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POSTED BY ON November 8, 2012 2:24 pm COMMENTS (4)
Hi
I toook LIC Jeevan Anand and LIC Money Back policy and paid premium for 2 years.
Yearly Premium for Jeevan Anand is Rs.25173 and Premium for Money Back is Rs.6373.00.
I took this policy from an agent.This is the third year and i dont want to pay the premium for this year and i want to close this policy.Will i be getting any amount back if i surrender the policy.Please help me out with the details.
Regards
Ramya
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Dear Ramya, what’s the update from you on the issue?
thanks
Ashal
And if i pay third year premium also and if i surrender the jeevan anand policy next year how much money would i be getting??
If you will not pay third year premium – You will get nothing.
If you pay third year premium – You will still not get anything from first two year premium. 1st year premium is not considered for any surrender value. Best possibility is you will get 30% of the total value. So, Let say you pay 20,000 premium every year for 3 consecutive years. If you surrender after 3 year, Max you will get 15,000 to 20,000.
I know, It’s Catch 22.
Consult LIC agent or visit any of it’s branch for exact surrender value.
Rightly said Vikash, Just a small correction. Ramya will not get anything from her 1st year premium only. She will get 30% of her 2nd and 3rd year premiums.
I’d advise not paying the 3rd year premium as it can be easily invested into some other MUCH MUCH MUCH more profitable investments, or even better, a part of it can be invested in term insurance, and the other part in some equity or funds whichever you are comfortable with.