Hello everyone,
My dad purchased LIC Money Back Policy (Term:20 Yrs, Cover: 1Lakh, Premium:6310.00 Rs, Money back: 20K @ every 5 yrs), long ago when I was 18. This coming Feb 10th Premium is due. As I am now considering a pure term plan from two private players, I want to quit the Current LIC MB Policy.
I have two Options:
1. I don’t pay premium for current year and quit. (next 20K is due next year)
2. I pay 6310.00 this year, take 20K next Jan and then surrender.
What option should be considered as wise decision?
Also, I wanted to that, Am I eligible for any surrender amount, If I opt to quit the policy?
Thanks,
Viral