Hi, I have 4 LIC policies (Jeevan Anand,Jeevan Saral, Jeevan Sathi and Jeevan Ankur). I had these just to fill my 80C category and to make some savings which will be useful for future.Lats year I got a home loan of 25L and about INR 40000 goes for Principal amount itself under 80C and now i am paying more than 1L in 80C.Now I am feeling bit pressurized with all my income spent on policies which are future and feeling I am loosing my presents\’.
For these LIC policies I am paying around 60K yearly whereas my 80C has only 20K balance after my PF and Principal addition.So I am thinking of closing/ surrendering/making paid Up some of the policies so that I can get some breathing space.
Can any suggest on how to proceed with the surrendering of policies.following are the details of my polices.
Jeevan Anand – SA 100000 – 20 yrs – Commenced on 09/2007
Jeevan Saral – SA 500000 – 10 yrs – Commenced on 01/2011
Jeevan Saathi – SA 200000 – 20 yrs – Commenced on 01/2011
Jeevan Ankur – SA 450000 – 18 yrs – Commenced on 04/2012
Also would like to know whether it worth surrendering/making paid up or should I carry on with the payments and finish the tenure.