LIC Jeevan Saral Surrender Value Calculator

LIC Jeevan Saral has been withdrawn by the company and therefore, cannot be purchased anymore. It was introduced as an endowment plan meaning that policyholders could enjoy a life cover as well as maturity benefit at the end of the policy term. It also offered a surrender value to policyholders who did not wish to continue with the policy. You can calculate this amount using LIC’s online calculators. 

Read more
LIC, Policybazaar join hands to
accelerate insurance growth
LIC investment
  • Buy LIC policy online
    hassle free

  • Guaranteed maturity with life
    cover for securing family's future

  • Tax saving under Sec 80C &
    10(10D)

  • Sovereign guarantee as per
    Sec 37 of LIC Act

Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans", you agree to our Privacy Policy and Terms of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

What is the LIC Jeevan Saral Surrender Value Calculator?

It is a tool that calculates how much money you can encash out of the policy benefits if you stop paying premiums. Calculating this amount will help you decide if it is even worth surrendering it at this point and how much you stand to lose if you do so.

Surrendering a policy is usually not recommended because the amount you receive is significantly lower than what you actually invest in the premiums.

Things to know before surrendering LIC Jeevan Saral

To use the LIC Jeevan Saral surrender value calculator you should be aware of the following -

  • It can be surrendered only after paying premiums continuously for 3 years.

  • You get paid either the guaranteed surrender value or the special surrender value. LIC calculates both and pays whichever is higher at the time of surrender.

  • The guaranteed surrender value does not consider the premium paid for the 1st year and those paid for riders.

  • Bonuses and loyalty additions are also paid as part of the surrender value but not the full amount.

You can use the guide to surrendering LIC policies before maturity to understand how surrender value works for all your LIC policies.

How to calculate the surrender value of LIC Jeevan Saral?

The LIC Jeevan Saral surrender value calculator factors in the total premiums paid by you till date. Here’s how you can calculate the guaranteed and the special surrender values of your Jeevan Saral policy -

  1. Guaranteed Surrender Value (GSV)

    It is equal to 30% of the total premiums paid till date. Let’s take an example. Say that you have been paying a premium of Rs. 1 Lakh every year. At the end of the 6th year, you decide to surrender the policy. This brings your total premium paid to Rs. 6 Lakhs.

    Now GSV does not include the 1st year’s premium. Therefore, it will be calculated as 30% of the premium paid for 5 years, which brings your GSV to Rs. 1.5 Lakhs.

  2. Special Surrender Value

    When you decide to surrender a policy before maturity, the maturity sum assured reduces based on the premiums paid till date. Now, special surrender value is defined as a percentage of this reduced maturity sum assured. Here’s is how the LIC Jeevan Saral surrender value calculator estimates the special surrender value -

    • If you have paid premiums for less than 4 years, 80% of the reduced maturity sum assured is paid to you.

    • If you have paid premiums for more than 4 years but less than 5 years, 90% of the reduced maturity sum assured is paid to you.

    • If you have paid premiums for more than 5 years, 100% of the reduced maturity sum assured is paid to you.

To Sum Up!

While surrendering is not recommended, it might be the only option for people in urgent need of cash. However, if you are someone who has other options to explore, you would be wise to continue you policy and let it become a paid-up policy. This way the life cover remains intact and you still stand a chance to receive a portion of the assured benefits.

LIC of India articles

Recent Articles
Popular Articles
LIC New Jeevan Shanti

26 Jul 2022

LIC New Jeevan Shanti LIC New Jeevan Shanti is a pension plan that...
Read more
LIC Bima Ratna

22 Jul 2022

LIC of India introduced the LIC Bima Ratna plan under its...
Read more
LIC Premium Payment Late Fee Calculator

15 Jul 2022

LIC Premium Payment Late Fee Calculator LIC of India charges an...
Read more
LIC Premium Without Tax Calculator

15 Jul 2022

LIC Premium Without Tax Calculator LIC calculators are very...
Read more
LIC SIIP Plan Calculator

15 Jul 2022

LIC SIIP is a unit-linked insurance plan that offers life...
Read more
Surrendering LIC Policy Before Maturity Time: Your Guide!
The Life Insurance Corporation of India is one of the most prominent insurance companies. It has an unparalleled...
Read more
How to Check the Maturity Amount of LIC Policies?
Life Insurance Corporation of India is one of the leading public companies in the service of insurance plans. And...
Read more
LIC Jeevan Saral (With-Profit) Maturity Calculator
LIC Jeevan Saral has been withdrawn by LIC and is therefore not available for sale anymore. It is an endowment...
Read more
LIC Policy for Girl Child in India
A child insurance plan is a plan that acts as a blend of investment and savings while also providing the child...
Read more
Is there any LIC Kanyadan Policy?
First and foremost, there is no such plan called the LIC Kanyadan Policy launched by the Life Insurance...
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL