Will I get back my total premium if I surrender my endowment plan?

I want to know surrender amount for my Jeevan Saral plan. My premium amount is ₹.1516 in half yearly mode i.e twice in April and October. I have paid my premium for 4 years. Now I want to surrender my policy. Can I get my total amount without any loss?
- Krishna

LIC Jeevan Saral is an endowment policy which is silent on its expenses just like other plans in the category. Though you will make losses upon surrender, it is not wise to continue investing in a bad product. According to the policy rules, your Surrender Value will be the greater of the guaranteed surrender value and special surrender value which is as follows:

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: 90% of the Maturity Sum Assured, if you have paid for 4 or more years but less than 5 years. And 100% of the Maturity Sum Assured, if 5 or more years' premiums have been paid. 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.

This article was originally published on February 22, 2016.