Hi,
I have a Jeevan Anand life Insurance policy from LIC (stated in Feb 2004) and taken it for 20 years. The amount of insurance is just Rs.2,00,000 and yearly premium Rs.11,348. I have been paying the premium religiously and off late have realised that its just a burden I am carrying after taking the term plans in recent time (for Rs.1.5Cr).
I have been reading about making the policy paid up / hand over it. I would like to know the difference between two and which one is better and beneficial (considering lesser loss)
Please explain with an example, if possible.
Regards,