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LIC surrender value

What you actually get if you cash out an LIC endowment, money-back, or whole-life policy before maturity. The mechanic is uniform across the family — calculator and rules below.

Asymmetrica · Surrender value report

LIC policy surrender value

Generated 28 April 2026

Surrender value calculator

Enter your policy details to estimate what LIC will pay you today. Use the print button for a one-page report.

Illustrative. Uses the standard IRDAI-regulated shape. Your plan's exact factor table may vary by ±5%. Per-plan overrides will land here once we extract brochure facts.

Your policy

₹
₹
yrs
yrs
yrs
Estimated surrender value
₹79,783
GSV ₹66,250 · SSV ₹79,783 (whichever is higher)

Total premiums paid

₹1,32,500

Vested bonuses (so far)

₹1,17,500

GSV (guaranteed)

₹66,250

50% of premiums paid

SSV (special, est.)

₹79,783

If LIC declares one for this plan

Year-by-year surrender value (estimated)
YearTotal paidGSVSSV (est.)Surrender value
1₹26,500₹0₹0₹0
2₹53,000₹15,900₹0₹15,900
3₹79,500₹23,850₹37,050₹37,050
4₹1,06,000₹53,000₹56,613₹56,613
5₹1,32,500₹66,250₹79,783₹79,783
6₹1,59,000₹79,500₹1,06,560₹1,06,560
7₹1,85,500₹92,750₹1,36,943₹1,36,943
8₹2,12,000₹1,12,523₹1,70,933₹1,70,933
9₹2,38,500₹1,33,927₹2,08,530₹2,08,530
10₹2,65,000₹1,56,962₹2,49,733₹2,49,733
11₹2,91,500₹1,81,627₹2,94,543₹2,94,543
12₹3,18,000₹2,07,923₹3,42,960₹3,42,960
13₹3,44,500₹2,35,850₹3,94,983₹3,94,983
14₹3,71,000₹2,65,408₹4,50,613₹4,50,613
15₹3,97,500₹2,96,596₹5,09,850₹5,09,850

How it works

  • Year 1–2: ₹0 surrender value. The policy lapses with no refund.
  • Year 3 onwards: Guaranteed Surrender Value (GSV) = a published % of total premiums paid (excluding extras and rider premiums). Starts at ~30% and climbs to ~90% near maturity.
  • Special Surrender Value (SSV): a discretionary, usually-higher number computed on the paid-up SA plus a fraction of vested bonuses. LIC publishes per-plan factor tables.
  • You receive whichever of GSV or SSV is higher.

Watch-outs

  • GSV is computed on premiums paid, not on bonuses or maturity value — surrendering forfeits all future bonus accruals.
  • If your goal is just to stop paying, prefer paid-up over surrender for any policy that has crossed the paid-up threshold.
  • Surrender proceeds are taxable as 'income from other sources' if the §10(10D) exemption conditions weren't met.
  • Doesn't apply to: term plans (no SV) and immediate-annuity plans (locked).

Source: IRDAI Insurance Regulatory and Development Authority Act, the LIC product brochures available at licindia.in, and the per-plan policy documents.

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