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Thread: Surrender LIC Money back policy?

  1. #1
    PolicyWala NewBie
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    Question Surrender LIC Money back policy?

    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.


  2. #2
    PW Stalwart v.r.s.nathan's Avatar
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    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

  3. #3
    PolicyWala Fan Natraj's Avatar
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    Quote Originally Posted by Sushant View Post
    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.
    In order to get a Loan, you first need to prove that you don't need it.


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