Insurance Glossary

Insurance Term - Surrender Value & Paid-up Value

Halfway through the policy, an individual might want to discontinue it and take whatever money is due to him/her. The amount the insurance company then pays is known as the surrender value. The policy ceases to exist after this payment has been made by the insurer to the concerned policyholder. It must always be remembered that an individual will lose out on returns if he/she withdraws his/her policy before time. If an individual stops paying the premiums, but does not withdraw the money from his/her policy, the policy is referred to as paid up. The sum assured is reduced proportionately, depending on when he/she has stopped paying the premiums. The concerned policyholder can then receive the amount at the end of the term.

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