Hello,
I have a LIC Jeevan Saral Policy since October 2008 (7 premiums paid) and with a yearly premium of Rs 36030 for 35 years. I have claimed 80C for all years but I feel the cover is in adequate. I feel I should surrender the policy and invest this amount into a term life insurance approximately Rs 12000 and invest Rs 2000 per month through SIP in an ELSS. This should still guarantee the 80C deduction while giving me better coverage and better value (hopefully) at maturity. Please advise whether my thought process is in the right direction.
Thank you.
Aditya