Should I surrender the Jeevan Mitra Triple Cover Policy ?

POSTED BY investor ON March 4, 2014 3:03 pm COMMENTS (3)

I have an endowment policy (Jeevan Mitra triple cover , sum assured Rs. 400000) taken in feb 2012. I have paid five half yearly premium of Rs. 10960. policy term is 21 years.

Now I want to take a term plan of Rs. 25 lacs. Should I surrender the endowment policy or continue with the same as it delivers very low returns.

3 replies on this article “Should I surrender the Jeevan Mitra Triple Cover Policy ?”

  1. ashalanshu says:

    Dear Lkgoyal, please opt what is suitable to you as per your own calculation. if you feel continuing this policy is good, please continue.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear LKgoyal, why do you want to continue with this low return (actually loss making) policy?

    Thanks

    Ashal

    1. lkgoyal2006@rediffmail.com says:

      Dear Ashal,
      Thanks for reply.I am considering continuation of this policy because at this point of time, its surrender value is nil due to non completion of 3 years.
      So , all the money paid till now has sunk.

      As per my calculation in present scenario, if I invested same money every year in PPF+term plan since now, then also, return comes equal to maturity value of this policy.(pls. correct me if my estimation is going to be incorrect)

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