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POSTED BY ON July 28, 2013 6:37 pm ONE COMMENT
Dear Manish
I have LIC policy jeewan saral, yearly premium is 25.5K …….i hv total 4 LIC (Other are of small amt so not so much bother) I Have Term Insurance of 1 cr. My Age is 30… I want to cut my fixed expenses so that i can enjoy life in better way. I have paid premium in year 2010,2011,2012 & 2013. So i am eligible for surrender………. Now quide
if i surrender i will get 65% .. which is loss i dont want my capital die……… advice how to go further.
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If the policy is three years old then it eligible for ‘paid-up option’. Instead of surrendering and losing money, doing paperwork etc., simply stop paying premiums. this way the paid-up value will be paid at the end of the investment tenure, the premium money can be used for better purposes.
By ‘enjoy life in better way’ I will assume you mean, taking control of your financial life. List your goals and start investing for all of them including your retirement!
you can use this article to evaluate your options and calculate the appox. paid-up (and surrender) value
http://freefincal.com/2013/04/26/omg-just-realized-my-insurance-policies-are-worthless-what-do-i-do/