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