LIC -Jeevan anand -surrender value

POSTED BY ravi balusu ON January 6, 2013 8:08 am COMMENTS (3)

I have paid 3 premiums i.e 2008,2009,2010. Since 2 years I didn’t pay due to financial crunch.

Premium amount – 24962.

I have researched a bit and found its 30% of total premiums – 1st year premium.

Accurred bonus-  75000

Next premium date- 4/2/2013.

Can someone tell me the surrender value after completing 5 years ?

3 replies on this article “LIC -Jeevan anand -surrender value”

  1. guaranteed addition refers to periodic payments made. Bonuses are anyway variable and unknown so best left out of the calculation

  2. ravi balusu says:

    Mine is a 30 year Policy. I read from forums that bonus won’t be added after 5 years if I don’t pay 5 premiums.

  3. There are two kinds of surrender values for Jeevan Anand

    (GSV) Guaranteed Surrender Value =30% of total premiums – 1st year premium

    (CSV) Cash (or special) surrender value = [Sum Assured * (Number of Premiums Paid / Total Number of Premiums Payable) + accrued Guaranteed Additions]*Surrender Value Factor.

    The surrender value factor is zero for first 3 years for a 20 year policy after 5 years this should about 0.2-0.3 or so one needs to look at LIC tables to be sure about this.

    The surrender value you get with the greater of the two (CSV, GSV)

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