I want to take action on few junk Life Insurance Policies and buy Term Insurance . Request for guidance –

1. Max Whole Life Policy – I am paying a premium of Rs. 11,000/= per year. The sum assured is Rs. 4,12,000/= plus paid up sum assured of  Rs. 1,00,000/=.  The policy is 9 years old. I want a decision whether to surrender it and invest the money elsewhere or stop paying premium and convert it to an extended term insurance of Rs. 4,12,000/=. The surrender value will be Rs. 55,000/= only.

2. LIC Jeevan Anand Policy – I am paying a premium of Rs. 45,000/= per year for a sum assured of Rs. 7,00,000/=. The policy is 4 years old. I want a decision whether to surrender it and invest the money elsewhere or stop paying premium and get the money back after 14 years. The surrender value will be Rs. 1,00,000/=. If I stop the premium, I will get back Rs. 2,15,000/= (Premium paid till date + Bonus accumulated till date) after 14 years.

I want a decision whether to surrender or stop payment of premium.