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I want to surrender my LIC Money plus policy. I have had already paid three premiums of 15000/- and will complete three years on 15-01-2011. What will be the surrender value of the same? Please also suggest me the surrender form for withdrawal of amount.
As per terms and conditions of the above policy -
Surrender (including Compulsory surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years. So you can surrender it.
To calculate the surrender value, check current NAV and calculate using below formula -
http://www.policywala.com/showthread...and-Loan-Value
Note - Money Plus policy once surrendered cannot be reinstated.
Surrender Value = No of years premium paid / Policy term * Sum Assured
As policy term is not known. Please calculate yourself by entering values yourself.