Want to close LIC Jeevan Anand Policy and buy term plan

POSTED BY kmanoj1012 ON February 16, 2014 4:46 pm COMMENTS (5)

Hi,

I am 30 year old and had bought Jeevan Anand Policy in 2010 with tenure of 21 years, Coverage of around Rs. 10 Lacs and premium amount 50,104. I have already made four premium payments for this policy but now I want to close this policy and go for some term policy with higher coverage (around 50 Lacs).

Could you please let me know how much would be the surrender value if I close it now. Also, Will I be getting the proportionate coverage for the premiums I have already paid for rest of the tenure of the policy? (e.g. 10 lacs * 4 / 21 ~ 2 lacs).

Could you please also help us decide which term policy I should go with?

Thanks,

Manoj Kumar

5 replies on this article “Want to close LIC Jeevan Anand Policy and buy term plan”

  1. ashalanshu says:

    Dear Manoj, you can get the surrender and paid value over phone also from LIC’s IVRS.

    Thanks

    Ashal

  2. kmanoj1012 says:

    Hi Rajkanwar,

    Thanks for taking time to reply to my query.

    Could you please confirm why would they charge penalty/fine? In fact, they should pay my already paid premiums back after some deductions..right?

    I checked the link and I am still exploring the term policy for myself

    Thanks,
    Manoj

  3. rajkanwar321 says:

    Yes, you can surrender the policy; though you need to pay some charges. Also if you want to go for higher coverage I would suggest checking with Birla Sun Life term plan. For your reference; here’s a link

    http://insurance.birlasunlife.com/Pages/Individual/Our-Solutions/Protection-PlanDetails.aspx?PlanViewMode=ProductVariation4&PlanID=28

    You can search and compare couple more before making final decision.

  4. ashalanshu says:

    Dear Manoj, yes you can opt for reduced coverage with the already paid prem. To get surrender value, please contact LIC branch office. In my personal opinion, first purchase a large term cover of at least 15 times of your yly income and after that surrender this policy.

    Thanks

    Ashal

    1. kmanoj1012 says:

      Hi Ashalanshu

      Thanks for your suggestions.

      I will check it with LIC office but I find them so reluctant in dealing with these issues. Anyway, will have to visit some branch as I am not in touch with the person I bought this policy from. Will update here about their response.

      Do you have any clue if this partial coverage concept actually exists? Could you please let me know if there is some policy book which contains the details (Terms and conditions etc.) of the policy.

      Thanks a ton!
      Manoj

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