LIC Policy Surrender

Surrender value is mentioned in policy document. You can check there. Also if you stop paying then policy lapses and what happens is also mentioned in such case in the document. There is an option to convert it to paid up policy after a number of installments. The details you can ask to LIC agent or support.

I don't think you can surrender it this early, isn't umang for 15 years term?

surrender in the initial year is a huge loss, I suggest making this policy a paid-up policy to get the 4-5% return after 20 years. 

Anything else will not be able to give back even your paid premium.

Choose LIC plans carefully . 

3 years I think is the period after which you can surrender. 5 years for ULIP usually. This information is available in a tabular format in the policy copy.

The policy will lapse if you don't pay premium. Nothing else happens.

1. How much I get if I surrender it ?

Its a question worth million dollars ~1.85 lac INR 😬

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Assuming your policy is Jeevan Umang 945, then as per policy docs, you can surrender if you've paid premiums for at least 2 full years. You can see policy document and policy brochure here:
https://licindia.in/lics-jeevan-umang-plan-no.-...

Upon surrender, you'll get either 'guaranteed surrender value' or 'special surrender value', whichever is higher. I don't know how 'special surrender value' is calculated, maybe LIC office can tell you that, but for 'guaranteed surrender value', they've a chart for calculating it in both their brochure and policy document. According to it, this is what you'll get:

Guaranteed Surrender Value payable = total premiums paid (excluding any Extra Premium and premiums for rider(s), if opted for and taxes) multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid under the policy. These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered

In other words, you get: (total premium paid - taxes - rider amount) x 30%

You've not mentioned other details like any riders chosen or your age (although it doesn't matter as guaranteed surrender value factor is same 30% for all ages after 2 premiums), but assuming your premium to be exact 1.3L with no riders, then total gst for 2 years would be ~8500, then refund amount would be ~76k. You can check your exact premiums and gst from your receipts.

But check with LIC office for full clarity and exact numbers.
If you check with LIC agent, (s)he will convince you to continue the policy. Loss is huge, so it has to be your call. But one thing is for sure, if you invest same 1.3 lac in good mutual funds with help of a certified financial planner, you can recover this in next 5-7 years.

exit as soon as possible, even with loss. you will up making several times more than the loss if you consider the entire term. never ever even think of any life insurance other than term insurance. and if this was suggested by some agent who claims to be your "friend", stay away from that person. take online pure term plan, without rider, equal to the "sum assured" of this policy and invest the amount saved on premium (against this) in mutual funds.

for withdrawal, you will need to physically go to the policy issuing branch, make a written application, hand over original policy document and provide your bank details for direct credit of surrender value to account. the person at the branch would try to convince you, so just stay firm. you can always say that you lost your job, no longer capable of paying the premium and in urgent need of money