LIC Surrender Value Calculator up to 35 Years

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Here is one LIC Surrender Value Calculator that can calculate your Surrender Return up to 35 Years; this calculator is based on my endorsement LIC Plan no. 512 surrender value table which is enough because most of the time users surrender their policy within the first 10 Years.

I am in favor of not Surrendering my LIC Policy, but in case you have purchased the wrong policy you can Surrender your Policy and get Guaranteed Surrender Value in Return.

Note: The Surrender Value you get will not include money paid for your Policy Taxes and Riders.

In the LIC Surrender Value Calculator above Select Policy Year which is your Policy Surrender Year, then select Policy Term which is the total duration of your Policy, and Enter Premium Paid for 1 Year which is how much you pay per year as premium

How to Surrender Your LIC Policy?

There is no online method to surrender your current LIC Policy, for this, you need to find out in which office your LIC Policy is currently registered, you can ask your agent or call LIC Customer Care at 022 6827 6827.

Then Find out the Address and Contact number of the LIC Branch, Here is one tool to find an LIC Office Near You.

Steps to Surrender Your LIC Policy:

Please Note: To Surrender your LIC Policy the Policyholder need to visit the particular LIC office and submit the form to surrender the policy.

Step 1: Visit the LIC Office where your LIC Policy is Registered.

Step 2: Download the LIC Policy Surrender Form no. 5074 is given below. (You can also ask for this from the LIC Office).

Step 3: Take a printout and fill the form no 5074, attach the required documents then submit this form to the particular LIC department, and ask for further help if needed.

Required Documents to Surrender your LIC Policy:

Please check the documents required to Cancel/Surrender your LIC Policy offline mode, you need to submit the following documents.

  • Policy bond - Your LIC Policy Document.
  • Download and Print out the form No.5074 [link above]
  • Your Bank's Canceled Cheque to receive an amount from LIC if any.
  • ID Proof for example Aadhar, PAN, etc.

Why You Should Not Surrender Your LIC Policy?

  • You will receive a Guaranteed Surrender Value in Return based on the Policy Chart.
  • You will no longer be eligible to avail of the Policy Coverage and benefits along with the Policy Riders.
  • There is no option to resume your Policy after Surrender.
  • No Policy Benefits will be given to you and Surrender Value will be calculated based on the GSV Table given at the end of any Policy PDF/Document.

A Common Guaranteed Surrender Value Table looks like the table below:

The First Column denotes Policy Year which means when you surrender your Policy and the Other Columns from 2nd Onwards denotes Policy Term which means the Maturity Period of the Policy till you may have paid the Premium if not surrendered.

Policy YearPolicy TermPolicy TermPolicy TermPolicy TermPolicy TermPolicy TermPolicy TermPolicy TermPolicy TermPolicy TermPolicy TermPolicy TermPolicy Term
13141516171819202122232425
10.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
230.00%30.00%30.00%30.00%30.00%30.00%30.00%30.00%30.00%30.00%30.00%30.00%30.00%
335.00%35.00%35.00%35.00%35.00%35.00%35.00%35.00%35.00%35.00%35.00%35.00%35.00%
450.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%
550.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%
650.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50,00%50.00%50.00%50.00%50.00%
750.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%
856.00%55.00%54.29%53.75%53.33%53.00%52.73%52.50%52.31%52.14%52.00%51.88%51.76%
962.00%60.00%58.57%57.50%56.67%56.00%55.45%55.00%54.62%54.29%54.00%53.75%53.53%
1068.00%65.00%62.86%61.25%60.00%59.00%58.18%57,50%56,92%56.43%56.00%55.63%55.29%
1174.00%70.00%67.14%65.00%63.33%62.00%60.91%60.00%59.23%58,57%58.00%57.50%57.06%
All Percentage rights are held by LICIndia.in

So the Formula to Calculate your Money Back from the Surrender Value of the LIC Policy is as:

Guaranteed Surrender Value = (A x B x C)

Where A = Premium Paid Each year; B= Number of Years Premium Paid; and C= GSV Factor from the Table.

Quick Calculation for Surrender Value of LIC Policy

LIC Surrender Value After 3 Years:
The Guaranteed Surrender Value of the LIC Policy after 3 Years is 35% of the Total Premium Paid. "For example, you paid 3 Lakcs for 3 Years then your Surrender Value after 3 Years will be (35/100)*3,00,000 = 1,05,000"

LIC Surrender Value After 5 Years:
The Guaranteed Surrender Value of the LIC Policy after 5 Years is 50% of the Total Premium Paid. "For example, you paid 5 Lakcs for 5 Years then your Surrender Value after 5 Years will be (50/100)*5,00,000 = 2,50,000"

LIC Surrender Value After 7 Years:
The Guaranteed Surrender Value of the LIC Policy after 7 Years is 50% of the Total Premium Paid. "For example, you paid 7 Lakcs for 7 Years then your Surrender Value after 7 Years will be (50/100)*7,00,000 = 3,50,000"

LIC Surrender Value After 10 Years:
The Guaranteed Surrender Value of the LIC Policy after 10 Years is 60% to 68% (based on Policy Term Years) of the Total Premium Paid. "For example, you paid 10 Lakcs for 10 Years then your Surrender Value after 10 Years will be (60/100)*10,00,000 = 6,00,000" (*assume Policy term as 17 Years SVF is 60%)

Guranteed Surrender Value Factor Percent for LIC Jeevan Lakshya Policy

FAQ - About How to Cancel your LIC Policy:

How To Surrender LIC Policy?

Answer: Simply download and print LIC Surrender Form 5074, fill out and submit the form to the LIC office with the attached documents that are required. You need to submit 30 before your Next LIC premium.

How To Surrender Lic Policy Online?

Answer: As of now there is no online system to Cancel/Surrender your LIC Policy Online. You just need to follow the Offline method and submit the required form no. 5074 with documents to your nearby LIC Branch.

How To Surrender Lic Policy Online Before Maturity?

Answer: You can Surrender your LIC policy anytime but do not surrender just before the policy matures, because once you surrender your LIC policy you will not be eligible for any policy benefits and the amount you will receive will not be less than the benefits you will get after maturity.
If still you want to surrender your LIC Policy Online Before Maturity then there is no Online procedure as of now but you can submit an LIC Policy Surrender form no 5074 with documents attached to the nearest LIC office.

How To Cancel Lic Policy After 1 Year?

Answer: There is no use in canceling your LIC Policy after 1 Year because you will not get any compensation for your LIC Policy after surrendering before 3rd year.
So if you want to stop your LIC policy within a Year you can simply stop paying the next premium and/Or fill out an LIC Surrender form no. 5074 and submit it to the nearby LIC office attached with documents.

13 responses to “LIC Surrender Value Calculator up to 35 Years”

  1. Amita Gantra

    Wow, your Calculator is great. It helped me alot

    1. Thnaks, It is based on true Data from LIC Surrender Value table, so thanks to LIC for that table.

  2. Kishor Padvi

    I want to surrender My LIC Policy after 5 Year should I?

    1. If you are not satisfied then you can stop your policy, and instead of Stopping the LIC Policy directly Surrender your Policy to get some amount back. But Please note you will not receive any benifits from that policy after surrender process is completed

  3. Suman

    Thanks for this Calculator, It really Helped

  4. Mahmud Ghazni

    Great Calculator I would say 99% Accurate

  5. Nitish Savant

    My Uncle forced me to buy policy, now I dont want to pay further, But its just one year old!! so no use of Surrender form. So sad.

  6. Darik

    Nice Information on Surrender Policy

  7. Sanju S

    Does this work for All LIC Policy?

  8. om ailene

    Will I get bonus if I surrender my LIC policy?

    1. No Further Benefits will be provided by LIC once you surrender your LIC Policy

  9. Krisagar Bawner

    Wow, its huge Calculator. You give the correct approximate answer for any LIC Policy.

    1. Sorry sir you might have mistaken, but this Calculator is not 100% Accurate as LIC keeps changing the percentile value for Policies surrender rate.

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13 Comments

    1. If you are not satisfied then you can stop your policy, and instead of Stopping the LIC Policy directly Surrender your Policy to get some amount back. But Please note you will not receive any benifits from that policy after surrender process is completed

  1. Nitish Savant says:

    My Uncle forced me to buy policy, now I dont want to pay further, But its just one year old!! so no use of Surrender form. So sad.