POSTED BY November 13, 2013 9:10 am COMMENTS (4)
ONLast year one of my Lic policy matured and I decided to put the maturity amount in another policy. So I decided to take a 10 lakh, 10 year jeevan Tarang policy with 70k as annual premium. I now think it may have made a mistake and am thinking of discontinuing it And cut my losses.
Is it the right decision. Grateful for your advise.
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Dear tilshang, cut back your losses by dumping the policy now.
thanks
Ashal
Depends at which point you are at ? If you have just paid 1 premium , I would suggest cut out on losses . But please mention how many premiums have you paid ?
Manish
I have paid only 1 premium till date and my LIC agent has been after me to make the payment for this year. I had nearly decided to forego this policy but had a doubt and decided to ask here..
I think you need to pay minimum 3 premiums before leaving the policy lapses. Manish has posted very good article on this.
http://jagoinvestor.dev.diginnovators.site/2009/10/what-to-get-rid-of-your-junk-insurance.html