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POSTED BY ON June 21, 2011 3:11 pm ONE COMMENT
I ‘forcefully’ took a policy
Permium Name : LIC Jeevan Shree – I
Date joined : May-2007
Premium Paying Amount: Rs. 48755 per year
Premium Paying Term : 10 years
Policy Term : 15 years
I already paid this policy for 3 years (2007, 2008, 2009) and total payed is Rs.146265
I have three options now.
1. Surrender the policy and I will get back only Rs. 97470
2. Continue the policy – Paying pending two terms (2010, 2011) which will come around 99060 + fine 4729 = 103789. Then continue paying until the policy close.
3. Take a loan against the policy with an interest rate of 9% with 2 options
3.1 Get a loan from LIC for this policy for the amount which I paid for first 3 years ( I will get around 103789)
3.2 After paying the two year due, take the loan against the amount which I will paid for 5 years
Doing #3, I can get go for a ‘private’ fixed deposit which I will get around 13 to 14 % of interest.
Which is the best option I can choose ? Please advice.
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JM deva
Are you sure you will get so much money on surrender ? Did you ask this with an agent or just did your own calculations ,because the first year premium is never considered in surrender . You will get around 30-35% of the premiums paid minus first year premium , so it should be less than what you have mentioned . Please confirm .
I dont see other options helping you , what are you trying with other options ? What is your focus ? Is it having minimum loss ? then just make it paid up or just surrender !
Manish