1. What is Special Surrender Value?

The Special Surrender Value (SSV) is the amount payable by LIC if you surrender your Jeevan Labh policy before maturity. It's calculated as a percentage (SSV Factor) of the sum of Paid-up Sum Assured and accrued bonuses.

2. How Does the Calculator Work?

The calculator uses the SSV formula:

Where:

• \( SSV\ Factor \) — Percentage based on policy duration (provided by LIC)
• \( Paid-up\ Sum\ Assured \) — Reduced sum assured after stopping premium payments
• \( Bonuses \) — Accrued bonuses up to surrender date

Explanation: The SSV Factor increases with policy duration and is typically lower in initial years.

3. Importance of SSV Calculation

Details: Calculating SSV helps policyholders understand the surrender value they would receive if they discontinue the policy, aiding in financial planning.

4. Using the Calculator

Tips: Enter SSV Factor as percentage (e.g., 30 for 30%), Paid-up Sum Assured and Bonuses in rupees. All values must be non-negative.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find the SSV Factor for my policy?
A: The SSV Factor varies by policy duration and is available in LIC's surrender value tables or from your LIC agent.

Q2: How is Paid-up Sum Assured calculated?
A: Paid-up Sum Assured = (Original Sum Assured × Number of premiums paid) / Total number of premiums payable.

Q3: What bonuses are included in SSV calculation?
A: All accrued simple reversionary bonuses up to surrender date are included.

Q4: When does SSV become payable?
A: After 3 full years' premiums have been paid for regular premium policies.

Q5: Is SSV taxable?
A: SSV may be taxable if it exceeds the total premiums paid. Consult a tax advisor for your specific situation.