I need a clarification about Jeevan Anand, as I was not aware anything of term and endowment policies rather any kind of investments, and my father has bought it in the year of 2009, just to help one of my relatives. Now I realize that its an endowment policy, and want to get rid of it.
Now I am 27 year old and unmarried and the policy says as below.
Date of Commencement of Risk – 20 / 11 / 2009
Sum Assured – 100000
Premium Payable – 7110.00
Date of last payment – 20 / 11 /2024
As of now we have payed 2 premiums, please suggest me whether I should continue or not or make it as paid up after some premiums.
Also please suggest me about the good term policies, as I am not financial expert and don’t want to fall as a prey to ULIPs or endowment policies.
My requirements are
Death / Accidental / permanent disability cover of upto 50 lacks for my family after 30 years.
Also one more help,
The policy document says incorrect name of my mother as she is beneficiary, and if it is mandatory to get it corrected, then what might be the procedures.