-
-
-
Services
-
-
-
More
-
POSTED BY ON December 11, 2013 9:07 pm COMMENTS (3)
Dear Manish,
I want to take your suggestions/ opinion on the below policies of LIC. Want to check whether should i continue or shall i stop these. Since taking into consideration the high premium and less coverage than Pure Term insurance policies. If not to continue these policies, what will be better options available in the market and which policy shall i opt. Also not much info on Term “Vested bonus”. Since these policies had been taken from Agent with out much knowledge about the product.
My current Status:
My current age is 30 years and my wife is 26, i have a baby with 3.5 yrs. My father are still earning and not dependant on me, both my mother and my wife are housewife.
Policies currently with me:
|
Name of the policy
|
Sum Assured
|
Commencement Date
|
Policy Term
|
Premium
|
Policy Term
|
Premium Payment Term
|
Vested Bonus
|
|
Jeevan Anand
|
200000
|
28-12-2007
|
75
|
10369
|
5
|
1
|
45800
|
|
Jeevan Sathi
|
200000
|
28-12-2007
|
25
|
8565
|
75
|
21
|
48000
|
|
Jeevan Saral
|
375000
|
24-12-2009
|
21
|
18015
|
25
|
25
|
0
|
|
SBI – Swadhan
|
50000
|
02-07-2012
|
562
|
Last year, i have opted for E-term policies from Aegon and HDFC with below details.
|
Name of the policy
|
Sum Assured
|
Commencement Date
|
Policy Term
|
Premium
|
|
HDFC LIFE – CLICK 2 PROTECT
|
5500000
|
24-11-2012
|
30
|
7169
|
|
AEGON RELIGARE – ITERM PLAN
|
5300000 (+ 3144000 In case of Accident) = 8444000
|
22-11-2012
|
46
|
7147
|
Please guide me.
Regards,
Sandeep.
2021 © Jagoinvestor.com All Right Reserved
Dear Sandeep, the decision is very easy. Just check how much term is remaining in each LIC policy. Now do calculate can you recover your losses and get some positive return if you invest the surrender amount into a safe product like PPF or bank FDs?
Regarding SBI Swadhan, you need to contact SBI life for delinking of auto debit.
Thanks
Ashal
Hi Ashal,
Thanks for your reply, Yes i would like to restructure my Insurance portfolio, as i see there is not much i can get it in case of LIC policies, as like other all have been bought with out much knowledge about the product. though i m literate but while investing myself acted like an totally illliterate :(. But as long as i m understanding Personal finance in my life now, i m learning the leasons myself. (Thanks to you guys, I understand Personal Finance only from Jagoinvestor and still keep learning)
Regarding SBI – Swadhan, It was Linked while opening a new Savings accounts @ SBI and also premium was linked as Auto Debit every Year. Just also want to know the process how to delink this Policy with my savings account and i want to stop the policy as well.
I have enquired in LIC office regarding my Existing policies and its surrender value, I m getting back only 60% of my premium and am not feeling happy for this 🙁 .
I m now in a very crtical stage whether to surrender these or not ?.
Please help me in taking the right decision.
Regards,
Sandeep
Dear Sandeep, why did you opt SBI Swadhan? Are you ready for major restructuring of your insurance portfolio? Can you digest the loss in terms of money which ‘ll be there with you intially if you opt to surrender few or all policies (old policies not the term covers)?
Thanks
Ashal