Surrender value formula/calculation for Single premium payment in case of Pure Term Insurance

Formula: single premium (exclusive of service tax)* 70%(this percentage could vary from company to company)*number of remaining complete month of cover/Total policy term in months.

Example: A Term Insurance policy is bought for 20 years term with a single premium payment of Rs,2,00,000 and 10 years have already elapsed. Now if the policy is surrendered the the value would be:

Calculation: Rs.2,00,000*70%*50%(remaining term of the policy in percentage) = Rs.70,000