Lic Jeevan Saral Surrender Value Calculator After 15 Years

The LIC Jeevan Saral surrender value calculator helps you estimate the amount you can withdraw from your policy after 15 years. This tool uses standard insurance formulas to provide a quick estimate based on your policy details.

What is Surrender Value?

Surrender value is the amount you receive when you terminate your LIC Jeevan Saral policy before its maturity. It represents the current value of your policy, considering all premiums paid and the policy's growth over time.

For LIC Jeevan Saral policies, surrender value is typically calculated based on the policy's surrender value percentage, which varies depending on the policy term and the time elapsed since premium payments began.

Important Note

The surrender value shown is an estimate. Actual surrender value may differ based on specific policy terms, premium payment history, and other factors. Always consult your policy documents or contact LIC for precise information.

How to Calculate Surrender Value

The surrender value of a LIC Jeevan Saral policy can be calculated using the following formula:

Surrender Value Formula

Surrender Value = (Sum of Premiums Paid - Death Claim Benefit) × Surrender Value Percentage

Where:

Sum of Premiums Paid - Total amount paid as premiums
Death Claim Benefit - The sum assured in the policy
Surrender Value Percentage - The percentage of the policy's value that can be surrendered, based on the policy term and time elapsed

The surrender value percentage for LIC Jeevan Saral policies typically follows a standard table provided by LIC. For policies with 15 years of term, the surrender value percentage after 15 years is usually around 50-60% of the policy's value.

Example Calculation

Let's calculate the surrender value for a LIC Jeevan Saral policy with the following details:

Sum Assured: ₹5,00,000
Total Premiums Paid: ₹1,20,000
Surrender Value Percentage after 15 years: 55%

Calculation Steps

1. Calculate the difference between premiums paid and sum assured:

₹1,20,000 - ₹5,00,000 = -₹3,80,000

2. Apply the surrender value percentage:

-₹3,80,000 × 55% = -₹2,09,000

3. The surrender value is the absolute value of the result:

₹2,09,000

In this example, the estimated surrender value after 15 years would be approximately ₹2,09,000.

Frequently Asked Questions

What is the surrender value of LIC Jeevan Saral policy after 15 years?: The surrender value after 15 years is typically 50-60% of the policy's value, depending on the specific terms of your policy.
Can I withdraw the full surrender value from my LIC Jeevan Saral policy?: No, you can only withdraw the surrender value amount calculated based on the policy's terms and your premium payment history.
Is the surrender value taxable?: Yes, the surrender value is generally taxable as per the Income Tax Act. You may need to pay taxes on the amount received.
Can I surrender my LIC Jeevan Saral policy before 15 years?: Yes, you can surrender your policy at any time, but the surrender value will be lower than if you surrendered after 15 years.
How do I calculate my exact surrender value?: You can use this calculator for an estimate, but for precise information, consult your policy documents or contact LIC directly.