Stopping premium payment of LIC Endowment policies.

POSTED BY Deepa Balwally ON December 9, 2012 12:21 am COMMENTS (3)

Hello Manish,

I have a question regarding my LIC policies. I have purchased different endowment policies and it is been more than 6 years. I cannot pay the premiums anymore as it is a qly premium of 23241. I would like to know the best way out. I do not wish to continue the policy but don’t want to lose the money as well. It is a significant amount and at present I’m not getting paid a lot.

Thanks & Regards,

Deepa.

3 replies on this article “Stopping premium payment of LIC Endowment policies.”

  1. Manish Chauhan says:
    December 12, 2012 at 4:04 pm

    Deepa

    You cant get both the things .. you need to take a loss if you want to surrender it . If you make it paid up , you will get your premiums at the end of the policy maturity

    Reply
  2. Dominic Prakash says:
    December 10, 2012 at 5:39 pm

    Deepa: Talk to your agent or go to a nearby LIC office and submit the policy surrender form. You might not lose any money nor see any gain. It is worth it.

    Reply
  3. Free Financial Calculators says:
    December 9, 2012 at 5:59 am

    Before you decide you need to get you financial life in order

    get enough emergency fund,, get enough life insurance, list down your goals, make a budget, find out you can save per month, quarter, year

    Then you need to ask yourself if you need these policies or wish to save through other avenues like MFs, PPF etc.

    Only then should stop pay the premiums (one by one) and take the maturity amt and invest elsewhere.

    in short in your case the lic policies are not the problem.
    ” I cannot pay the premiums anymore as it is a qly premium of 23241.”
    is the problem. Address this and the rest can be taken care of easily

    Reply

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