What’s surrender value?
When you do not want to pay the future premiums due and discontinue with your insurance policy then the insurance company pays you back a part of the total of all the premiums paid and also deduct some charges. This money paid is surrender value of your policy.
No, It is available only in traditional plans like Endowment , Money back as well as ULIPS where there is a component of investment along with insurance premium.But Term insurance does not get surrender value.
No. The surrender value becomes available only if you have paid the premiums for 2 years continuously since start of the policy (if your premium paying term is less than 10 years) and it is 3 years if the premium paying term is more than 10 years. But if you surrender before this no money is paid to you.
Yes, but the risk cover will get reduced and that too only if you have paid for 2/3 years.
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