Please help me correct my financial blunder – Need advice

POSTED BY coolkp119 ON December 24, 2013 10:11 am COMMENTS (2)

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.

2 replies on this article “Please help me correct my financial blunder – Need advice”

  1. rahul123 says:

    Why you are mentioning your real name in public forum? It is very dangerous

  2. Manish awasthi says:

    will u be oky if u surrender policy now and LIC dont pay any amount to u on surrender? Check how much is surrendable amount on ur Jeevan anand policy then u will be in a better situation to take decison whether to surrender or not

    I believe there is some grace period before policy come into effect and u can cancel it i work on a Insurance project and they had grace period of 15 days .One can cancel its policy during this period an only admin charges are deducted..so call LIC and check if this option is there.

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