Ashish Kumar Saraf
August 14, 2013 11:20 pm
I WOULD LIKE TO KNOW THE SURRENDER VALUE / MATURITY VALUE OF RINN RAKSHA GIVE BY SBI WITH MY HOME LOAN? WHAT IS SPECIAL SURRENDER VALUR?? PLEASE THROUGH LIGHT..
Dear Mr Ashal. Thanking you for your reply… My Home loan is for 800000 and insurance loan for 84000. the bank has financed rs 18000/- towards first premium which i had paid back to insurance loan account fully and hence no interest i being charged… out of main home loan sanction amount i would like to disburse only 530000/- and clear the loan in 4 to 5 years.. My actual loan tenure is 14 years as per bank…
Dear Ashish, Rin Raksha, is a mortgage term cover & hence there is no surrender value if you run loan for full term. in case you pay back your loan earlier than normal term, then only you can expect any money back as surrender value.
For mostly insurance policy surrender value = 30% of total premium paid – 1st year’s premium….
Check your policy document about the same. I think you can surrender after 3 years….
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