Surrender value of money plus policy

[sudhakaran00]

Hi I have taken a money plus policy and want to surrender it now. How much amount i will get if i surrender it now. I have paid the premium for 5 years. find below the other details
Sum Assured - 3,00,000
Policy Term - 10
No of units - 17715.146
NAV - 12.489
Can any one please let me know how much amount i will get if i surrender the policy now. I heard that i will only get 2,20,000 only. I totally paid a premium of 40k per year(totally 2,00,000 until now). Kindly help me and also let me know how LIC calculates the surrender value?

[tigershark]

Could you please share the source of the info (that you would get 2,20,000)?
Is it from LIC Office/ Development Officer? If yes, than I would assume that it's right.

Or go to LIC (http://www.licindia.in) website and register as new user and enrol your policy and check your policy status then and there.

[Manish_Kumar]

As per LICIndia (http://www.licindia.in/money_plus1_features.htm) -
In case of Surrender : Policyholder's Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.

So, you can calculate the surrender value yourself, with the below formula -

Surrender Value = (No of units X NAV)
= 17715.146 X 12.489
= 221244.46

[sudhakaran00]

Thanks Manish & Tiger..

I got a reply from the LIC office that i will get only that 2.22L alone as a return.. what about my paid amount of 2lakhs. I thought that i will atleast get 2.2+2.. around 4L.. but they said that i will get only 2.2L.. Is that the way to calculate the final amount. If i will get only 2.2L its totally waste plan i think...

[sudhakaran00]

Can any one let me know what will be sum amount if i surrender plan for the above details

[Rahul]

Manish - already told you the Surrender Value and how to calculate yourself, what else you want?


As per LICIndia (http://www.licindia.in/money_plus1_features.htm) -
In case of Surrender : Policyholder's Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.

So, you can calculate the surrender value yourself, with the below formula -

Surrender Value = (No of units X NAV)
= 17715.146 X 12.489
= 221244.46

[Manish_Kumar]

You will only get 221244.46 as surrender value, nothing more. This is a life insurance plan not a investment plan.