Want to surrender LIC Jeevan Saral policy.

Dear Manish,

I have taken LIC Jeevan Saral policy for me and my son with yearly premium of Rs 53440/- from April 2008.
i have also invested in mutul funds through sip. Now i want to purchase term insurance plan.
Can you please sugget me what to do with jeevan saral policy?
What will happen if i stop paying premium? Do i need to wait for 10 years to receive all that money which i have paid from last 4 years.
Waiting for your kind reply.
Regards
Sachin



By SACHIN VAMAN SHIVGAN on April 28, 2012 · Posted in

13 Comments | Post Comment

Manish Chauhan says:

Sachin

I think jeevan saral is the only LIC policy which gives back a lot of your money after 5 yrs .. just make one more payment and take your money back after 5 payments

Posted on April 28th, 2012

SACHIN VAMAN SHIVGAN says:

Good to know that I will get my money back after 5 years. Shall i get entire amt. or need to sacrifice some?

Posted on April 28th, 2012

wealthucreate says:

what is your policy tennure? If i was you i would have personally visited the LIC office and check what would be the amount i would be getting if close it off today Vs paying another premium and closing it off after getting the money back.

This details should help you in taking the right decision… dont go to your agent. go to office directly.

Posted on April 28th, 2012

durga says:

Yes, I agree with wealthucreate. Always the agents try to convince you so that you would continue to paying the premiums which will indirectly help them to get their commision.

Posted on May 5th, 2012

ashal jauhari says:

Dear Sachin, please check with LIC office & not the agent. In all probability, you ‘ll get 90% of the prem. paid excluding the first year prem. So for sake of calculation, out of 2L Rs. paid as 4 prem. till now by you, you ‘ll get 90% of the 1.5L Rs., which is 1.35L Rs.

As rightly pointed out by dear Manish, Jeevan Saral is a bit different product from other policies of LIC, offering gtd. surrender vlaue, so once again I w’d request you to visit LIC office to pin point the surrender value now or next year & accordingly decide.

Thanks

Ashal

Posted on May 13th, 2012

Surrender jeevan saral policy says:

[...] all my past mistakes. so I want to surrender my policy with minimum loss. I have read answers in http://localhost/jagoforum2/want-to-surrender-lic-jeevan-saral-policy/3404/ link. In that you told that after 5 year One can get back their money but I can’t get it [...]

Posted on May 25th, 2012

vivek says:

Hi Ashal,

I am 23 year old and want to get a policy which have below features,

1) good return
2) risk cover
3) No surrender charges not even 1st year premium.

Also i am from Madhya Pradesh n living in delhi please suggest whether i should take policy from my home town or Delhi only.

I have gone through ur posts and would request you to pls help on this also :)

Posted on January 9th, 2013

Ramesh says:

There is no policy with all those features. And there will never be one either.
So forget it.

Keep things simple.

Posted on January 9th, 2013

Ashal Jauhari says:

Dear Vivek, do you own a vehicle (no matter 2 wheeler or 4 wheeler)? If yes, how much return you are getting from the vehicle insurance policy? As rightly pointed out by dear Ramesh, there is no such policy as you demanded.

I believe in KISS – Keep is simple silly. So what’s there for you in KISS?

Please purchase adequate term cover as per your requirement. Invest the remaining amount in combination of PPF & MFs. That’s it. No surrender charges on your MF money & as it’s Term plan, you need not to worry about return. Till the time, you are alive within policy term, you are creating wealth for your family, if something happens to you during your policy term, your family ‘ll receive a huge amount of money.

Please update me with your views.

Thanks

Ashal

Posted on January 9th, 2013

vivek says:

Dear Ashal,

Thanks for ur prompt response.. :)

please advice me abt Jeevan saral or jeevan anand or flexi plus, which one will be good for me and where should i buy plan from my home town or delhi itself.

i can pay 24000 per year for 21 year term

Posted on January 9th, 2013

Ashal Jauhari says:

Dear Vivek, do you love your family or your agent’s, lic people, lic officers……. family?

Please answer this simple question.

Thanks

Ashal

Posted on January 9th, 2013

vivek says:

Of-course family Ashal…

Posted on January 13th, 2013

Ashal Jauhari says:

Dear Vivek, then why are you so forcefully asking for LIC policies? any special bond with LIC? any reasoning?

Please clarify.

Sample this – paying 24000 Rs. prem. in a policy in LIC, getting a cover of 4-5L Rs. after paying for next 4-5 yeatrs, you are no more. Family ‘ll receive 6-7L Rs.

Paying 5000 Rs. prem. yly in a term plan, & in this case, you family ‘ll get 50L Rs. when you are no more + the saved prem. of 19000 Rs. on yly basis so in all 51 or may be 52L Rs. Now do tell me, which option is better?

thanks

Ashal

Posted on January 13th, 2013