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.