Life Insurance – Odd one out

POSTED BY Jigs ON January 10, 2012 5:45 pm COMMENTS (3)

My age is 29, married. I have taken two life insurance from two companies the details are as below,
****Birla Sun Life Insurance policy as on 9-Jan-2012***
Commentcement date 10-Feb-2009
Sum Assured 2,00,000
Plan Dream Plan-Life Cvg-Opt 100% -Term 20
Policy Term 74 (Premium paying term: 25)
Premium 20,023.02
Fund Type (SFIN) Individual Life – Enhancer (ULIF00213/03/01BSLENHANCE109)
MoneyBack Date 10-Feb-2029
MoneyBack Amount 3,87,000.00
Portfolio Details as on 9-Jan-2012
NAV as on last date 33.3580
No. of Units 1,280.124
Unit Fund Value 42702.38
Coverage Information
Plan-1 Dream Plan-Life Cvg-Opt 100% -Term 20
Coverage Status Active
Modal Premium 16,137.90
Face Amount 2,28,330.00
Issue Date 10-Feb-2009
Plan-2 Dream Plan-Enhanced Sum Assured Term 20
Coverage Status Active
Modal Premium 3,885.12
Face Amount 2,272,000.00
Issue Date 10-Feb-2009
****LIC policy as on 9-Jan-2012***
Commentcement date 28-Dec-2008
Sum Assured 2,00,000.00
Plan Jeevan Anand (T.No. 149)
Policy Term 74 (Premium paying term: 25)
Premium 8,449.00
Accrued Bonus 27400.00
Loan Eligibility Amt 12000.0

I want to paid up/surrender the odd one/both and want to take new term insurance. Please contribute so me/other having same confusion can take right decision. I also invite inputs/suggestions on the term insurance to take.


3 replies on this article “Life Insurance – Odd one out”

  1. Dear Jig, in case you are withdrawing money from that Birla dream plan & at the same time no more prem. ‘ll be there, I’m in doubt that you ‘ll be able to continue your cover. the reason is sooner or later, the charges ‘ll eat away the fund value & the co. ‘ll close your cover once the fund value drops below the 1Y prem. level.

    Please check with LIC office for your paid up/surrender value for the Jeevan Anand.



  2. Dear Jig, If you are comfortable with online Term covers, please go with either Aviva’s I-life or Kotak E- preferred Term plan or Aegon Religare I-Term or IPru’s I-care or Metlife.

    The cover should be at least (Remember it’s at least, depending up on your own condition, you may go for higher multiple also say 15 times) 10-12 times of your annual income. if you are running some loans also, add the loan amount into your cover & purchase accordingly.

    Once the term plan is active, surrender both these policies.

    For your age, the 35Y term plan of say 50L Rs. ‘ll cost you not more than 5-7K. Now just imagine where you ‘ll invest the saved prem. amount & how much you ‘ll be able to get it as maturity.



    1. Jigs says:

      Hi Ashal,

      I agree with you but wanted to know the minus points of these policies.

      Actually in Birla Sun Life Insurance policy I can enable a partial withdrawal facility and this will keep my policy active and i’ll not have to pay premium. Does this sound good? I am thinking to enable this partial withdrawal facility as I have paid 3 premiums and can enable it now.

      In LIC Jeevan Anand, What will I get if I make it Paid Up/Surrender?


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