Hi,
I will like to start with a little description about my situation to help in understanding my query better.
I am 25. Currently working but now going for further studies.
I took Jeevan Anad policy 2 years back. Falling for the beautifull picture painted by the agent i took a relatively big policy with an anual premium of 39K. Policy term is 25 yrs(long term planning) and SA is Rs 10lac.
Now i have paid two premiums only.
1-> 20K ( as half as rebated by my agent)
2- > 40k
Total investment- 60K
My third premium is due in a month and also i am quitting my job to persue studies.So i wil be needing my resources to help me survive during my 2yrs of studies( I am taking almost all my tution fees as an education loan..i.e. aprox 11L)
As far as my knowledge i wont get any surrender value because i have paid only 2 premiums(correct me if i am wrong here)
My query is shal i pay the third premium as it is almost due and then surrender immediately to get some surrender value(also tell me how much it wld be) or shal i surrender now and forget that i ever a had a policy(loosing 60K 🙁 …) or make it paid up after third premium…
Please suggest the best way out to minimize my losses and also considering i wont be earning for next two years and beyond that i have my loans to be repayed.
Also will i be eligble for paying taxes on the 80K amount of two premiums as i had taken tax rebate for these premiums.
Please suggest as i have to take a decision quickly.
Thanks.