POSTED BY September 12, 2013 5:46 pm COMMENTS (4)ON
I am 27 years Old, Unmarried and bought a LIC Jeevan Anand Policy Last year. Here are more details
SA:2 Lakh Rs
Term: 22 Years
Number of Premiums paid: 1
The 2nd Premium is due on this month i.e Sep 22, 2013.
After going through many of your articles, I am planning to stop paying premiums for LIC Jeevan Anand Policy and buy a online HDFC Term Insurance Plan for the same premium for which I will get S.A around 1Crore.
I don’t have any other Insurance cover other than Jeevan Anand. Please let me know if I am taking the Right Step and also if my policy will be eligible for PAID-UP Insurance Cover if I stop paying premiums.
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4 replies on this article “Stop paying premiums for LIC Jeevan Anand Policy”
Dear Vijay, as there is no surrender value, you may stop paying prem. here on wards.
Thanks Ashal and Mustafizur for the suggestions.
I am not expecting any money back. Should I surrender this policy by going to LIC Office? or by simply stopping paying the premium will help?
Dear Vijay, Please stop the policy right now. Purchase the HDFC cover. You ‘ll not get any money back by making the policy paid up.
If you don’t have a term plan yet & your premium due is only 22nd Sept, I would suggest it is better to pay one more premium, get your term plan done & then surrender.
AFAIK, for Jeevan anand, if you are surrendering after 1 years, you would not get any return, because the clause says 30% of premium excluding 1st year premium(I might be wrong, check your policy wording). So, assuming you are going to waste 10k more, just pay the 2nd premium & get out of it. At time, getting term plan finalised might take time (& you should not do it in hurry).