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The minimum surrender value set out in a policy, as a percentage of premiums paid.
The GSV is a percentage, from a table in the policy document, of the premiums paid so far (often excluding extra premiums and riders), plus a percentage of any vested additions. The percentage rises with the policy year.
It is a floor: the insurer pays the special surrender value instead whenever that is higher.
Figures on this page are filled from the same tax and scheme tables the calculators use, for the current financial year. Every term in the glossary.