POSTED BY December 22, 2010 7:35 pm COMMENTS (38)ON
Posted Date: 21-12-2010
I’ve seen this question at many places but I couldn’t find the perfect answer. Even my question has another point too.
I’ve taken Jeevan Anand policy in Nov, 2005. I wanted to surrender this policy now. I wanted to know the surrender value of it if I surrender now.
Here are policy details.
Sum Assured: 300000
yearly premium: 15916 (Quarterly payment)
Bonus accumulated till now: 67200
I read in some articles that I get 40% of the premiums paid excluding first year premium + bonus accumulated till now.
Is this correct or anybody who has idea or surrendered this policy after 5 years can tell me the value I’m going to get?
I hope this will also help many who are in dilemma whether to surrender it or not.
Update: Out of curiosity I’ve gone through the policy document, they have mentioned the surrender value part in that. It says “After 3 years of active policy, Minimum 30% of all the premiums excluding first year premium and also if there is any bonus vested for the policy.”
I hope this stands true even when I visit the branch. This way it shouldn’t be any loss for me if I surrender this policy now. It will be more than I paid for this policy.
Please correct me if I’m wrong.
Assumption: As per the statement given in the policy document.
Premium paid till date: 15916*5yrs = 79580
Bonus declared: 67200
Surrender value: 30% of 4yrs premium + bonus
Value (15916*4*30%) : 19099 + 67200 = 86299
if I wait till April 2011, so that I can add the bonus of March 2011, then I’ve to pay one qtr payment in Feb 2011 which is 3979 and I can expect (40rs/1000) 12000 bonus.
This case I’ll get : 20292 (30% premium) + 79200 (bonus) = 99492 where as I paid premium since inception is 83559.
If this assumption comes true when I visit the branch, then as many people said I’m not losing any money instead I’m getting more than I paid which is around 16000. Even if I surrender now I’m getting more (6000) than I paid.
Can anyone differ with this assumption, or any inputs questions?