Surrender value for my Jeevan Saral Policies

POSTED BY Mrunal ON September 18, 2013 9:29 am COMMENTS (39)

Hi,

I want to surrender my Jeevan Saral Policy. Details are as below:-

Policy 1 : Date of commencement : 07/10/2008

Yearly Premium : Rs:  18000:00 (paid in quarterly permiums of Rs:4500:00)

Maturity sum assured mentioned on this policy is Rs.166365:00. As per my understanding, after completion of initial 5 years, the surrender value for this policy would be 100% of the maturity sum assured which means if I surrender this policy after 07/10/2013, I should receive Rs.166365.00. However, when I made enquiry for surrender value, I was told it would be somewhere around Rs. 60957.00. This amount is even lesser than the premiums I have paid so far. Would you please help me understand what should be my surrender value if I surrender after 07th October 2013? How can I get better surrender value so that I would not have to suffer loss? Please guide me. Thanks.

 

39 replies on this article “Surrender value for my Jeevan Saral Policies”

  1. Sanjoy Roy says:

    I have a jeevan saral policy for 15 years in 165 table.Premium is 24020/_yearly.I have completed 5 premiums.If I surrender can you please help me by telling how much surrender value may I expect?

    1. Hi Sanjoy Roy

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

  2. jitendra singh says:

    Sir my policy jivan saral i paying 9187 Rs. Quterly total 13 quarter paid or total time is 5 year camplite my surrender value kya hogi please tell me table no 165

    1. Hi jitendra singh

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

      1. Rajesh says:

        You give only reply that contact agent… please reply if you know anything about policy or else keep quite

        1. Sir, to comment on the policy, all the data about your policy is required. Thats the reason we say that you need to check it with your agent.

          Manish

  3. Govind agrawal says:

    In hoe many years it will be possible
    total premium amt paid = surrender value

    1. Till the end of the policy !

  4. After paying 7 years of jeevan saral Table 165 my premium value 1072*12=12864 annually. Total paid 90048/- whats amount i will receive after surrendering of this policy.

    1. That number you will get only from LIC ! .. so please contact them

  5. Mahesh Sarange says:

    Hi,

    I want to surrender my Jeevan Saral Policy. Details are as below:-

    Policy 1 : Date of commencement : 17/02/2010

    Yearly Premium : Rs: 24000:00 (paid in monthly permium of Rs:2042:00)

    Maturity sum assured mentioned on this policy is Rs.500000:00. As per my understanding, after completion of initial 5 years, the surrender value for this policy would be 100% of the premium paid which means if I surrender this policy after 17/01/2017, I should receive Rs.144982.00. However, when I made enquiry for surrender value, I was told it would be somewhere around Rs. 90000.00. This amount is even lesser than the premiums I have paid so far. Would you please help me understand what should be my surrender value if I surrender after 17/01/2017? How can I get better surrender value so that I would not have to suffer loss? Please guide me. Thanks.

    1. No sure who promised you the moon on this one . These policies are just junk !

  6. Indira says:

    LIC is a fraud company in India. Supreme court must check its all business and policy

    1. harish chand says:

      Most of the Project for welfare of indian are running because of invested money in LIC.

  7. Ashwin says:

    After paying 3 yrs of Jeevan Saral l priemium value 1530 *4 =6120 annually .Total paid 18360 what is the amount i will recieve after surending this policy .

    1. Hi Ashwin

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

      1. S HARI KRISHNAN says:

        To:Mahesh Sarange

        Dear Mahesh,
        Kindly wait for another 3 more years before surrendering the policy. As per this policy, you will be getting loyalty addition after 10 years only. That will add another 1.5 lacs (approx) to your surrender value. You can surrender your policy then. Anyway surrendering a policy would fetch you a return of 2-4% approx.

  8. Mandar says:

    I’m Paying Monthly Premium of Rs. 1021 for Jeevan Saral policy.
    Policy start Date: 1 June 2012
    Premium Paid till date: Rs. 42882

    I would like to know the surrender value, If I want to discontinue the policy in April 2016.

    1. Hi Mandar

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

  9. babita says:

    I had started jeevan saral policy on 03/09/2013.and deposit 36405 per year.now I want surrender valve after 3 years or after 05years.please tell me

  10. elyas says:

    Dear All,
    I started my jeevan saral policy in May 2011, and my premium was 57,024/- (every 6 months). In November 2015 , I will complete 5 years
    I want to surrender my Jeevan saral policy in November 2015( I paid 570,0240).

    How much amount I will receive in November 2015. Please advise

  11. dinesh kumar yadav says:

    Sir, I have taken jivan saral policy in 2009 January which premium is 12250 quarterly. Now I want to surrender this policy. Kindly suggest me how much amt will be return

    1. Hi dinesh kumar yadav

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

  12. SDubey says:

    Hi,

    I have Jeevan Saral Polic, year of commencement is 2012. I have paid 4 premiums till date and the premium is 12010. paid yearly. Policy term: 20 years. I do not want to continue with this policy but I do not want to incur huge loss in case I decide to surrender it now.

    I read somewhere that I can discontinue premium payment after 3rd premium payment and policy will still be in force…

    Can you please guide me what amount would I be getting in both the cases?
    1. Discontinue premium payment after 4th premium
    2. Surrendering the policy after 4th premium

    What would you advise?

    Thanks in advance!

  13. jamal says:

    LIC jevan saral is a cheat policy. I will never buy any other LIC policy in my life and will advice other also not to buy LIC policy.

  14. Sharad kumar says:

    I have taken jeevan saral policy in 2011.At that time my age was 60 y. Term 10 years. Annual premium rs. 60050. Till date I have paid 4 annual instalments.At the time of proposal, the agent had shown me some chart and stated that I would get Rs. 9.64L on maturity.The policy paper was delivered after 3 months.I observed that MSA is only Rs.1.52 L.Now please guide me on following points
    1.What will be the total maturity amount on complition of 10 years ( assuming the LA atpresent rates
    2.What will be the surrender value if surrendered right now.Or should I wait till complitiuon of 5 years.
    3. If any tax is to be paid on the surrender amount.

    Sharad

  15. Nirmal says:

    Sir, I have a LIC Jeevan Saral policy ,Date of Commencement is 17 .04.2009 and annual premium is Rs 12010.I have already paid the premium till 2014. Now I want to surrender the policy. Can u please help me by giving me an idea of approximately how much I would be getting back from LIC in case I surrender the policy.

  16. domcom2006 says:

    HI Ashalanshu,
    Still this Question remain unanswered…..

    Could anyone help Mrunal and me to clarify exactly that in Jeevan saral If We pay 5 years premium(Eg. Total one lakh) and wanna surrender this policy whether We get amount exactly what we paid in premium or paid premium+bonus or We will get lesser than We paid ?????

    Pls help on this.

  17. rahulmahale says:

    I have taken Jeevan Saral (Rs 15000 premium Quaterly, for 35 Years tenure). When is the good time to surrender the policy, after 5 years or 10 years ? can you please explain more about special surrender value ?who is applicable ?

  18. rahulmahale says:

    I have taken Jeevan Saral (Rs 15000 premium Quaterly, for 35 Years tenure). When is the good time to surrender the policy, after 5 years or 10 years ?

  19. rahulmahale says:

    Hi Ashal
    can you please explain more about special surrender value ?who is applicable ?

  20. ashalanshu says:

    Dear Jitu, the SV is what quoted by LIC in the above query.

    Thanks

    Ashal

  21. JITU MONI BORAH says:

    I m waiting for the answer.

  22. Mrunal says:

    Thanks for your advice. However, my question remained unanswered :). What is special surrender value and how to avail it? Is there any eligibility criteria to avail it? I am wondering if you are patient enough to answer this?

  23. ashalanshu says:

    Dear Mrunal, let me first quote the official version from LIC site.
    “80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.”

    Unquote – Please read the last few lines, in this para……. Actually instead of your original MSA, based upon the prem. paid by you till date, a new MSA ‘ll be assigned & this new MSA ‘ll be provided. So in your case, the MSA is not 1.66L Rs. but 60K figure as quoted by LIC office.

    Thanks

    Ashal

  24. Mrunal says:

    Hi Ashal,

    Thanks for replying. However, I would really appreciate if you advice me a little more. I am not clear about special surrender value? Who is eligible for it? How to avail it? What all I want it the minimum loss or may be a little profit if there could be?

  25. ashalanshu says:

    Dear Mrunal, the special Surrender value is not applicable in your case. The amount available to you is already told by LIC office.

    thanks

    Ashal

  26. Mrunal says:

    Hi Ashal, thanks for replying. On the second page of my policy document, there are certain conditions mentioned, under which is 7th condition relates to surrender value. It says that you will receive either Guaranteed Surrender Value or Special Surrender Value. If it is Special Surrender Value and policyholder has paid premiums for 5 years, he is eligible for 100% maturity sum assured. That’s how I assumed the amount 1.66 L (which is MSA on my policy document). Looks like my assumption is not correct. Would you please help me understand how much amount will I receive if I still wish to surrender the policy? Regards

  27. ashalanshu says:

    Dear Mrunal, from where did you come to know that SV ‘ll be 1.66L Rs. if you surrender it after 5Y? the total prem. paid by you till date is merely 1L Rs. out of which 1st year’s prem. ‘ll not be counted for SV. So how can you get 1.66L Rs.

    You are ready to surrender. May I know why?

    Thanks

    Ashal

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