How to Surrender LIC Jeevan Anand Policy

POSTED BY Balasubramanian ON September 5, 2012 11:04 am COMMENTS (3)

I have Bought LIC Jeevan Aanand Policy Table no.149. The Agent who suggested me has bought me 21 policies .

  •  The yearly premium is abt 46000.
  • And this amount is divided among each 21 policies every year and get paid.
  • The Term of the premium payment is about 32 years.

What I see is I have a blunder with the policy purchase. Kindly assist me with your guidance on what should I do next . Either cancel(Surrender) the policies or procced further by paying the premium ? Also it is been already 3 months since I made the First year premium payment.

3 replies on this article “How to Surrender LIC Jeevan Anand Policy”

  1. Ashal Jauhari says:
    September 5, 2012 at 9:04 pm

    Dear Balasubramaniam, are all the policies issued on same date or you are still receiving some policies?

    The best way is to simply forget the policies purchased & do nothing. You have just paid the 1st year prem. only & you have already completed the free look period, so surrender ‘ll not fetch you any money. In case you decide to pay more prem. the loss ‘ll increase. So take this mistake as your lesson (a real costly one) & move ahead. Next time, before signing on the dotted lines, please ask in this forum not after signing. Our best wishes are with you.

    Please feel free to discuss as & when you feel so.

    Thanks

    Ashal

    Reply
    1. Balasubramanian says:
      September 6, 2012 at 10:45 am

      @Ashal Jauhari: All the 21 policies are issued on the same date.

      And I have a doubt. “From next year can I pay only for say, 10 policies and discard the remaining 11 policies. so that I pay just half of What iam paying now yearlyas premium . Will this be possible or the Corporation will enquire and ask me to pay the remaining policies ?. I need your valuable suggestion.

      Reply
      1. Ashal Jauhari says:
        September 6, 2012 at 3:59 pm

        Dear Balasubramanian, please do tell me what ‘ll you achieve by this action? A plain answer for your query is yes, it’s possible to keep active some policies & stop others.

        Thanks

        Ashal

        Reply

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