Stop paying premiums for LIC Jeevan Anand Policy

POSTED BY vijay1986 ON September 12, 2013 5:46 pm COMMENTS (4)

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.

4 replies on this article “Stop paying premiums for LIC Jeevan Anand Policy”

  1. ashalanshu says:

    Dear Vijay, as there is no surrender value, you may stop paying prem. here on wards.



  2. vijay1986 says:

    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?

  3. ashalanshu says:

    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.



  4. Mustafizur Rahaman says:

    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).

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