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POSTED BY ON December 3, 2012 2:15 pm COMMENTS (9)
Dear manish,
Seek your valuable advise on the following:
I have bought Komal Jeevan policy for sum assured of INR 3 lakhs in Nov’08 – with a yearly premium of 22500/- to be paid for 18yrs. I also bought two(02) Jeevan Anand policies for sum assured of INR 2 lakhs each in Dec’08 in my name & my spouse name – with a yearly premium of 10000/- for each policy to be payable for 21yrs.
Now I realised that investing around INR 42500/ year towards policies which yield very low returns makes no sense. I paid four premiums (2008,2009,2010,2011) for all the three policies.
I intend to discountinue now , whether it would be better to surrender the policies and take the amount they pay me (or) wait till the completion of the term without paying any further premiums and collect the money + bonus(if any) for the premiums paid by me at the end of tenure of the policies.
Please advise.
Regards
M Prasad
2021 © Jagoinvestor.com All Right Reserved
I have komal jeevan policy and i paid total 4 premiums including first premium of Rs. 30082/-
Now i want to surrender.
Please tell.me how much % i get of policy amount?
What is surrender rules or can i get loan on this policy?
Hi Hitesh
The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information
Manish
Kindy assist if I should surrender the following policies since I am going for Term insurance and Health insurance as well
Sr No Policy No Type of Policy Sum Assured Commencement Date Yearly premium Period (yrs)
1 890654030 Money Back 50,000 21-04-1999 3,105 20
2 892934319 Money Back 2,00,000 01-04-2006 12,742 20
3 894377275 Jeevan Saral 7,50,000 15-04-2010 36,390 15
4 925981102 Endowment Plus 5,40,000 19-07-2011 24,000 20
Stop paying premiums and surrender the policy. If you are investing in a product which gives you 5-6% annualised returns and you have another product which offers you higher returns will you think about switching over? The logic is the same for all policies.
As said before you need to have enough life insurance before doing this.
I feel cheated after buying Jeevan Anand policy. Should I surrender now or later? Or should I make it paid up? Below are the details:
Start year : 2010
Premium Paid: 8625+16977+16977=42579
Sum Assured: 5L
Term: 27 years
I am very much confused. Any help will be appreciated 🙂
:”any new term policy does come into force only after three year”
This is incorrectly worded. It will come under scrutiny as you have said that is all. If genuine claim has to be paid.
This is the situation for everyone not just someone who has closed a policy.
Note that any new term policy does come into force only after three years. Otherwise, it will be considered early claim, and lots of scrutiny. It would be wise to continue LIC policies for three years, after which you can paid them up. Or, drop them now and take some risk of no insurance for three year period.
Even, if you paid them up you will get less returns after maturity. If you surrender you may get max of 60%. One thing, you can avail low interest loan on the premium paid to LIC, and use that in high return instrument till next three years to keep the policy in force. After three years, you can drop LIC, and continue with term plan.
It is advised to go for online term polity as the charges are less and medical tests will be mandatory. Better to go for two term policies of 50 lac each from different companies. You can drop costly (few factors to be considered) policy at later stage in life.
Yes I have taken term policy for INR 50 lakhs from HDFC life.
first you need to make sure you have enough term life insurance. Then and only then you consider surrendering your policies get the amount and invest in better instruments elsewhere.
You can make the policies paid up and wait for the maturity amount but I think if you take the surrender amount and invest it wisely you can easily make more than the maturity amt.
surrendering has the advantage it unclutters your financial life