Understanding the LIC Jeevan Saral Plan and Its Surrender after 10 Years
The LIC Jeevan Saral plan is a unique combination of life insurance and investment, providing a life cover along with potential returns. The decision to surrender this policy after 10 years is a significant one, as it impacts your future financial planning and returns.
Key Points about Surrendering the LIC Jeevan Saral Plan
Surrender Value: The surrender value is generally calculated as a percentage of the premium paid, depending on the policy duration and the specific terms of the plan. For policies that have been in force for at least 3 years, the surrender value is typically a percentage of the total premiums paid. This value can be accessed in case you need liquidity or change your financial goals.
Returns: The maturity benefit is based on the sum assured and the number of years the policy has been in force. Additionally, the plan also offers bonuses, which can enhance your returns. The exact returns depend on the premium amount, sum assured, and bonuses declared by LIC.
Estimated Returns after 10 Years: After 10 years, the total returns can vary widely. It is common for the total returns to range from 150% to 200% of the premiums paid, but this can fluctuate based on performance and other factors. For precise figures regarding your specific policy, it is best to consult the policy documents or get in touch with LIC directly to understand the exact surrender value and benefits applicable at the time of surrender.
What You Should Know Before Making a Decision
Everyone, please get in touch with a LIC office and see what the status of the policy is up to, including any loyalty additions if any. It is highly recommended to review the policy terms and conditions to make an informed decision.
I personally suggest people to continue to invest for at least 15 or 16 years before deciding what to do with the policy. This long-term investment strategy can help maximize the returns and provide better financial security.
Important Disclaimer
Use the information provided at your own risk. All information is provided in good faith, but I make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information. I cannot guarantee the security of any information you disclose through this site or elsewhere, and you do so at your own risk.
To the maximum extent permitted by applicable law, I shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits or revenues, whether incurred directly or indirectly, or any loss of data, use, goodwill, or other intangible losses resulting from my messages or my responses on this site and elsewhere. You agree that I am not responsible for any decisions made based on the information provided here or elsewhere.