I have a Jeevan Anand policy from LIC for five years. It will mature after 20 years. The premium is 59,730 and sum assured is 15 lacs. I also have a home loan with SBI having outstanding amount 19,60,000 which is for 25 more years. EMI is 18,195 and interest rate is 10.2%. I can save around 5000-7000 every month. I have one SIP (HDFC top 200 growth) and three year old PPF A/c. I want to settle my home loan as soon as possible.
My question is Should I quit Jeevan Anand and prepay 5000 each month to my loan account or continue with Jeevan Anand and pay 5000 every month there ? Which is better ?