I have a LIC Policy (Table No 14) for SI Rs. 500,000 which was bought by my father 11 years back, the duration of the policy is 30 years (19 more years to go, I am currently servicing my 12th year premiums). The policy have accumulated Rs. 290500 as bonus & I am paying Rs. 15076 as premium annually (paid in 4 installments).
I have also availed a loan of Rs. 56000 4 years back and the current outstanding is about 85000 Rs.
I have checked with LIC on this and came to know that the Surrender Value is Rs. 125000 & Paid Up Value is Rs. 187500 if I wish to discontinue this policy.
Right now I am 26 years old.
Could you guys suggest what I should do with this policy? Should I surrender or make it paid up or continue with so that it can serve as part of my debt protfolio?