Surrender value of Jeevan Saral

I want to surrender my LIC Jeevan Saral policy. I have paid premium for 4.5 years, next premium is due in next month. I want to know how much amount will I receive if I surrender the policy now and how much amount I will receive if I surrender after paying the premium for five years?
- Somnath

Surrender value under the policy is as below:

Guaranteed Surrender Value: Guaranteed Surrender value is equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums.

Special Surrender Value: if you have paid premiums for 3 or more years but less than 4 years, you will get 80% of Maturity Sum Assured. If you have paid premiums for 4 years or more but less than 5 years, you will get 90% of the Maturity Sum Assured. If you have paid premiums for five years or more, you will get 100% of the Maturity Sum Assured. The Maturity Sum Assured here means the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy. Special surrender value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid. Therefore, the three different policies you own will fetch you differing surrender values based on these rules.

This article was originally published on January 15, 2016.