In 2008 my father purchases LIC Jeevan Saral policy with Sum Assure of 50000 of 20 Years for me when I am in college. My father purchases the policy from his LIC agent friend.
Now I am married and doing a job. So I want to purchase Term Insurance plan for myself.
For LIC Jeevan Saral I pay premium of 3294 per year.
If I surrender policy after 3 years then I will get 30% amount on my paid premiums (Minus 1’st Year Premium).
And if I continue then on maturity I will get 40 % on Sum Assure + Bonus.
Please suggest should I surrender my policy or to be continue it.