Hello all,
I am 26 years old salaried employee earning Rs.20,000.00 per month. Recently I took 2 LIC policies. I wanted to save Income Tax and secure my future.
My policies are
1. LIC Jeevan Saral (With Profits), premium Rs. 24,500.00 per year for 35 years while the sum assured is Rs. 10,00,000.00 (approx.)
2. LIC Jeevan Anand (With Accident Benefits), premium Rs. 24,500.00 per year for 25 years while the sum assured is Rs. 5,00,000.00
The premiums are to be paid quarterly. So far I have paid Jeevan Anand + Jeevan Saral Rs.(10,662.00+12,250.00)=Rs.22,912.00
After reading the articles in this blog I am thinking that I have made a huge mistake. The premiums I paid are my hard earned money.
When I contacted the Agent, he said that after 10 years the Jeevan Saral policy can be regarded as liquid money and I can get back all the paid premiums along with bonus and interest.
My questions are:
1. Should I discontinue with both the policies or carry on with one and discard the other?
2. What my agent said about Jeevan Saral Policy holds any truth?
Your precious and honest reply is earnestly solicited.
Thanks,
Ajita