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LIC Jeevan Lakshya (833) Surrender Value Calculator helps to calculate Approx surrender value based on bonus accumulated and total premium paid. Please provide correct Sum Assured, Policy Term, Yearly Premium etc. to calculate your surrender value.
Similar to the most endowment plans of LIC, Jeevan Lakshya (833) can be surrendered any time during policy term provided that all premiums for first 3 years have been paid. Surrender value is sum of percentage of total paid premiums excluding Rider Premium & Taxes and percentage of accumulated bonus by the time of surrender.
A policy with following details have taken to explain the calculation
| Sum Assured | 5,00,000 |
| Age | 27 |
| Term | 25 |
| Purchase Year | 2015 |
| Yearly Premium (without any rider and Service Tax) | 20,060 |
| Year of Surrender | 2020 |
As per above example, it is assumed that policy is to be surrendered after 5 years in 2020. For calculation purpose, Guaranteed Surrender Value Factor (GSVF) applicable to total paid premium and Surrender Value factors applicable to vested bonus are needed to be found for 5th Policy year, both the factors are indicated on policy document. Following table provides values of above said factors and accumulated bonus has been considered as Rs. 49 per thousand of sum assured per year (2016-17 Rates).
| Particulars | Amounts | Surrender Factor | Factored Amount |
|---|---|---|---|
| Paid Premium | 1,00,300 | 50.00% | 50150 |
| Vested Bonus (approx.) | 1,22,500 | 15.55% | 19,049 |
| Final Surrender Value(approx.) | 69,199 | ||
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