To Know the surrender value of Jeevanmitra Triple Cover endonment polcy with Profit Policy

POSTED BY DINESH VERMA ON December 3, 2011 8:06 pm COMMENTS (8)

I have taken Jeevanmitra Triple Cover Endonment Plan with Profit in 2005 for Rs. 500000/- The annual premium is Rs. 35082. I have paid seven premium till date. I want to surrender this policy. what will be the surrender value at this point.

I am not able to find it on LIC site even thpough I have registered on the LIC site. Please suggest me.

-dinesh

8 replies on this article “To Know the surrender value of Jeevanmitra Triple Cover endonment polcy with Profit Policy”

  1. Santosh says:

    I have Jeevan mitra double cover policy from 07/09/1998 of sum assured Rs. 50,000/-. I paid Rs. 172/Per Month from start of policy about 18 years. Now I want to surrender it for my urgent financial needs . please tell me its surrender value.

    1. Hi Santosh

      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. Umesh says:

    but what documents required for surrender the policy.

    please advice me.

  3. Dear Dinesh, if you are not able to find exact surrender value of your policy online, you may contact any nearest LIC office or the same office from where your policy was issued. The surrender vaslue be told to you immediately then there. In genral you ‘ll be able to get around 60-70% of your total paid prem. till date or may be 75% as surrender amount. If it’s acceptable to you, please go ahead & surrender the policy & use the surrender amount to foreclose your home loan.

    Use the saved prem. to invest in Eq. MFs or other instruments of your choice.

    Thanks

    Ashal

  4. Dear Dibnesh verma, If you are a registered user of http://www.licindia.in, first of all please enroll your policy there if not enrolled already. Click at the link – View enrolled policies. This ‘ll lead you to display all your enrolled policies. Here You ‘ll get a link of Loan & Bonus info. Against the policy, you ‘ll read click for details. Clcik there & you ‘ll get the loan valuation of your policy. The loan valuation is 90% of the surrender amount. Accordingly you may calcuylate your surrender amount.

    Thanks

    Ashal

  5. DINESH VERMA says:

    Hi Manickkam,

    Thanks a lot for your guidance. Here now bigger question is that, I have taken the policy as cover for the home loan of 20L. But now the situation has changed and I have paid almost 18L loan amount. I have other policies in place which is higher amount as term policies. Now i dont know what to do.

    If I ask from you that if you would have been in my situation what would you have don?

    thanks

    -dinesh

  6. manickkam says:

    To quote from the LIC site for “Jeevan Mitra” policy

    Guaranteed Surrender Value :
    The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.

    So, the surrender value would be less than what you would have paid. Make a calculation to identify whether you would be able to make better returns from the money you would put in further years to come compared to benefit that you get continuing the policy.

    If its a short term need for the money that you are facing, you can very well take a loan on LIC policy.

    Anyways, the surrender value here, in this case would be Rs. 63148/- Make a wise decision after careful analysis.

    -Manickkam.

    1. DINESH VERMA says:

      Hi Manickkam,

      Thanks a lot for your guidance. Here now bigger question is that, I have taken the policy as cover for the home loan of 20L. But now the situation has changed and I have paid almost 18L loan amount. I have other policies in place which is higher amount as term policies. Now i dont know what to do.

      If I ask from you that if you would have been in my situation what would you have don?

      thanks

      -dinesh

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