Surrender Value of LIC’s Money plus policy

[Rajat Gupta]

I want to surrender my LIC Money plus policy. I have had already paid three premiums of 15000/- and will complete three years on 15-01-2011. What will be the surrender value of the same? Please also suggest me the surrender form for withdrawal of amount.

Similar Threads:

• Surrender policy
• Surrender value of money plus policy
• IDBI Federal Wealthsurance Foundation Plan : want to withdraw the money and surrender the policy?
• LIC Money Plus policy : Advice future of this policy or should I exit?
• Surrender LIC Money back policy?

[v.r.s.nathan]

As per terms and conditions of the above policy -
Surrender (including Compulsory surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years. So you can surrender it.
To calculate the surrender value, check current NAV and calculate using below formula -
http://www.policywala.com/showthread...and-Loan-Value
Note - Money Plus policy once surrendered cannot be reinstated.

[Contractor]

Surrender Value = No of years premium paid / Policy term * Sum Assured

As policy term is not known. Please calculate yourself by entering values yourself.