Hi,

Its for my brother, He has a ULIP  policy opened under New Unit gain plan in 2007 , with 20 yrs term and 50000 premium per year. He had paid 3 installments and stopped paying premium, and let policy run until now (largely due to not being in country).

When he approached bajaj allianz to surrender the policy they have quoted 20000 as surrender charges [by virtue of 1-1/1.05 ^ 13 computation]

Given the fact that policy is in 7 th year, do he still need to pay surrender charges? What are the rules regarding same?