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.