Surrender value of money plus policy

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?

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 website and register as new user and enrol your policy and check your policy status then and there.

As per LICIndia -
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

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...

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

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

Quote:

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Originally Posted by Manish_Kumar

As per LICIndia -
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

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