Are you planning to surrender your SBI life insurance plan? But, are you aware of the amount attached to the surrender or cancellation of the plan?
+Tax benefit is subject to changes in tax laws. +Standard T&C Apply
++Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
If not, read on to know more about the surrender value and SBI Life Insurance Surrender Value Calculator in detail:
Life Insurance is a long-term commitment and there are some unforeseen situations when you might have to surrender your plan. In other words, this simply means terminating the plan before its maturity period. So, if you surrender a plan in the mid-term, you would receive a surrender amount of what has been owed towards earnings and savings. Moreover, surrender charges will also get deducted from this sum, which varies from one policy to other.
Surrender Value of SBI Life Insurance is generally the sum payable by the life insurer when you decide to surrender or give up on your life insurance plan. Whenever you surrender your policy, you receive a certain premium amount (that you paid regularly) back from the insurer. This payment receipt is also called Surrender Value.
A surrender value of SBI Life insurance policy can be attained in the following situations:
In this scenario, the surrender amount is acquired if the amount of premium is regularly paid for at least three consecutive years
In this scenario, the surrender value is obtained if the premium amount of policy is paid regularly for at least two successive years.
SBI Life Insurance Policy Surrender Value Calculator is a freely accessible online tool that helps you compute the estimated details of the SBI Surrender value. After providing some basic details related to your policy, you can easily calculate the SBI surrender amount immediately.
All those insurance buyers who are looking out for ways to compute the surrender amount/value of a life insurance plan should note that computing the surrender value in the present advanced times is very easy. Now, you can compute the exact value of surrender in a couple of minutes with the help of an efficient cloud-based tool known as a surrender value calculator. You can immediately access the SBI life Surrender value calculator online to compute the surrender value.
In order to obtain these details, you are required to enter some personal details such as policy term, premium payment mode, amount of premium installment, number of years the plan has ended, premium paid amount, etc.
After submitting all these requisite details related to policy, the online SBI Life Insurance Policy Surrender value calculator promptly determines the surrender value of your SBI life insurance policy.
In case of Regular Premiums: No surrender benefits is offered
In case of single premium: The can be surrender at any time during the policy tenure. The payable surrender value is 70 percent of the single premium
In case of Limited Premium: The payable surrender value is: Surrender value factor X (unexpired policy term/ Original Policy tenure) X total paid premiums
|Policy Year||Surrender Value Factor (in %)|
|4 to the last of PPT||50|
|For the remaining policy term||70|
A SBI Life Insurance Policy Surrender Value Calculator is a flexible tool that helps easy and quick comparison of policies based on numerous factors. Using SBI Life surrender value calculator, policy buyers can analyze their needs and make an informed choice about selecting the right policy. Following are some of the main benefits of using SBI Life Insurance Surrender Value Calculator online:
Easy to plan finances
Simple and easy procedure to know the surrender value
Hassle-free and quick comparison of SBI Life insurance policies
Access to all the information about parameters that affect premium prices
With the convenient option to surrender policies, SBI Life insurance plans secure the future of policyholder’s family and also helps in emergency situations. With SBI life insurance policy surrender value calculator, it is easy and simple to know the surrender value of SBI Life Insurance plans. So, read every point carefully before surrendering your policy.
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