What is procedure to surrender LIC Jeevan Tarang policy ?

POSTED BY Triyambak Singh ON January 5, 2014 9:19 am COMMENTS (43)


I have taken jeevan Tarang (Table n0- 178 )policy on 11th sep 2010.at that time i was not aware about this policy , I was taken this policy for 20 year for sum assured  INR 500000. I have paid 4 premium . I just realize that this policy is not suitable for me.

I want surrender this policy. Can any one tell me what are the procedure for surrender this policy and what would be exact amount i would get after surrender.


43 replies on this article “What is procedure to surrender LIC Jeevan Tarang policy ?”

  1. moyin says:

    I have joined LIC policy Jeevan Tarange assured amount is 500000/- . i have already paid all my dues without fail. now i would like to surrender my policy. have any deduction from my total amount. they informed me that there is a bones of 225000/- also there. please advice hw can i surrender what is the procedure and have loss.
    please advice

    1. Hi moyin

      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


    2. vijay patel says:

      I want my policy cancel for jeevan tarang
      So that what do it producer my side

      1. Hi vijay patel

        I am not clear on what is your question. Please repeat it with more clarity


  2. Ashish says:

    हेल्लो सर मेरी पोलोसि जीवन् तरंग delhi nehrupaeles 9 वर्धमान ट्रेंड सेंटर में हे और खुद जा कर मिल के आया और उनके बातये डॉक्यूमेंट स्पीडपोस्ट करके पोलोसि को मेरी होम ब्रांच 87 A में ट्रान्सफर करने के लिए भेजा कईबार फ़ोन भी किया मगर कोई रिस्पॉन्स नहिं मिल रहा प्लीज मुझे बताये की मुझे आगे कहा शिकायत करु जो जल्दी से मेरा पोलोसि ट्रान्सफर हो जाये


    I have Jeevan tarang policy, policy mature in few days, after the term or accumulated period if I want to surrender the policy, then what value I get from my sum insured.


      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


  4. shiv says:

    mera naam SHIV BABU YADAV hai mai jeewan tarng policy karwai hi jo ki20 saal tak premium jama kerna tha lekin mai 05 saal tak premium jama kiya ho jo ki per month 1078 rupaye hai ab mai kuch karan se surrender kerne ke liye ek agent ko 2 mahine sediya ho lekin abhi tak mere account me paise nahi aaye hai
    sir plese help me

    1. Better go to LIC branch yourself and do it. Agent has no reason for doing it, what will he get in this ?

      1. baisakhi says:

        i want to buy a jibon tarang policy..bt it is closed now..so pls sujest me which policy has same benifit?

        1. Hi baisakhi

          I can see that you are thinking of buying a term plan. ALl you need to do is leave your details at https://www.jagoinvestor.com/solutions/buy-life-insurance-plan

          Our team will get in touch with you


  5. Jijo says:

    I have taken a jeevan tarang policy. Policy start date is 28-Mar-2013. I have paid premiums for the years 2013,2014 and 2015. Now my next premium is due on 28-Mar-2016.
    I would like to know, if I can surrender it on 29-Mar-2016 or after without paying premiums further? Can you please advice?

    1. Yes, you can .. but see how much will you get back . I think you will get very very less.

      1. Jijo says:

        I got only Rs. 19000 after surrendering the policy. I had paid around 69000 as the premium for 3 years.
        But whatever I get, I think it’s better to close this and put the money in FD/ Share market.

        1. Thanks for your comment Jijo

  6. sayantan says:

    i am a lic jeevan tarang policy holder where i have paid yearly premium of rs.24610 for the last six tears, the total term is for 20 years and sum assured is Rs.500000.
    Now the policy is in Paid up status. i dont wish to continue any more this policy.
    So what shoul i do, whether i will go for surrender [if yes, then what will be the approx value?] or i should keep it the same as it is upto maturity date?
    please guide me.

    1. Hi sayantan

      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


  7. DINESH says:

    I am Dinesh here from Mumbai, I want to ask some questions about my Jeevan Tarang Policy. Policy commencement is 28.03.2006 and last premium paid dt is 28.03.2015, term 10 years, first survival benefit dt is 28.03.2017, all premium paid upto date till last premium paid dt. now maturity will be after 2 months, now I want my maturity date accumulated bonus & my sum assured. I dont want any yearly survival benefit then what to do ? Shall I surrender ? Shall I surrender after maturity bonus received ?

    1. YOu should surrender it once you recieve the maturity benefits !

      1. Hardik says:

        Hello sir I’m having same situation . Can you please tell me what was the surrender value after premium paying term

        1. Hi Hardik

          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


  8. ashalanshu says:

    Dear Triyambak, Paid up value ‘ll be assigned to your policy today bit ‘ll be given to you only on the normal term completion of your policy. This may be around 80-90% of your total paid prem. or more. For exact paid up value as well as GSV, please contact LIC branch office.



  9. Triyambak Singh says:

    what is PAID-UP VALUE,Special Surrender Value regard to this policy.
    could you please explain.

  10. ashalanshu says:

    Dear Triyambak, excluding 1st prem. means do not include 1st prem. in SV calculation. hence SV for you = 24610*3*0.3 = 22149 + some vested bonus.

    That’s why I said 25-30000 Rs.



  11. Triyambak Singh says:

    According to your calculation :-

    SV of at least 30% of paid prem. excluding 1st prem.

    24610*4=98440 , 98440*30/100=29532 -24610=4922

    so i will get only Rs 4922 as surrender value.

    24610 is my yearly premium , and i have paid 4 premim i.e 98440

    please suggest

  12. ashalanshu says:

    Dear Triyambak, the future bonus rate can not be predicted right now, hence a fixed maturioty value can not be provided today. Regarding the 25-30000 Rs. surrender value, I counted on simple thing that you are eligible for SV of at least 30% of paid prem. excluding 1st prem.



  13. Triyambak Singh says:

    you have earlier told if i surrender this policy i will get surnder value between 25-30000

    may i know how you have done this calculation ?

  14. Triyambak Singh says:

    could you please explain about below terms related to jeevan tarang policy . if i want go for all what would be value i will get.

    Special Surrender Value

  15. Triyambak Singh says:

    one more thing I want to check what are the rate of vested bonus calculated by LIC . take example of this policy I have paid total Rs 98440 with a Yearly premium is 24,610 rs, As now i am able to see on line LIC website vested bonus is showing 48000. I want to know if i will pay premium till 20 year i.e 24610*20=492200, then what would be vested bonus after 20 year.

  16. ashalanshu says:

    Dear Triyambak, yes, you can open one account for yourself and one for your wife.



  17. Triyambak Singh says:

    can i open one PPF account with name of my wife ?

  18. ashalanshu says:

    Dear Triyambak, for calculation purpose, please opt 8% PPF ROI. By the way bonus rate in LIC is also not at all guaranteed. No you can not open more than 1 PPF all over India. If you like it may be either in bank or in P.O. but certainly 2 accounts are NOT allowed.



  19. Triyambak Singh says:

    can i open two PPF account in separate Bank i.e one in Post office and one in SBI Bank.

  20. Triyambak Singh says:

    yes that seems logical ,are you sure PPF interset will be same for next 16 year i.e 8.7 % .

  21. ashalanshu says:

    Dear Triyambak, let’s forget this policy for a while. Just calculate what ‘ll be your PPF corpus in next 16 years if you opt to divert your prem. into it?

    Now after 16Y, start withdrawing the same 5.5% amount from your PPF corpus + 500 Rs. and reinvest the same 500 Rs. to keep PPF account alive till your death. Calculate on these lines and tell me the result.



  22. Triyambak Singh says:

    Hi Ashal before surrender this policy i want to understand policy in brief. please explain
    pros and cons of this policy.

    As i told earlier I have taken this policy for 20 year . I have taken this policy on 09/11/2010 for sum assured 5,00000 , Yearly premium is 24,610 rs , I have paid till now 4 premium i.e 98440.

    I want to know what is the rate of vested bonus and loyalty addition calculated .
    If I continue this policy what will be vested bonus i will get after completing 20 years. and suppose i will alive till 80 years then , right now my age is 30 year after 16 year i will be 47. so 80-46=34 year , for 34 year i will get 34*5.5 % of sum assured(500000)=935000. and suppose after 80 year after my death nominee will get again sum assured i.e 500000 +Loyalty Addition.

    I have paid total 492000 ( 24610*20)= I will get around 935000 +sum assured after my death nominee will get.

    But i will alive only 60 Year , then I will be in loss.

    My concern is that I have already paid 4 Prm i.e 98440. if I surrender this policy here
    paid money will be lost , I will get around 25000-30000 as surrender value.

    please suggest

  23. ashalanshu says:

    Dear Triyambak, surrender now. If you continue, you ‘ll only increase your loss.



  24. Triyambak Singh says:

    I am totally confused whether i surrender this policy or continue, could you please give me some pros and cons if i continue this policy or surrender this policy

  25. ashalanshu says:

    Dear Triyambak, w’d you like to amputate a finger today or an arm tomorrow? Choice rests with you regarding the surrender of the policy.



  26. Triyambak Singh says:

    surrender value is very low, what you suggest should i continue this policy or surrender this policy with whatever surrender amount i will get,

    please suggest

  27. ashalanshu says:

    Dear Triyambak singh, you ‘ll get your surrender value from your LIC office. Please be ready for arude shock. You may not get more than 25-30000 Rs. as surrender value.



  28. Triyambak Singh says:

    thanks for the response, I want to know what would be surrender value if i surrender this policy on feb 2014. I already paid 4 premium (around 24000 Par year ) , so total i Have paid INR 96000 , how much value i would get return after surrender.

    please suggest

  29. Sibin says:

    Hi Triyambak Singh
    Just go to the LIC office from which the policy is issued, Ask for plolicy surrender form and details of surrender value.

    They will provide you the required forms and a copy of surrender value details. Fill up the forms and include the original policy bond and the filled up forms. Have a cancelled check of the bank account to which you want the amount to be credited.

    Submit the forms, bond document, cancelled check to the LIC office.
    I will take average 5 days to get the amount in your account.

    Note: Take a xerox copy of the document and cancelled check for your reference.



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