Poor Policy surrender value payout

I took out a Sanlam life Policy ( the one policy for two) on 1 May 2003 starting premium R308.64. For personal reasons I was forced to surrender this policy on 22 May 2014. My last premium was R784.54 on 31/3/14. To my calculation my total premiums were more than R60000.00. The surrender value that was paid to me on the 6/6/14 was only R12920.66. I know that there is some penalty fees involved and admin costs, but can it be so much that they only give me this pay out? I ask several brokers to look into this matter, but no one has came back to me. My policy number with Sanlam is : ***4x5<br>