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Sushant
01-11-2009, 06:18 PM
I am having LIC Money Back policy, which I am holding since 1999. Now due to sum personal issue, I want to surrender this money back policy. Details of the policy - Sum Insured Rs 300,000/- for the period of 20 years. I used to pay the premium amount in annual mode, this year premium is already paid. If I surrender above policy now, how much amount I would receive from the insurance company.

v.r.s.nathan
01-11-2009, 09:06 PM
Total paid up value
Part A -
No of years premium paid / Policy term * Sum Assured

10 / 20 * 300,000 = 150,000

Part B -
Bonus / 1000 * Sum Assured

1321/1000 * 150,000 = 198,000

Adding PART A and PART B of Formula, we get Rs. 348,000 (Rs 150,000 + 198,000)

Surrender Value = Total paid up value x surrender value factor

*Surrender value Factor is arrived by ready made separate chart, prepared by Actuarial Department.

= 348,000 * 65.49 / 100
= 227,905.2

Natraj
02-11-2009, 06:19 PM
I am having LIC Money Back policy, which I am holding since 1999. Now due to sum personal issue, I want to surrender this money back policy. Details of the policy - Sum Insured Rs 300,000/- for the period of 20 years. I used to pay the premium amount in annual mode, this year premium is already paid. If I surrender above policy now, how much amount I would receive from the insurance company.
Contact your LIC Branch Office with your policy details, They will give you the exact value. V.R.S. also gave good working.