Insurance Blog

What is Surrender value in a LIC Policy

Surrender value is the returns that the policy holder will receive from the LIC policy, if he chooses to discontinue the policy before the completion of the policy term. Consider if a person has bought a LIC policy and he pays the premium. At some point in time, they may feel that they will not be able to pay the premium or continue the policy further. So they can pre-close the policy and shall get back the surrender value. No surrender value will be paid from a policy in which, less than 3 full year premium has been paid. You shall check the estimated surrender value of the policies in the below link: