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POSTED BY ON December 30, 2012 7:35 pm ONE COMMENT
I have a SBI Life – Smart Performer policy. I have paid a premium of 50,000 once so far…and then stopped paying for it since the value has come down considerably…36,000. Now i am confused as to what to do with it. Any suggestions are welcome. Thanks.
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Whether you stop paying premiums or surrender the policy this 36 K will earn 3.5% interest in a discontinued account for 5 years and given to you (basically peanuts)
You could surrender now or just before next premium due date and hope for some appreciation. But these policies being highest NAV only would likely invest in very little equity. So the chances of 36K appreciation to 50K at least is small.
You main goal is to get out of the bad product. That is stop paying further premiums. So whether you surrender or stop paying and when you do should not make a big difference to this 36 K.
So get out of this either way and invest future premiums in good mutual funds depending upon your goal.
Please get enough life insurance asap before stopping premiums or surrendering since this the life cover will lapse for both surrender or stop premium options