Jlp
This query is : Resolved
Muazzam Bandarkar
(Querist)
14 October 2013
what is surrender value in joint life policy
CA Pallav Singhania
(Expert)
14 October 2013
It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity.
Note: Do all policies acquire surrender value?
No. Only those policies which contain an embedded savings component — like ULIPs and endowment plans — will partially return the amount invested for the life cover. Surrendering term plans, which are pure protection covers with no savings element, will result in lapsation of the policy.
Note: Do all policies acquire surrender value?
No. Only those policies which contain an embedded savings component — like ULIPs and endowment plans — will partially return the amount invested for the life cover. Surrendering term plans, which are pure protection covers with no savings element, will result in lapsation of the policy.
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