Policy surrender value
Policy surrender value == > When can you surrender a policy?
If the full three-year term is paid then you may surrender your policy.
What happens when you surrender your policy?
Each policy plan having a specific surrender value. Based on your policy, the number of years you paid the premium and type of policy, surrender value may differ. Term Insurance policies won’t have any surrender value.
Some of the important points about surrendering a policy.
- You receive the less amount of money than what you have paid. which is a loss for you.
- You receive surrender value when you have paid the premium for at least three years, that means you taken the policy before 3 years. premiums are calculated based on your age if you want to take a policy of the same type, now you have to pay a more yearly premium than the policy what you are surrendering now.
- You lose the Insurance cover available from that policy.
- You may not get bonus attached to that policy.
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