Cash Value On Policy

[shiba]

What is the cash value and how it is calculated on any policy.
SA=5,00,000/-
mode = hly
DOC = 28/03/2001
paid premiums for 8 years ie. 16 dues (from mar 2001 to sep 2010)
how is it different from sum assured.
what is the need of calculating cash value

[Matrix]

The cash value of an insurance contract, also called the cash surrender value or surrender value, is the cash amount offered to the policyowner by the issuing life carrier upon cancellation of the contract.

Source - Wikipedia

[Expert]

What is the cash value and how it is calculated on any policy.
SA=5,00,000/-
mode = hly
DOC = 28/03/2001
paid premiums for 8 years ie. 16 dues (from mar 2001 to sep 2010)
how is it different from sum assured.
what is the need of calculating cash value
Check here -
http://www.policywala.com/showthread.php/1086-How-to-calculate-the-Paid-Up-Value-Surrender-Value-and-Loan-Value?

These links also -
http://www.policywala.com/showthread.php/1207-Article-What-is-surrender-value?
http://www.policywala.com/showthread.php/727-Surrender-Value-LIC-Policy-after-4-years?