Termination of the LIC Policy – But loosing 30% of the money paid ?

POSTED BY vijayonline2008 ON December 14, 2013 3:23 pm COMMENTS (4)

I have two policies Lic Jeevan Tarang and New Janaraksha Plan with Profits and i’am closing these policies. LIC jeevan TArang i have paid premium for 6 Years and New Janaraksha Plan paid for 3.5 Years.  
Upon Enquiring with LIC I came to know that i will loss 30% amount paid on LIC Jeevan tarang and 45 % on Janaraksha. Is there any way to retrieve this amount. Is there any policy change coming up in this regards with policy termination in next month.

4 replies on this article “Termination of the LIC Policy – But loosing 30% of the money paid ?”

  1. swapnil.kendhe100 says:
    December 17, 2013 at 5:36 pm

    if policy maturity date is more than 15 years ahead, then getting surrender value is better option.

    Thanks,
    Swapnil

    Reply
  2. Viren Phansalkar says:
    December 17, 2013 at 1:25 pm

    @Raghavendra:
    Agreed that by doing paid up, we would get all the ‘invested’ money back (after policy term). However, what about PV and FV of the money?
    I preferred surrendering it and taking my money with whatever deduction happens…
    This is my perception and you may differ…

    Reply
  3. Raghavendra says:
    December 16, 2013 at 2:02 pm

    Please check this URL – http://licinsurancereview.blogspot.com/2013/03/how-to-calculate-surrender-value-of-lic.html

    Here it is suggested to make the policy ‘paid up’ by stop making payments and keep it in force till the maturity period so that we won’t lose much money instead of surrendering the policy.

    Reply
  4. swapnil.kendhe100 says:
    December 14, 2013 at 8:39 pm

    Dear Vijay,

    What are the premium paying terms of these two policies?

    Thanks,
    Swapnil

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.