should we surrender our jeevan anand policy before paying our next premium? which one to keep amongst the two?

POSTED BY mrs. dmello ON August 28, 2012 12:21 pm COMMENTS (4)

Hello sir,

need your expert opinion on which jeevan anand policy to discontinue at the earliest and the loss on surrendering-

husbands policy @ age 35 – jeevan anand- start date 23 november 2009- maturity date 23 november 2030, sum assured-15 lacs- premium-82,524

my (housewife) policy @age 30- jeevan anand- start date 26 november 2009- maturity date 26 november 2030, sum assured 10 lacs- premium- 51,510

 

i dont understand as to why the agent sold a policy to be taken on my name?? premium will be due for november 2012, please help me at the earliest. how much loss will be incurred while surrendering?

thanks and best regards

mrs. dmello

mumbai

 

4 replies on this article “should we surrender our jeevan anand policy before paying our next premium? which one to keep amongst the two?”

  1. mrs. dmello says:

    thank you sir.

  2. mrs. dmello says:

    thank you sir for ur valuable reply. will do accordingly.

    sir, could you please suggest which term plan is the best of the lot, recently we acquired a loan liability of 35000 per month…we are not looking at tax benefits, purely cover for disabilites/accident/death and security for nominee.

    want (non-online) term plans from companies who dont have any hidden print while settling claims. my husband has to go for his projects at sea too, do these companies who are floating around besides lic cover the individual if he loses his life at sea and do they cover disabilities, i read somewhere on this website that a person who had taken aviva has not been covered by the company for any disabilites and also that they increase the premium at their will after the medical examination..

    we do not want to go to BIG DADDY EVER AGAIN! 😉

    considering the future inflation rate what amount life cover would you suggest? my husband is a smoker too.

    Thanks n Best regards
    mrs dmello

    1. Dear Mrs. Dmello, considering the facts that your husband is a smoker & his job profile includes sea faring, his life does not fall in normal category & accordingly the prem. for his life insurance ‘ll be higher than normal one.

      Please check for following offline plans.

      SBI
      Kotak
      ICICI
      Metlife
      HDFC

      At the time of application, please ask your husband to provide each detail honestly. For example if he drinks , mention so. If he suffering with any illness, right now, declare it in advance to the insurer.

      Regarding how much cover ‘ll be enough, well a simple way is 15 times of yly income + loan liabilities if any?

      Thanks

      Ashal

  3. Dear Mrs. dmello, Please ask your husband to purchase a Term plan of at least 15 times of his yly income + any loan liability. Do it now & do it urgent.

    Once husband’s term plan is done, please surrender both these policies. The surrender amount ‘ll be very less (for actual amount please contact LIC) but you people ‘ll save a lot of money by not continuing it.

    Thanks

    Ashal

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