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LIC Jeevan Umang Surrender Value (845 & 945)

Jeevan Umang Policy can be surrendered and become eligible for Guaranteed Surrender Value (GSV) if, all due premium for, first 3 years in case of table 845 and first 2 years in case of table 945 are paid. The method of surrender value calculation has been explained after the calculator.

Related Calculator: LIC Jeevan Umang Plan (945) Maturity Calculator [Modified Plan]
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How Surrender Value in Jeevan Umang is Calculated?

Guaranteed Surrender Value (GSV) is percentage of premium paid + percentage of accumulated Bonus. These percentages, Surrender Value Factor of total premium paid and Surrender value factor of Total bonus are mentioned in the policy document of Jeevan Umang. Calculation of Surrender value can be explained by example of following case.

Basic Sum Assured500000
Age30 Years
Premium Paying Term25 Years
Year of Purchase2017
Year of Surrender2027
Yearly Premium19073

For above policy, Accumulated Bonus for 10 years (2017-2017) as per latest bonus rate and Surrender Value Factor of total premium paid and Surrender value factor of accumulated bonus is given in the following table.

Guaranteed Surrender Value (GSV) Details
GSV ComponentsTotalFactorsTo be paid in GSV
Premium Paid(Approx.)19073051.94%99065
Vested Bonus(Approx.)25000014.59%36475
Total Guaranteed Surrender Value (GSV)135540

Apart from Guaranteed Surrender Value (GSV), there is a provision of Special Surrender Value (SSV) in Jeevan Umang Policy. The Special Surrender Value is provided if, SSV is higher than GSV at the time of surrender. Special Surrender Value is (paid-up sum assured + Accumulated Bonus) multiplied by special surrender value factor. Paid-up sum assured is calculated by multiplying Basic Sum Assured by a factor of Total Number of Premium paid/ Total number of premiums to be paid. Following table show calculation of SSV as per above mentioned policy details. Final Additional Bonus (FAB) is also added to surrender value, if policy is surrendered after PPT and paid-up sum assured is 200000 and above.

Special Surrender Value (SSV) Details
SSV ComponentsTotalTo be paid in SSV
Paid-up Sum Assured20000065840
Vested Bonus(Approx.)25000082300
FAB(Approx.)00
Total Special Surrender Value (SSV)148140

Since Special Surrender Value (SSV) is higher than GSV, so surrender value in this case will be 148140.

Above surrender value calculation is based on surrender value clause in policy document of Jeevan Umang and automated by computer program and it is not official calculator of LIC. Bonus calculation is based on already declared rates.

Comments & Reviews (20)

Wrote :

2024-10-21 15:29:14

I have Jeevan Umang 945 Policy of 5500000 Sum Assured and term of 15 years. I pay half yearly premium. Policy Started in Nov 2021. I wanted to surrender my policy and wanted to understand how much money will I get back considering new IRDA Guidelines (Published in June 2024) for policy surrender.

Wrote :

22-10-2024 14:21:12

IRDA guidelines are applicable to new LIC plans purchased from October 2024 onwards.

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Wrote :

2024-10-05 21:03:40

What's the surrender value for a 1000000 policy for jeevan umang 945 plan after 2 years 3 month?

Wrote :

06-10-2024 00:54:13

It is it a quarterly policy? And what is your term?

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Wrote :

02-10-2024 13:55:37

I have paying premium via monthly auto debit as emi , now I want to change it to offline method.

Wrote :

03-10-2024 07:18:40

You contact nearest branch, they will get it changed.

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Wrote :

07-08-2024 17:03:33

Mene april 2018 m 845 836 820 3 policy li thi ab mujhe ye surrender karni h to mujhe kitne amount Mila jayega tino 5 lakh wali policy h

Wrote :

16-08-2024 14:06:30

Approx. 70% of total paid.

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Wrote :

18-12-2022 14:46:55

Hey I took jeevan umang in 2022 dec i am planning to stop it after 6months because of some personal problem do I get anything back or all the money will be wasted

Wrote :

26-12-2022 12:28:49

Hi, you may opt for cooling off option. Please contact your branch as soon as possible.

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Wrote :

28-11-2022 13:33:15

I have taken Jeevan Umang 845 policy in Jan 2020 of sum assured 22Lakh, what is surrender value if i surrender this policy with regular premium ?

Wrote :

30-11-2022 15:24:26

Have you tried surrender value calculator available on this site. The calculator helps you calculate surrender value as well as it provides method of calculation.

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Wrote :

15-11-2022 21:38:43

I have taken jeevan umang plan by 2020 with 15 yrs paying term. My question is can I surrender my policy before the maturity (100 yrs of age)?. Meaning currently am 28 and I want to close by my age of 55. What can be the benefits I can attain by that time.

Wrote :

30-11-2022 15:41:19

Yes, it can be surrendered, please use Jeevan Umang Surrender Value Calculator.

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Wrote :

06-09-2022 07:11:12

I have taken Jeevan Umang 845 Policy on 2017 with Sum Assured of 6 Lakhs. Now i want to surrender , how much i will get it?

Wrote :

15-09-2022 15:54:24

We have a surrender value calculator on this site, please use it and in case of further query please ask.

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Wrote :

18-07-2022 12:35:42

I have purchased Jeevan Umang 945 plan. 20 years. I have paid two installments that is 104418. Now I want to surrender. How much I will return.

Wrote :

18-07-2022 14:13:33

Considering your sum assured as 10Lakh, the surrender value will be approximately 55,000.

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Wrote :

20-05-2022 23:01:45

In my jeevan umang policy Special Surrender Value is mentioned nowhere. so do all jeevan umang policy have the feature of SSV? it is said we get ssv amount if it is higher than gsv amount if we surrender before maturity. my gsv in year 2040 is 19 lakh and ssv in year 2040 is 40lakh so which amount will i get?

Wrote :

27-05-2022 10:01:20

You can find mention of special surrender value (ssv) on LIC website. Link is provided below. https://www.licindia.in/Products/Insurance-Plan/LICs-Jeevan-Umang

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Wrote :

25-03-2022 18:42:42

Why I am seeing 3 years at most of the place for minimum surrender year. Can you please clarify my confusion here?

Wrote :

25-03-2022 19:43:15

Prior to 01-Feb-2020, minimum surrender period was 3 years and after that it was modified afterwards to 2 years in compliance with IRDA 2019 product regulations. So, for plan 845 it is 3 years and 2 years for 945.

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Wrote :

22-03-2022 19:22:44

What would be surrender value that I would get in case if I surrender the policy after 20 years (for 15 yrs plan). For the Sum assured 7.5 lakhs.

Wrote :

22-03-2022 23:11:35

Have you tried calculating surrender value using above calculator, please use it, it shows explanatory calculation.

Wrote :

05-07-2022 21:36:06

Above calculator not working for this Exercise. Please let me know. What would be surrender value that I would get in case if I surrender the policy after 20 years (for 15 yrs plan). For the Sum assured 5 Lakh.

Wrote :

06-07-2022 16:01:16

Hi, what error you are getting?

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Wrote :

22-03-2022 12:45:17

Can we withdrawal whole PPT before maturity in Jeevan umang , what benefits get occurred?

Wrote :

22-03-2022 23:14:11

Yes, policy could be surrendered if a policyholder does not want to continue till maturity. Please use above calculator to calculate and learn it yourself.

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Wrote :

09-02-2022 20:09:59

what will be the death benefits after receiving 20 years survival benefit (8%of sum assured) in jeevan umang plan for Rs. 15 lakhs sum assured?

Wrote :

15-02-2022 23:58:12

It will be 15 Lakh + Simple reversionary bonus for 20 years + Final Additional Bonus (FAB).

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Wrote :

26-09-2021 01:00:19

I have taken a Jeevan Umang 945 policy in 2020 paid two half yearly installments. I feel I am not able to pay the huge premium due to lock-down and financial commitments. So what do you suggest should I pay the premium for next two years and surrender or leave that policy lapsed.

Wrote :

05-10-2021 15:47:53

Surrender is not advisable, it will definitely incur significant losses. For paid-up eligibility, only 2 years full premium payment is required. So in your case, one more year's premium is required to be paid for paid-up eligibility. You may contact your branch to reduce your sum assured too.

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Wrote :

22-02-2021 11:24:24

Can a 6 years old child take Jeevan Umang Policy? What is minimum PPT for this policy?

Wrote :

22-02-2021 17:38:25

Yes, it is available for 6 years old policyholder and the minimum premium paying term will be 25 years.

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Wrote :

06-02-2021 14:58:54

Hi, Can I surrender my Jeevan Umang 845 policy after paying 2 premiums? Or should I pay 3rd premium also to surrender? Please reply. Thanks for the clear explanation and calculator. Useful blog

Wrote :

08-02-2021 08:01:03

For surrender eligibility, the complete premiums of the first 3 policy years are required to be paid. Thanks for your feedback.

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Wrote :

29-01-2021 14:01:44

I have purchase Jeevan Umang 945 policy, I want to know in policy the definition of death? if someone marks No in the application for use of tobacco and die so at this situation claim will be settled or not? Please reply.

Wrote :

02-02-2021 00:41:34

Obviously, No death claim will be applicable in this case because wrong details are provided. Generally, early death claims (within less than 3 years of purchase) are scrutinized thoroughly if it claimed for the death benefit.

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Wrote :

27-07-2020 18:47:01

I have taken Jeevan Umang 845 policy. Originally the surrender value is 3 years. But I have read that lic changed its terms for Jeevan Umang and some other policies. So will my surrender value is 2 years or 3 years?

Wrote :

27-07-2020 22:58:20

Yes, clause of surrender value has been modified for policies issued after 01-02-2019. For example, Jeevan Umang 945 has 2 years surrender value clause.

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Wrote :

29-05-2020 19:05:47

what is the difference between Jeevan Umang 845 and 945?

Wrote :

29-05-2020 21:05:12

There is not much of difference, ss per IRDA guidelines, LIC has modified its plan to accommodate certain regulatory changes like:
1.Surrender and loan available after 2 years instead of 3 years.
2. Now lapsed policies can be revived withing 5 years, earlier it was 3 years.
These modifications are done with effect from 01-02-2020.

Wrote :

16-09-2020 16:47:18

What are the terms of reviving? Do we need to pay the premium of 5 years incase need to be revived?rn

Wrote :

16-09-2020 20:44:45

A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest.

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