POSTED BY September 12, 2013 7:25 pm COMMENTS (17)ON
I have JEEVAN ANAND policy which was taken way back in Feb 2006 and paying a premium of 22000/- and valid till 2022. The sum assured is Rs. 3 Lacs. As I do not get any tax benefit, I do not want to continue with this policy. I am in dilemma whether to go for paid up or surrender option.
Please suggest. Thanks in advance for your time and guidance.
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17 replies on this article “LIC JEEVAN ANAND – Surrender or Make it Paid up ?”
Dear Shankara, please wait for paid up value detail from LIC.
Dear Shankara, may I know your mly expenses details?
Thanks a lot Ashalanshu. I will check this out. Meanwhile I am planning to buy term plan from LIC as well as from ICICI for 25 lacs. Please suggest me the name of the policy and advantages. My age is 47 years.
Thanks again for your valuable guidance.
Dear Shankara, why are you opting a cover of 50L Rs. (25+25L)? How did you come to this figure?
I have an outstanding home loan of 18 lacs. There is no basis for me to arrive at 50 lacs. I have no idea.
Dear Shankara, please do a simple job. Contact your LIC office & demand paid up value as well as surrender value. On the basis of both values, Please calculate on your own, can you get paid up value from your own investment, if you decide to get the policy surrender now?
Can you get correct value of the surrender vs. paid-up from LIC? Are these dependable?If yes, then even I can get in touch with them for couple of LIC I am holding.
My regard for the LIC agents are not worth mentioning & I am not sure even if the people sitting in their office are well versed with the T&C etc. Therefore, I normally do my home work with due diligent & take a call. In case I am proven wrong, it is better to regret on your own decision later than doing the same relying on some one else, unless that someone else is very good & trustworthy 🙂
You can write email to your branch from where policy is issued.I had contacted for my paid value /surrender value.
I got response in just 2 hours with print screen.
with the quick respone i thoght for momentrey with this kind of service shall i surrender my policies?
you can get your branch email id from your online policies documnets.
Did you buy the policy online? I checked in my policy document, I could not find any, mine were bought offline.
I even checked in licindia.in after enrolling my policies, I can get info like vested bonus details, for ULIP nav+ unit details. I have the branch code mentioned in my policy document, but no branch email. And from lic website, I could find some CO, DO, GO emails, but no where I could find branch email id.
Kindly click on list of enrolled policy & then on polciy nuumber.
Then you will get at bottom one link for branch details.
Clicking on branch details & you will get branch address, conatct number &
email id will be written theree
Many many thanks:) Finally I got my surrender value from LIC iteself.
One important note as the problem I was facing is because I was using Firefox as a browser, which was not showing me branch details. Then I tried with Internet Explorer & I got the details. This problem I have often found visiting websites of non-private organizations.
And for me, I did not get response from my branch, but got the response from some customer care email, I had written to. And the value they mentioned closely matches with what I had calculated, so I am sure they should be correct.
Dear Mustafizur, the value for paid up or surrender ‘ll be provided from the LIC’s own software by the Branch staff so questioing the same is not right. Even if you surrender in actual, the same value ‘ll be given to you.
Actually my understanding was that if I go to a LIC branch, like their agents, someone will tell me some random value based on their own understanding, so I was hesitant. But yes, now I realize after reading your post & getting the response that things are not so bad.
And the reason for my apprehension was recently I got to know from this forum that I can transfer money to my PPF online. I tried that and asked my father to confirm from that branch(SBI). When he went & asked, some person bluntly replied that no online transfer for PPF, though the updated PPF passbook was showing amount being transferred.Though these are not related, but I generally have concern w.r.t. customerc are from Govt. banks/organizations..
Dear Mustafizur, I can not comment on any individual person in a Branch or Organization. 🙂
things are changing and changing very fast due to Technology up-gradation.
This is the response I got from LIC :
The surrender value for the policy is Rs.138615/- as on date.
On surrender of the policy you will be foregoing the benefits of
life cover and you will be incurring a loss of Rs.102460/-.
I am yet to get paid up value details. Please help me to decide. Thanks in advance
What was the term plan for the policy? because you started in 2006 & it is maturing in 2022? are these figures correct?
If yes, then it is a difficult situation as you are almost in the middle of your tenure. For Jeevan Anand, the surrender value is 30% of premium paid-1st year premium-any additional premium for additional rider. Did you check how much vested bonus you have earned, if that is applicable?
One thing I still don’t know whether they return the vested bonus earned while surrender. As per policy wording it should return the vested bonus earned till date, then surrendering makes it attractive, but others will more knowledge can guide as well.
Again completely my personal opinion, 22K/year premium is high, I would have surrendered no matter what assuming I have a good term plan in place.
Thanks for your response. I think the Plan : Jeevan Anand (T.No.149), paying term 60 (premium payment term 17). The figures are correct. Will check on the vested bonus and take a call accordingly.