Results 1 to 3 of 3

Thread: Surrender LIC Money back policy?

  1. #1
    NewBie
    Join Date
    Mar 2009
    Posts
    7

    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
    Join Date
    Apr 2009
    Location
    Nagpur
    Posts
    250

    Default

    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
    Join Date
    Apr 2009
    Location
    Banglore
    Posts
    87

    Default

    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.


Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •