I have a New Jeevan Suraksha Policy with a yearly premium of ₹10000. I want to discontinue the policy. Will I get any amount back? How much can I expect to get back? I am paying the premiums for the last 11 years,
- Subodh Pathak
LIC New Jeevan Suraksha Policy is a pension plan which pays back a guaranteed surrender value upon discontinuation. This will be equal to 90 per cent of all the premiums paid, excluding the first year's premium. Since you have paid 11 premiums of ₹10,000 each till now, you will get a guaranteed surrender value of ₹90,000.
The policy also offers a special surrender value which might be greater than the guaranteed surrender value, on account of the bonus declared annually. However, you can only withdraw one third of the fund value and the remaining two third shall be used to buy an annuity plan.