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POSTED BY ON December 24, 2013 10:12 am COMMENTS (3)
I had purchased LIC’s Jeevan Mitra (Triple Cover Endowment Plan) which commenced from 01-04-2009. Sum Assured is Rs. 500000/- with a premium of Rs. 19433/- payable yearly and a premium paying term of 30 years.
This year (2013), I have purchased on Online term plan for Rs. 1 Cr. with a premium of about Rs. 9000/- and also have a separate Health Insurance. Given these, should I continue with LIC’s Policy or discontinue it? Please suggest.
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Dear Sameer, for surrender value in your Mitra policy, please contact LIC office. Although surrender value ‘ll not be great but still you should surrender and reinvest it elsewhere. As your term plan is running now, please divert the Mitra prem. in pure investment product of your choice say PF, PPF, FD, MFs.
Thanks
Ashal
Dear Sameer,
Your decision of buying a term insurance is very good.
I would recommend you to discontinue your Jeevan Mitra policy.
Could you describe in detail your purpose of starting Jeevan Mitra and your age ?
Hi Bhavesh,
Thanks for replying.
My age is currently 31 years. Back in 2009, I was not aware of the insurance products available. The agent showed me the regular LIC policies; Jeevan Anand, Jeevan Saral etc. I thought Jeevan Mitra was the better and chose to buy it. However, later as I gained some financial knowledge, through this forum and the net, I realised the importance of term insurance and purchased it.
The reason for asking the same was also to know whether discontinuing Jeevan Mitra policy and investing the premium in some other investment option would provide better returns than continuing with the same. I have already paid 5 premiums. Will I be able to recover any part of the premium already paid?
Please advice.