surrender value and policy loan

9. Surrender Value:
The Guaranteed Surrender Value will be as under:

1. Single Premium Policies: The Guaranteed Surrender value will be available after completion of atleast one policy year and is equal to 90% of the premium paid excluding premium for optional rider and extras, if any.

1.    Regular Premium Policies: The Guaranteed surrender value will be available after completion of three policy years and atleast three full years’ premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.

Corporation may, however, pay Special Surrender value, as the discounted value of the Paid-up Sum Assured as applicable on date of surrender, provided the same is higher than Guaranteed Surrender value.

10. Policy Loan:
No loan facility will be available under this plan.