1. What is Jeevan Saral Plan 165?

Jeevan Saral Plan 165 is a life insurance policy from LIC (Life Insurance Corporation of India) that offers death and maturity benefits along with bonuses. The surrender value is the amount payable if the policyholder decides to terminate the policy before maturity.

2. How Does the Surrender Value Calculator Work?

The calculator uses the surrender value formula:

Where:

• \( Sum Assured \) — The base amount insured under the policy (rupees)
• \( Premiums Paid \) — Number of premiums actually paid
• \( Premiums Payable \) — Total number of premiums payable under the policy
• \( Bonus \) — Any accrued bonus amount (rupees)
• \( SV Factor \) — Surrender value factor (percentage)

Explanation: The surrender value depends on the proportion of premiums paid and the applicable surrender value factor which increases with policy duration.

3. Importance of Surrender Value Calculation

Details: Knowing the surrender value helps policyholders make informed decisions about continuing or terminating their policy, especially in financial emergencies.

4. Using the Calculator

Tips: Enter all values accurately. The surrender value factor can be obtained from LIC's surrender value tables based on policy duration.

5. Frequently Asked Questions (FAQ)

Q1: When does a Jeevan Saral policy acquire surrender value?
A: Typically after payment of premiums for at least 3 full years.

Q2: Is the surrender value taxable?
A: Surrender values may be taxable if received before completing 5 years, depending on applicable tax laws.

Q3: How is the bonus calculated in surrender value?
A: Only vested bonuses (declared and allocated to the policy) are included in surrender value calculations.

Q4: Can I get a loan against Jeevan Saral policy?
A: Yes, loan is available after the policy acquires surrender value, typically up to 90% of the surrender value.

Q5: What happens if I stop paying premiums?
A: The policy may lapse, but you may be eligible for paid-up value after certain premium payments.