Question

What was the advantage of surrender?​

Answer 1

Surrender value if the sum of money that is payable by the insurance company when you terminate your insurance policy before its maturity. Generally, most of the traditional insurance plans can be surrendered for cash after completion of three policy years. That means policy acquires surrender value on completion of the first three years.

Understanding the surrender value in traditional insurance policies

When you surrender the policy after completion of three years, higher of the guaranteed surrender value or special surrender value will be paid in case of traditional policies.

Explanation:

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