Hi,

Is the the following formula correct to calculate the amount we get if we surrender LIC policy?

Original sum assured * (Number of premiums paid / Total number of premiums that were required to be paid) + Accrued bonuses * Surrender value factor

Jeevan Surabhi (25 yr ) – 100000 * ( 8 / 18) + 37300 * 0.3 = 44444.44 + 11190 = 55634.44

Jeevan Anand - 125000 * ( 6 / 16) + 26375 * 0.3 = 46875.00 + 7912.5 = 54787.5

Thanks,