I neeed some advise on what to do with my ULIP and endowment policies.

I recently took a term policy for 1C from two insurance companies : Kotak and AVIVA 

Prior to this I had taken the following policies which are still in force

• Enahanced AVIVA save guard : yearly Premium 12,000 | Sum Assured : 1,20,000 | Total Premiums paid : 84,000 | Current Surrender Value : 83,000| Fund Value : 87,000

• AVIVA Save Guard: : yearly Premium 30,000 | Sum Assured : 2,25,000 | Total Premiums paid : 1,50,000 | Current Surrender Value : 1,26,000| Fund Value : 1,26,000

• Tata AIA Life Mahalife: Yearly Premium : 34,000 | Sum Assured : 5,00,000

I  purchased TATA AIA Mahalife in the year Jan 2007. I have to be paying this premium for 12 years in total. I was told by the Agent that after the maturity the yearly payment of 28,000 till maturity date – year 2082 or till any eventuality.I have already payed six premiums.

I would like to hear from the JI community whether it is sensible to continue with the above policies as I have now a term policy. Reading articles on JI, I feel that I made a mistake in opting for the above as I started my career and the Agent used my ignorance to sell me those alluding to Tax saving aspect of it. Particularly the TATA AIG policy, is it worth shelling out 34K for 5L insurured amount and a 28K yearly payout(with inflation this would amount to nothing down the years)

Please advise.

Thanks,

Prabhu.S