hi manish,
recently i read ur old article – ‘why one should not buy endowment policies?’ then i realised i did a mistake buying endowment policies under retirement plan. i have started the policies for me and my wife, 11.5 lacs and 5 lacs respectively in 2008, i have already paid 4 premiums. on 15-03-2012 is due for 5th premium.
policy details are as follows:
Policy name-start Date-Table & term-SA-Premium-Date of last payment-Date of maturity
Limited Pay whole life-15-03-2008-005-52-150000-4266-15-03-2032 –
Limited Pay whole life-15-03-2008-005-52-150000-4266-15-03-2032
Endowment with profit-15-03-2008-014-25-50000-2166-15-03-2032-15-03-2033
Endowment with profit-15-03-2008-014-26-50000-1941-15-03-2033-15-03-2034
Endowment with profit-15-03-2008-014-27-50000-1871-15-03-2034-15-03-2035
Endowment with profit-15-03-2008-014-28-50000-1806-15-03-2035-15-03-2036
Endowment with profit-15-03-2008-014-29-50000-1745-15-03-2036-15-03-2037
Endowment with profit-15-03-2008-014-30-50000-1689-15-03-2037-15-03-2038
Endowment with profit-15-03-2008-014-31-50000-1643-15-03-2038-15-03-2039
Endowment with profit-15-03-2008-014-32-50000-1600-15-03-2039-15-03-2040
Endowment with profit-15-03-2008-014-33-50000-1558-15-03-2040-15-03-2041
Endowment with profit-15-03-2008-014-34-50000-1522-15-03-2041-15-03-2042
Endowment with profit-15-03-2008-014-35-50000-1488-15-03-2042-15-03-2043
Endowment with profit-15-03-2008-014-36-50000-1456-15-03-2043-15-03-2044
Endowment with profit-15-03-2008-014-37-50000-1427-15-03-2044-15-03-2045
Endowment with profit-15-03-2008-014-38-50000-1401-15-03-2045-15-03-2046
Endowment with profit-15-03-2008-014-39-50000-1376-15-03-2046-15-03-2047
Endowment with profit-15-03-2008-014-40-50000-1355-15-03-2047-15-03-2048
Endowment with profit-15-03-2008-014-41-50000-1335-15-03-2048-15-03-2049
total-150000-35911
spouse
Limited pay whole life-14-03-2008-005-52-100000-2944-14-03-2032
Limited pay whole life-14-03-2008-005-52-100000-2944-14-03-2032
Endowment with profit-14-03-2008-014-42-50000-1316-14-03-2049-14-03-2050
Endowment with profit-14-03-2008-014-43-50000-1301-14-03-2050-14-03-2051
Endowment with profit-14-03-2008-014-44-50000-1287-14-03-2051-14-03-2052
Endowment with profit-14-03-2008-014-45-50000-1272-14-03-2052-14-03-2053
Endowment with profit-14-03-2008-014-46-50000-1260-14-03-2053-14-03-2054
Endowment with profit-14-03-2008-014-47-50000-1250-14-03-2054-14-03-2055
500000 13574
in 2009 i started jeevan saral for my wife of 5 lacs SA.
jeevan saral-24-11-2009-165-35-125000-3032-24-05-2044-24-11-2044-253650
jeevan saral-24-11-2009-165-35-125000-3032-24-05-2044-24-11-2044-253650
jeevan saral-24-11-2009-165-35-125000-3032-24-05-2044-24-11-2044-253650
jeevan saral-24-11-2009-165-35-125000-3032-24-05-2044-24-11-2044-253650
total -500000-12128(half yrly) 1014600
i have also sbi life – term insurance of 15 lacs for me.
my questions are:
1-what should i do with this policies?
2-should i surrender them or paid up?
3-for my spouse insurance is required? i m not financially dependent on her..she is teacher and i m a doctor having private practice.
4- should i draw this premium money in ppf or mf?
5- should i raise my cover by having another term policy? how much should it be?
please tell me i m very confused..the due date is coming…what to do?