Starting the article with few questions to know do you really need to surrender the LIC policy? and all of these questions are answered here, may be they help you to retain the LIC policy.
What is LIC Surrender Value?
This is the value which is the amount payable to you should you decide to discontinue the policy and en-cash the same from LIC. After surrender yow are not entitled to get any benefits of the policy from LIC.
Why are you thinking to surrender the LIC policy?
You may be in need of cash and have no options other then surrendering the LIC policy. In my opinion you may take loan against the LIC policy, there is not much difference between the loan amount and the LIC Surrender Value. Surrender of policy is not recommended since the surrender value would always be proportionately low. In this way your cash need will fulfill as well as your policy will continue. Continue reading