Procedure to surrender and close your LIC Jeevan Anand Policy. Original life insurance policy document. Original premium payment receipts. Download this surrender request letter, fill-in your specific details, and print a copy.

How to calculate the surrender value of LIC policy?

Surrender value of LIC policy is calculated by multiplying the number of premiums paid and surrender value factor attached to it. It is mostly available in endowment insurance policies. Surrender factor in Jeevan Anand is 0.3 after 3 years and 0.5 after paying 4 premiums.

What is the surrender factor in Jeevan Anand endowment policy?

It is mostly available in endowment insurance policies. Surrender factor in Jeevan Anand is 0.3 after 3 years and 0.5 after paying 4 premiums. This means that your surrender value would be 30\% of the total premium paid if you surrender the policy after 3 years.

What does it mean when a policy is surrendered?

The policyholder can opt to surrender the policy any time that he/she wants to. When the policy is surrendered, the company pays the surrender value and the coverage is terminated. When can the policy be surrendered?