#### How To Calculate Surrender Value Of Postal Life Insurance Policy?

The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.

## What is the surrender value of PLI?

“Surrender value” of a policy, means the amount Life assured when on surrender of a policy for immediate cash payment.

## Can I surrender postal life insurance policy?

The Postal Life Insurance endowment policy has a lock-in period of 3 years after which the insured can choose to surrender the cover. A Postal Life Insurance policy which is surrendered or assigned before 5 years is not eligible for bonuses.

## When can I surrender my PLI policy?

Policy Surrender: Policy can be surrendered after 3 years of completion. Policy will not be eligible for bonus if assigned or loaned before 5 years of completion else proportionate bonus on the reduced amount assured can be accrued if the policy is assigned for loan or surrendered.

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## Can I withdraw my PLI before maturity?

No. You will get a portion of your money only if you have paid consecutive premiums for two years (if premium paying term is less than 10 years), and three years (if premium paying term is more than 10 years). If you surrender before this, you do not get back any money.

## How do you calculate surrender value?

The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.

## How is surrender value of LIC calculated?

How Is LIC Surrender Value Calculated? The surrender value of the policy, only after 3 successful years of premium payments, can be calculated as: { Basic sum assured X (number of premium paid/ total number of premium payable) plus total bonus received}, X, the factor of surrender value.

## Can I withdraw PLI?

You are allowed to partially withdraw money only after the completion of 5 policy years and also only if all due premiums have been paid on time and the policy is in force.” Let us assume you bought a unit linked life insurance plan whose fund value is Rs 2 lakh after five years into the policy term.

## Does PLI come under 80C?

The Insurance policies offered through PLI have tax benefits which are predominantly under Section 80C which basically states that a policyholder having a policy issued on or before 31st March 2012 will be eligible to avail a tax deduction of 20% of the sum assured.

## Which is better LIC or post office?

In terms of premiums, LIC has a higher rate of a premium compared to PLI. Many PLI plans offer a bonus which is quite high. Many LIC plans also offer bonus. However, the bonus rate is low compared to PLI plans.

## How can I check my PLI balance online?

Click on ‘login’ on the right-hand side of the screen. Enter your customer ID and password. Enter the captcha and click on ‘login’. Once logged in, you can check the status of your Postal Life Insurance policy.

## How do I write an application to surrender a policy?

Due to some financial issues at my personal end, I am compelled to surrender this policy because I will not be able to manage this policy and moreover, I will have handsome amount of money which I will be able to use for handling the economic situations I am facing at the present.

## Is PLI maturity amount is taxable?

As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.

## How do I claim PLI maturity amount?

You will need to fill a claim form and contact the financial advisor from whom you of maturity life insured is required to send maturity claim / discharge form and. FORM OF CLAIM FOR MATURITY VALUE OF POSTAL CLAIM FORM FOR MATURITY VALUE OF ENDOWMENT ASSURANCE/ ANTICIPATED ENDOWMENT

## What is a policy withdrawal?

Policy withdrawal is Surrender of policy in return for acquired surrender value. In case of life insurance, if you surrender a policy before the completion of its full term, you could get back a portion of the money you paid as premium, after deducting charges. This money is surrender value.

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