LIFE
• Claim Settlement
  
• Hints on proposal Forms
  
• Nomination
  
• Revival of Policies
  
• Loan on Policies
  
• Lost Policies
  
• Tax Benefits
  
• Surrender Value
  
• Assignment
  
• Delayed Payment of Premiums
  
  
  NON-LIFE
• Claim Settlements
  
• Hints on Proposal Forms
  
• Legal Aspects
  
• Guide
  

Surrender Value

The cash value payable by LIC on termination of the policy contract at the desire of Policyholder, but before the expiry term, is known as Surrender Value.

A policy can be surrendered, provided, it is kept in force for at least three years.

The bonus will be added, provided, the policy was in force for at least 5 years, i.e., premiums should have been paid for 5 years and five years should have been completed from the date of commencement of the Policy. (this condition is not applicable in respect to claims by death)

Surrender Value will depend upon the duration elapsed and the total duration under the policy as on the date of surrender. Separate Surrender Value tables are available for all plans.