Hi, I am Karthik, an IT professional who misled by an SBI agent, bought a SBI Life – Shubh Nivesh endowment plan for a term of 10 years paying monthly premium of 3.5K (40K/ annum). My need was to make an investment for future which also exempts income tax. I was totally ignorant about endowment plan that while buying this policy, the agent promised me 10% interest. Even though my need was for only long term investment and not life cover (since I already have a term insurance cover) I invested in this policy and paid the premium for a almost a year i.e. 40,000. Now I am thinking of
1.Whether to leave the policy without paying further,
2.Making it paid up and leave so that I’ll at least get some amount after 10 year maturity or
3.Continue with the policy as I have already paid around 40K.
Please find below the policy details and suggest me a better option
Policy details:
Yearly premium: 42600
Sum assured: 360000 (after 10 years)
Bonus as on date (after one year) : 10000 (after one year)
As per the current bonus after 10 years I’ll be getting : SA + Bonus : 360000 + 100000 (for 10 years) = 460000