Should I surrender LIC 20 years money back policy bought by my father ?

POSTED BY Mohit Kalra ON March 22, 2015 11:42 pm COMMENTS (2)

My father bought an LIC moneyback 20 years policy in my name in year 2003. The premium is around 18000 per annum and Cover is just 5 Lacs. I get Rs 60000/- as bonus in 5 years; which started from 2008. I am 25 years old and earning and single. Should I surrender this policy?

2 replies on this article “Should I surrender LIC 20 years money back policy bought by my father ?”

  1. Mohit Kalra says:
    March 30, 2015 at 2:14 pm

    I just checked the documents, the cover is just 3 lacs, sorry to provide the wrong info previously. Also I checked the bonus amount from LIC which is around 1.5 Lacs. Would you still advice to make it paid up after 3rd bonus(2018)?

    Reply
  2. Manish Chauhan says:
    March 22, 2015 at 11:42 pm

    Mohit

    I assume that you have got the 2nd money back installment. I suggest that after getting the 3rd installment in 2018 ,you make it a paid up policy

    Manish

    Reply

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