Should I surrender my couple of LIC policies? Need suggestions

POSTED BY jay_79 ON September 21, 2014 10:40 pm NO COMMENTS

After ready Jagoninvestor and other financial blogs I realized that I have done mistake by taking so many LIC policies. Now I would like to correct my mistakes with the help of Jagoinvestor Forum members suggestions. I have already taken term sufficient insurance.

I have following LIC policies

  1. LIC Samridhu Plus: Started in April 2011. Premium amount is Rs. 2000 per month. Last premium date is March 2016.
  2. LIC Jeevan Saral: Started in Arp 2011. Premium amount is Rs. 1000 per month. Last premium date is March 2046.
  3. LIC Jeevan Saral: Started in Feb 2009. Premium amount is Rs. 1000 per month. Last premium date is March 2044.
  4. LIC Market Plus I:  Started in Aug 2010. Premium amount is Rs. 1000 per month. Last premium date is Jul 2030.
  5. LIC Wealth Plus: Started in Mar 2010. Single Premium of Rs, 40,000. Maturity date Mar 2018.
  6. LIC Jeevan Aastha:  Started in Jan 2009. Single Premium of Rs.  24,810. Maturity date Jan 2019.
  7. Couple of money back policies.

Please guide/suggest me

  1. Should I surrender LIC Jeevan Saral?
  2. Should I surrender LIC Samridhi Plus? Is this amount taxable?
  3. Should I surrender LIC Market Plus I? Is this amount taxable?
  4. Should I surrender single premium policies also?

Thanks in advance.

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