Need your suggestions on LIC policies – Jeevan Anand, Jeevan Sathi, Jeevan Saral

POSTED BY SANDEEP JAIN ON December 18, 2013 2:18 pm COMMENTS (3)

Hi Manish,

Here below are the queries with relates to my existing LIC policies.

My info:

I am 30 years old and married with a kid of 3.5 years and my Parents are with me, My father is not dependent on me and my mother and wife are house wife.

Name of the policy Commencement Date Sum Assured Vetted Bonus as on 18.12.2013 Type of Premium Policy Term Premium Payment Term Premium
Jeevan Anand 28-12-2007 200000 45800 Annual 75 21 10369
Jeevan Sathi 28-12-2007 200000 48000 Annual 25 25 8565
Jeevan Saral 24-12-2009 375000 Annual 21 21 18015

Like everybody i have done the same mistake of taken the product without the much knowledge of this and now after gone through your Forum, I’m now in the dilemma whether to continue my policies with LIC or not.

This came to my mind because i have already taken the below for Pure Term insurance.

Name of the policy Commencement Date Sum Assured Type of Premium Policy Term Premium Payment Term Premium

HDFC LIFE – CLICK 2 PROTECT 24-11-2012 5500000 Annual 30 30 7169
AEGON RELIGARE – ITERM PLAN 22-11-2012 5300000 (+ 3144000 In case of Accident) = 8444000 Annual 46 46 7147

Now I m in confusion when I will discontinue them the below are my queries

1. is it the Good decision to discontinue all the three or should i keep any of the three policies, provided they are good and fruitful.

2. What will be the amount when i will discontinue them and want to know the process for discontinuing them, i mean is there any communication needs to be given to LIC.

3. Since my LIC policies are registered online, i have also checked the Vetted bonus, really want to know what this bonus is about. Please throw some light on this.

4. Since i have not invested in any MF other than ELSS for almost 1 lac since 2007 (For tax saving), Need your guidance and help to start with investing in MF.
Also checked your other forums and the best suggestions given is to go through the basics of MF and then starting Investing, I’m still in Learning curve of MF.

Kindly revert.
Regards,
Sandeep

3 replies on this article “Need your suggestions on LIC policies – Jeevan Anand, Jeevan Sathi, Jeevan Saral”

  1. ashalanshu says:

    Dear Sandeep, if policy is running normal and you survive the policy term, you ‘ll get the bonus. If you are opting to surrender now, there ‘ll not be any bonus at term completion as policy is already surrendered.

    thanks

    Ashal

  2. ashalanshu says:

    Dear Sandeep, let me try to answer your queries.

    1. Dump all.

    2. Write a surrender letter for all policies, attach the policy bond and contact the LIC office for needful work. You ‘ll get your money in next 1 month or so.

    3. Since my LIC policies are registered online, i have also checked the Vetted bonus, really want to know what this bonus is about. Please throw some light on this. This is the bonus based upon your original sum assured and is available to pay out in case of death claim but not available in full if you surrender.

    4. Please invest in Franklin India Bluechip and Quantum Long Term. Eq. fund.

    Thanks

    Ashal

    1. SANDEEP JAIN says:

      Hi Ashal,

      Thanks for your reply.

      Just one more small query, What in case my death will not happened in the policy term period.

      Still i m eligible for this bonus?

      Please revert.

      Regards,
      Sandeep.

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