surrender of Jeevan Saral

POSTED BY Ramesh Vunna ON July 17, 2013 6:12 pm COMMENTS (5)

Hi everybody,

I bought LIC jeevan saral policy on 28-Nov-2010 and I’m 29 years old. The annual premium is Rs.18376 and the term is 15 years. After reading many articles about term vs. endowment policy, I’m planning to stop the policy by either surrender or paid up. But, I’m not sure of the minimum payment years for paid up/surrender. I’m also not aware of the amounts I get.It would be helpful if any one can give the approx figure with calculations.

Thanks,
Ramesh

5 replies on this article “surrender of Jeevan Saral”

  1. Ramesh Vunna says:

    Hi,

    Is the best way to pay till 3 years and make paid up or continue till 5 years and surrender the policy?

    Also, Since I missed my payments can I pay the total due amount now?

    Thanks.

  2. Abhishek Sanghi says:

    If u stop paying premium after 3 years and wait till maturity period i,e., 15 years in your case than ur policy will become paid up automatically. And u will get accrued bonus + {Sum Assured * (Total nos. of premium paid/Total nos. of premium remains to pay till maturity)

  3. Here is the surrender/paid-up value calculator.
    http://freefincal.com/insurance-calculators/insurance-policy-surrender-value-paid-up-value-calculator/

    I suggest you make it paid-up after paying the premium this Nov. (three years after policy inception) and invest the premium amt in accordance with your goals.

    1. Ramesh Vunna says:

      Thanks for the reply.

      Can you please explain the difference between paid up and surrender? I’m actually confused between these two.

      Also, I’ve already missed my premium payments since february’13 (due was 28th feb’13). Is there a way I can continue paying till 3years?

      1. If you miss premium then surrender/paid up maybe applicable after 3 continuous payment only. You will have to check with the insurer.

        Reg. difference bet the two. Read

        http://freefincal.com/2013/02/02/insurance-policy-surrender-value-paid-up-value-calculator/

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