Surrender Value in LIC Jeevan Rakshak Plan - Check your surrender value

Guaranteed Surrender Value in LIC Jeevan Rakshak Plan - Table No. 827

If for some reason, you wish to surrender your LIC Jeevan Rakshak Plan, the tables below will show the amount that will be returned back to you. You will need the Surrender Value Factors which are mentioned below to know the exact amount. You get back a part of the premium paid by you. So here is how it works. 

If only 2 years’ premiums have been paid - Nothing is paid back to you. For the rest, use the table below

Note - The tax component is not returned. So the % is on the premium without tax.
 

Surrender Year	Policy Term
	10	11	12	13	14	15
1	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
2	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
3	30.00%	30.00%	30.00%	30.00%	30.00%	30.00%
4	50.00%	50.00%	50.00%	50.00%	50.00%	50.00%
5	50.00%	50.00%	50.00%	50.00%	50.00%	50.00%
6	50.00%	50.00%	50.00%	50.00%	50.00%	50.00%
7	50.00%	50.00%	50.00%	50.00%	50.00%	50.00%
8	65.00%	60.00%	57.50%	56.00%	55.00%	54.29%
9	80.00%	70.00%	65.00%	62.00%	60.00%	58.57%
10	80.00%	80.00%	72.50%	68.00%	65.00%	62.86%
11		80.00%	80.00%	74.00%	70.00%	67.14%
12			80.00%	80.00%	75.00%	71.43%
13				80.00%	80.00%	75.71%
14					80.00%	80.00%
15						80.00%
16
17
18
19
20

 

Surrender Year	Policy Term
	16	17	18	19	20
1	0.00%	0.00%	0.00%	0.00%	0.00%
2	0.00%	0.00%	0.00%	0.00%	0.00%
3	30.00%	30.00%	30.00%	30.00%	30.00%
4	50.00%	50.00%	50.00%	50.00%	50.00%
5	50.00%	50.00%	50.00%	50.00%	50.00%
6	50.00%	50.00%	50.00%	50.00%	50.00%
7	50.00%	50.00%	50.00%	50.00%	50.00%
8	53.75%	53.33%	53.00%	52.73%	52.50%
9	57.50%	56.67%	56.00%	55.45%	55.00%
10	61.25%	60.00%	59.00%	58.18%	57.50%
11	65.00%	63.33%	62.00%	60.91%	60.00%
12	68.75%	66.67%	65.00%	63.64%	62.50%
13	72.50%	70.00%	68.00%	66.36%	65.00%
14	76.25%	73.33%	71.00%	69.09%	67.50%
15	80.00%	76.67%	74.00%	71.82%	70.00%
16	80.00%	80.00%	77.00%	74.55%	72.50%
17		80.00%	80.00%	77.27%	75.00%
18			80.00%	80.00%	77.50%
19				80.00%	80.00%
20					80.00%

Let us understand how this works with the help of an example.

Suppose Anurag has taken the Jeevan Rakshak plan with a cover of 2 lakhs and a policy term of 20 years. His Annual Premium was Rs. 6,746 + taxes. 

He paid the premium for 7 years. Now due to a financial crunch, he decided to surrender the plan. This is the amount he will get on surrendering the plan.

Premium Paid so far = 7 x 6,746 = Rs. 47,222
Surrender Value Factor for premiums = 50% (marked in the blue in the 1st table)

Guaranteed Surrender Value of Jeevan Rakshak after 7 years = Rs. 47,222 x 50% = Rs. 23,611

This is the Guaranteed Surrender Value. A Special Surrender Value maybe paid by LIC - this value can only be known at the time of actual surrender.

To know more about how this plan works - Read the LIC Jeevan Rakshak Review.

In case you have any questions on this, please drop a comment and we will get back to you.

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