POSTED BY June 1, 2011 7:18 am COMMENTS (2)
ONhi,
I am manjunath i have an insurance policy with ICICI prulife which is cash back plan(money back). due to urgent purpose of money i called to the icici prulife customer care that i need
to surrender my policy. they said that i will get 35% of the premiums without any bonus, excluding the frist year premiums. the policy commenced on 30/09/2006, the term is: 20 years. so, can you give proper information that how much amount i will get if i go for surrender the policy or any other way.
reagrds
Manjunatha
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Thank you digamber. if it is possible can you let me know paidup value for my policy?
Hi Manjunatha,
Surrender value means: if your policy premium is Rs. 10,000 per annum, and you have paid for 6years and you wanted to stop paying premium.
Rs 10,000 x 6years = Rs 60,000 – 1st year premium (ie., Rs. 10000)
60000 – 10000 = 50000
35% on Rs 50,000 means Rs 17,500 is surrender Value for your policy.
Best Regards
Digamber