Hi Manish

I have been a big fan of you. Love your articles on Jagoinvestor. Appreciate your efforts for creating a financial awareness among the common people.

Now coming to the point , even though being a avid reader of your articles i have made a financial blunder and need your valuable advice on this .

Due to pressure from my cousin brother who is an LIC agent i took up a Jeevan Anand Policy of yearly premium of Rs 39191.00 for a policy term of 21 years last month.In fact I didn’t even know what is the assured and maturity amount i would be getting at the end.

But i have been doing a bit of research over internet which made me realize about the blunder i have made.I could have easily invested 1/4th of the amount in Term Insurance and the other in some profitable investment plan.

Now need your advise on the below questions

a)Do I need to continue with the plan ?
b)Do I need to surrender the policy immediately or pay the premium for few more years and then surrender ?

Just to give you a financial background of myself

Current Investment Plans :

i)Two RD’s of Rs 1000 and Rs 1200 with 5 years and 3 years of maturity respectively
ii) HDFC TOP 200 – SIP of Rs 3000 monthly
iii) HDFC TAX SAVER – SIP of Rs 1500 monthly

Maritial Status : Single

Would really be grateful to you if you can share your opinion and advise me the way forward.