I have 26 LIC policies – please help me optimize them

POSTED BY MANSI ON April 10, 2014 11:43 am COMMENTS (13)

Hi, we have  26 LIC policies (endowment plan ) & now we realized that  we made a big mistake.Now we  wanted to close down or paid up our LIC policies..Plz guide on this issue.

13 replies on this article “I have 26 LIC policies – please help me optimize them”

  1. MANSI says:

    Hi Ashal,
    As per our last discussion ,i have to decide the final step like whether to go for surrender or paid up the LIC policies.After doing all calculations, surrender value is only 276,000/- where as we already paid Rs.485000 as Premium also LIC is not considering any bonus as it is maturity bonus.
    If i surrender my polices its a big loss for me & if i choose paid up option then waiting period is too long like 30 to 35 years.so i really got confused what to do exactly.
    LIC agent advised not to stop the payments as this is the very good plan????(i m shocked by his advice)
    I want your suggestion on above problem.plz guide me on this issue.

    Mansi

  2. ashalanshu says:

    Dear Mansi, yes, now we ‘ll discuss the issue over e-mail only.

    Thanks

    Ashal

  3. MANSI says:

    Hi Ashal

    Plz check your mail box…our nxt premium due is in June so we have to take actions as early as possible.

    Thanks
    Mansi

  4. ashalanshu says:

    Dear Mansi, I confirm the receipt of the mail.

    thanks

    Ashal

  5. MANSI says:

    Hi Ashal

    Sorry for delay reply was out of station for few days….plz check your mail box & kindly advice further action

    Thanks..

    Mansi

  6. ashalanshu says:

    Dear Mansi, please check personal mail box.

    Thanks

  7. ashalanshu says:

    Dear Mansi, I’ll wait for your update.

    Thanks

    Ashal

    1. MANSI says:

      Hi Ashal,
      As suggested done my home work…:) if you provide me your personal id so that i can upload that excel..following are the details of policies
      Policy Commencement Yr.:-2006 (Age :-30 year at the time of comm)
      Sum Assured :- 19,55,000
      Yearly premium:- 63,432/-
      No. Of policies :26
      Plan : Retire & Enjoy( The Endowment Assurance plan T.No.14)
      Policy Term: up to age of 75( Annual premium of Rs,63432 /- have to pay for 20 yrs & after 20 yrs each policy going to mature every year n premium decrease every year.
      Bonus till date:-758280/-

      Pl z suggest what actions should be taken….

      Mansi

  8. Ajay says:

    @MANSI – To make your tracking easier during this “optimization” phase, use the LIC website, create a login and key in all the policies over there (if you have not already done). You will get to know some details like accrued bonus directly over there and dont have to call up LIC for asking this.

    As Ashal said get yourself adequate term policy(ies) to begin with

  9. ashalanshu says:

    Dear Mansi, before taking any action on your existing policies, please purchase an adequate sum assured Term Cover. After that come here again and we can decide collectively, what should be done for your each policy?

    Thanks

    Ashal

    1. MANSI says:

      ok..will do the same

  10. manikambh says:

    Yup indeed a big mistake..you need to take down notes on what policies you have, date of maturity, amount you will get back if paid up or surrender..based on what you get then you really need to think out of that 26 how many do you need may 3 or 4.

    Do your homework calculate and then take an action.

    Thanks

    1. MANSI says:

      Thanks for your guidance…

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