lic new bima gold money back policy

POSTED BY manish ON December 26, 2010 12:32 pm ONE COMMENT

4 years back one of the LIC agents very close to my family sold me LIC BIMA GOLD NEW policy (money back)..(quite unaware of these at that point of time)…

 

I am paying a little more than 4 lacs per annum and have an insurance cover of 1 cr…

 

First let me know if I should continue or close

 

As per my little knowledge and study I find this policy not very useful for me …I wanted to close this and invest in some good mutual funds and a term plan of 1 cr…

 

When I told this to the lic agent he said if Isurrender today I would get only 30% ie I would lose aroung 12 lacs…I have paid around 17 lacs till date..

 

Kindly guide me urgently as I don’t want to continue this policy

 

Thanks in advance

Manish

One reply on this article “lic new bima gold money back policy”

  1. Ramesh says:

    I think Shashank has mentioned the use of converting a traditional policy into a “paid-up” policy rather than surrendering the policy.

    surrender is useful in case you require money, though in this case, you can get a load against the policy. (=though this is not your requirement).

    since you do not need the money, inquire about the “paid-up” option. Your already invested money would not be lost in that way.

    Hope this helps you.
    Ramesh

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