I have raised a query regarding surrendering my policy on Feb 20th. I am yet to get reply for that in spite of continuous followup with life line customer care (1860 266 7766) and nearest branch office (salem, Tamil Nadu). Customer care keep on telling that it is getting delayed and ‘ll take another 48hrs for the past 25 days.
GSIP Policy details:
Premium paying term – 7 years
Maturity – 15 yrs
Policy taken 2011
Half yearly premium
No of premiums paid – 13 out of 14
Policy in force
So far I have paid 13 premiums out 14 to be paid so far. I would like to Surrender my policy.
As per terms and conditions, if I surrender my policy I ‘ll be getting higher of either GSV or NGSV
Guaranteed Surrender Value:
35% of premium paid – first year premium
=(195000-30562)
=Rs.57553
Non guaranteed surrender value:
Equal to present value of PUSA, discounted at GRY at the review date immediately preceding the date of surrender (as per T&C 4 BROCHURE), plus 2% per annum
PUSA = GMB × (total no of premium paid/total no.of premium payable)
GMB = 195000 + 51240
PUSA = 246240 × (13/14)
PUSA = 228651
NGSV = 228651 discounted at GRY + 2% per Annum
Method 1:
Assuming GRY 8% + 2%
228651 discounted at 10% = Rs.205785.9
Method 2:
Assuming GRY 8%
228651 discounted at 8% = 208558.92
Discounting at 2% per annum
6.5 yrs = 13%
Discounting 208558.92 @ 13%
Rs.181446.26
Around 2 Lak approx to be received
But ICICI Prudential trying to loot my money by giving just Rs.1.08 lakh where as I have paid 1.95lakh so far.
The query is regarding requirement of NGSV derivation !.
Rgds,
K Vinoth Kumar
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