POSTED BY April 9, 2012 12:19 am COMMENTS (8)ON
I have a small doubt. I had taken an LIC money back policy.
Term 20 yrs. SA is Rs.5,00,000/-. Money back of Rs.1,00,000/- on 5th,10th and 15th year and remaining SA and bonus on 20th year.
Payment is Rs.8069/- per quarter i.e. Rs.32276/- per year. I started paying in September 2010 and have made 6 or 7 quarterly payments i.e around Rs.50000/-.
Recently I read in Jago Investor that money back and other policies are not good and ‘term plans’ are the good ones.
However, my doubt is having made this much payment in my policy, what is the best course of action that I can take now.
1. Should I surrender my policy?
2. Should I make my policy paid-up?
3. SHould i wait till 5th year to get Rs.1,00,000/- and then make policy surrender/paid-up?
4. Should I continue with my policy as usual?
Your advice will be highly apreciated..