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LIC Jeevan Lakshya (833) Surrender Value Calculator

LIC Jeevan Lakshya (833) Surrender Value Calculator helps to calculate Approx surrender value based on bonus accumulated and total premium paid. Please provide correct Sum Assured, Policy Term, Yearly Premium etc. to calculate your surrender value.

How to calculate Surrender Value of LIC Jeevan Lakshya (833) Policy

Similar to the most endowment plans of LIC, Jeevan Lakshya (833) can be surrendered any time during policy term provided that all premiums for first 3 years have been paid. Surrender value is sum of percentage of total paid premiums excluding Rider Premium & Taxes and percentage of accumulated bonus by the time of surrender.

Calculation of Surrender Value of Jeevan Lakshya

A policy with following details have taken to explain the calculation

Sum Assured5,00,000
Age27
Term25
Purchase Year2015
Yearly Premium (without any rider and Service Tax) 20,060
Year of Surrender2020

As per above example, it is assumed that policy is to be surrendered after 5 years in 2020. For calculation purpose, Guaranteed Surrender Value Factor (GSVF) applicable to total paid premium and Surrender Value factors applicable to vested bonus are needed to be found for 5th Policy year, both the factors are indicated on policy document. Following table provides values of above said factors and accumulated bonus has been considered as Rs. 49 per thousand of sum assured per year (2016-17 Rates).

ParticularsAmountsSurrender Factor Factored Amount
Paid Premium1,00,300 50.00% 50150
Vested Bonus (approx.)1,22,500 15.55% 19,049
Final Surrender Value(approx.) 69,199
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