LIC premium and higher studies

POSTED BY Kunal Kumar ON July 7, 2012 1:05 pm COMMENTS (6)

I have taken New Bima Gold Moneyback LIC Policy (20years) and has paid 3 installment half yearly, each amounting to 17k. I have now decided to leave the current job and move ahead with higher studies. So, it would be quite difficult to pay the premium while studying. Is there any way by which I can cancel or postpone the premium it ? My next premium in in October.
Please advise what are the possible approaches for me. Thanks a lot.

6 replies on this article “LIC premium and higher studies”

  1. Kunal Kumar says:

    Thanks Ashal for your valuable suggestion.

  2. Kunal Kumar says:

    Hi Ansal,

    I agree that its better to take an early step than to repent later.

    So, in your opinion, what can be done with the money already deposited ?

    Is there any way or not.

    Thanks for your responses.

    1. Dear Kunal, just inform to your branch that you no longer want to continue with the policy & want a surrender. If any surrender amount is applicable as per LIC policy, the same ‘ll be given to you else, the policy ‘ll lapse. Within next 2-3 years you can revive the policy if you feel so. My personal take ‘ll be to let it lapse & remain as it is.



  3. Kunal Kumar says:

    Thanks Ashal for your answer.

    I want to know that if I let the policy to be lapsed, does that also mean that I have to forget the amount i.e. 51k that I have paid till now ? As this a big sum, so what could be the best alternative scenario in this case.
    Thanks once again.

    1. Dear Kunal, w’d you like to amputate a finger today or a hand tomorrow? Please decide yourself from the answer to the above question..



  4. Dear Kunal, the policy in question is neither good for insurance nor good for investment. My take ‘ll be to not pay any more prem. & let it lapse. As the 3 yly prem. i.e. 6, 1/2yly prem. are not paid, your policy does not acquire any surrender value. Still You may contact LIC office for surrender.



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