I had bought LIC's Jeevan Saral policy of sum assured of 7.5 Lakhs for 30 years term. I would like to know if I surrender this policy after 10 yrs then how much amount will I received from LIC? and is there any early surrender charges by LIC on this policy?
You have two types of surrender method in LIC's Jeevan Saral -
Guaranteed Surrender Value:
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Special Surrender Value:
80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.
Source - LICIndia.com