Hi,
I am in a bit of dilemma right now. I have 2 LIC policies in my name. Details are as follows:-
1. Jeevan Anand :-
Start – October 2010
Sum Assured – 10 lakhs + Bonus Accrued
Premium paying term – 20 years
Monthly premium – 4523
Maturity Value – 21-23 lakhs
Premium paid till now – 108552
2. Money Back Policy
Start – March 2010
Sum Assured – 10 lakhs + Bonus Accrued
5 yearly payments – 15%,15%,15%,15%,40% (of SA)
Premium paying term – 25 years
Monthly premium – 4412
Maturity Value – 25-27 lakhs
Premium paid till now – 141184
Now the confusion I have, is whether to surrender these and buy a term plan, or continue with these. I have invested around 2.5 lakhs and most I will be getting back if I surrender Jeevan Anand now is 0, and if I surrender Money Back in march 2013 is around 40k. A loss of more than 2 lakhs.
Also, as I have availed tax benefit under 80C using these policies for last 2 fiscal years, would I be taxed extra upon surrendering? I mean would I have to pay as tax the benefits I claimed?
Someone please help me.
Sincerely,
Another victim of LIC agents 🙁