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POSTED BY ON July 20, 2012 11:26 am ONE COMMENT
DEAR SIR,
I HAVE 3 LIFE INSURANCE POLICIES. THE ANNUAL PREMIUMS ARE AS UNDER:
1. 24000
2.24000
3.26000
RECENTLY , I HAVE TAKEN A HOME LOAN AND THEREFORE I HAVE TO PAY HOME LOAN INSTALLMENTS AND INTEREST THEREUPON. NOW, I AM NOT IN POSITION TO PAY ALL THE LIC PREMIUMS AND HOME LOAN INSTALLMENTS.
THEREFORE, NOW I AM THINKING OF SURRENDERING TWO POLICIES , SO THAT I CAN ABLE TO PAY HOME LOAN INSTALLMENTS.
I HAVE PAID 3 PREMIUM OF 24000, 5 PREMIUMS OF 24000 & 26000.
NOW PLEASE GUIDE ME AT WHAT TIME I SHOULD SURRENDER MY POLICIES.
IS IT THE RIGHT TIME TO SURRENDER POLICIES WHEREIN I HAVE PAID 5 PREMIUMS OR SHOULD I WAIT FOR SOME MORE TIME.
OR WHAT WILL HAPPEN IF I ONLY DISCONTINUE PAYING PREMIUMS AND DO NOT SURRENDER THE POLICY.
REGARDS, AASA
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You never get your 100% money paid if you SURRENDER EARLY , I can just throw a number, but in total you can expect 40-50% of your total premium paid till date when you surrender all these policies, you will get the exact numbers from LIC office only .
But given the situation , it would be wise to look at the current situation and get out of those policies , it will open your cash flows and give you some energy and life 🙂