I am trying to figure out why in first place I took this policy ?
Anyway, what I was looking is what are the benefits I get from this plan ?
Do I have to wait for 10 years to receive the return ?
a) If Yes, what shall be the return ?
– I assume its market based, if so why should I wait for the complete term, I mean whats the beneift for me in waiting for the completion of 10yrs ?
b) If No, Can i withdraw the amount based on market rate at any point of time ? If so, will I have to pay any penalty ?
Dear Hari, Just FYI please, as the sum assured is just 50K rs. against the prem. amount of 30K Rs. which is more than the 20% of the sum assured, whatever maturity amount you ‘ll receive be taxable. Should I add more?
Thanks Ashal, will do so 🙂
Hari Sudhan
Hi Ashal
I am trying to figure out why in first place I took this policy ?
Anyway, what I was looking is what are the benefits I get from this plan ?
Do I have to wait for 10 years to receive the return ?
a) If Yes, what shall be the return ?
– I assume its market based, if so why should I wait for the complete term, I mean whats the beneift for me in waiting for the completion of 10yrs ?
b) If No, Can i withdraw the amount based on market rate at any point of time ? If so, will I have to pay any penalty ?
Thanks
Hari Sudhan
Dear Hari, the surrender is possible. What ‘ll be the charge if any, please check your policy bond or contact LIC office, not your agent.
Thanks
Ashal
Dear Hari, Just FYI please, as the sum assured is just 50K rs. against the prem. amount of 30K Rs. which is more than the 20% of the sum assured, whatever maturity amount you ‘ll receive be taxable. Should I add more?
Thanks
Ashal