Debasish Ganguly January 8, 2013 Share this interaction Share this Facebook 0 Twitter 0 Sir, I have a LIC Jeevan Saral Policy and have completed 3 years. I have taken a loan on it . Is it possible to surrender the policy now ? Plocy No is 386320537. Pls Suggest .. Reply to this Response(s) MIC Staff October 16, 2018 : Answered in 5 Years 9 Months 7 Days Dear Debashish, LIC Jeevan Saral Plan is a an awesome plan but the surrender options are not that great. If you want to surrender the policy, then there is a Guaranteed Surrender Value after 3 policy years. The Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium. There is also a Special Surrender Value in this plan which is 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. Thus, if you surrender this plan, you would not be able to make gains but there is good Loyalty Additions if you continue this plan beyond 10 policy years. Hence it makes most sense to continue the plan. However, if you want specific information about your plan 386320537, you need to contact the nearest branch of LIC as it being confidential information between the insurer and the insured, is not available with us.. Submit Reply to this Did you find this useful? 0 0