Surrender Value in Insurance
Recently, the Insurance and Regulatory Development Authority of India (IRDAI) released a crucial consultation paper on increasing the surrender value for life insurance policies.
About Surrender Value
- The surrender value of an insurance policy is the amount that the insurance company will pay the policyholder back when he or she decides to terminate the policy before maturity.
- It applies only to those term insurance policies with a surrender benefit.
- The surrender value is usually a percentage of the total premiums paid minus any applicable charges or fees.
Factors for Calculation of Surrender Value
- The surrender value calculation in term insurance ....
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