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14 October 2013 what is surrender value in joint life policy
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CA Pallav Singhania

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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.
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