LIC Surrender Value Calculator For All LIC Policy

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.

What is Surrender Value Calculator?

LIC Surrender Value Calculator is a tool that helps you to calculate how much money you will get back out of the amount of Premium you have paid for your LIC policy till now.

For Example:- you Paid for the first 5 Years (Policy Year) out of your LIC Policy Term of 15 Years (Policy Term) and your Yearly Premium was ₹15,000/- (Premium Paid for 1 year); Now, based on this information the calculator below will show how much money you will get back if you submit the LIC Policy Surrender Form no.5074, to the LIC Office. Try the Calculator given below.

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. (can be used as Surrender Form Before Maturity).

Download LIC Surrender Form 5074 PDF

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.

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.

surrender value calculator constants

FAQ - About How to Cancel your LIC Policy: