Can I get surrender value of LIC policy?

The surrender value of the policy, only after 3 successful years of premium payments, can be calculated as: {Basic sum assured X (number of premium paid/ total number of premium payable) plus total bonus received}, X, the factor of surrender value.

Can LIC Jeevan Shanti be surrendered?

Jeevan Shanti (Plan 850) – Surrender Value and Loan The policy can be surrendered at any time after three months from the completion of the policy or the expiry of the free look period, under the following annuity options only.

How many days will it take to get LIC surrender?

Understand that surrendering your policy after the free-look period—usually 15 days after you’ve received the policy documents—could mean bearing some costs. A policyholder will only be able to surrender his/her policy after having paid the premiums diligently for 3 years.

Should you surrender your LIC Jeevan Akshay plan?

However, in case of such dire scenarios, LIC offers a breather with its surrender policy. By surrendering one’s Jeevan Akshay Plan, one can easily obtain a lump-sum amount and thereby take care of the financial situation. LIC allows policyholders to surrender Jeevan Akshay Plan only upon completion of one year of the policy.

What is the guaranteed surrender value of the Jeevan Labh?

The Guaranteed Surrender Value of the Jeevan Labh would be as follows: Surrender Value of Premiums = Rs. 1,47,000 x 50\% = Rs. 73,500 Surrender Value of Bonus = Rs. 1,40,000 x 15.93\% = Rs. 22,302 So Gurpreet will get Rs. 73,500 + Rs. 22,302 = Rs. 95,802 if the plan is surrendered after 7 years.

Is there any calculator available for LIC policy surrender?

These factors are declared for a period 12 months at a time and currently, it is available for policies which comes for surrender between 01-May-2020 to 30-April-2021. This calculator is based on above factors and it is not official calculator of LIC. The formula and method of calculation is explained after the calculator.

What is the annual premium of Jeevan Labh insurance plan?

Suppose Gurdeep has taken the Jeevan Labh plan with a cover of 5 lakhs and a policy term of 25 years. His Annual Premium was Rs. 21,000 + taxes.