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