Hi Manish,
I need some help on My LIC Policy – Its a Money Back Policy ( 6 Lakhs)
I am paying the LIC amount per year: 38080 (Policy Started on 28 May 2005)
I have taken this around 8 Years Back without knowing anything about this Product fully.
I got 1.2 Lakh Money in 2009 Year As per the Policy.
I have taken a loan of 86K(Last June-2012) from that Policy. I have paid Interst of 4K for this loan also.
Recently after your Articles..when I check with the LIC Agent, then that guy is saying that its a stupid policy and you wont get much returns also.
When I ask for the Closure then the Agent is saying that i will get only 48K.
If I pay another three Installments (19040*3) then again I will get another 1.2 Lakh mostly in Next Year.
Can you Please suggest me how can I go forward. whether I Can close this policy now? or continue upto the next year then Surrender in 2014. which one will be better. Can you please guide me on this. Thanks in advance.
Thanks,
Allavali P