1. What is LIC Jeevan Saral Surrender Value?

The surrender value is the amount payable to the policyholder if they decide to terminate the policy before maturity. For LIC Jeevan Saral, it's calculated based on sum assured, premiums paid, bonuses accrued, and surrender value factor.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• \( Sum Assured \) — The guaranteed amount of the policy (rupees)
• \( Premiums Paid \) — Number of premiums actually paid
• \( Premiums Payable \) — Total number of premiums payable
• \( Bonus \) — Any accrued bonus amount (rupees)
• \( SV Factor \) — Percentage factor based on policy term (percentage)

Explanation: The formula accounts for the proportion of premiums paid and applies the surrender value factor to determine the final amount.

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 is typically provided by LIC based on policy duration. Contact LIC for exact SV factor for your policy.

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 surrendered within 5 years, depending on total premium paid.

Q3: How is the SV factor determined?
A: LIC determines SV factors based on policy duration and other factors. They increase with longer policy terms.

Q4: Can I get loan against Jeevan Saral policy?
A: Yes, loans are available after 3 years, typically up to 90% of surrender value.

Q5: Is this calculator exact?
A: This provides an estimate. For exact surrender value, contact LIC with your policy details.