Hi Sir,

Thanks for the wonderful book “How to be Your Own Financial Planner in 10 Steps: Master Your Financial Life 2”.

And i have taken term insurance policy of 1cr for my family. Also have LIC Jeevan Anand policy and the details as follows

Policy Term:  18 Years

Premium Per Year: Rs: 64,000

Sum Assured: Rs: 10,10,000 Lac

Bonus : Rs: 7,00,000 Lac

Other Bonus: Rs: 2,00,000 Lac

Life Risk Cover: Rs: 10,00,000

Total Amount: Rs: 19,10,000 Lac (after maturity)

Additional Amount: Rs: 10,00,000 Lac (After maturity + in case of death)

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Premium Paid: Rs: 1,28,000 Lac (for past 2 years)

Vested Bonus: Rs: 87,870

Total Amount till now: Rs: 2,15,870 Lac

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If i go for:

1. Surrender the policy then i have to pay premium for another 1 year that is Rs: 64,00,00

After 3 years my surrender value somewhere around  Rs: 50,000.

2. Paid up policy then i have to pay premium for another 1 year that is Rs: 64,00,00

After 3 years i will stop paying premium but i get money after 15 years and that time i will get amount: 3 Years Premium + Bonus =  Rs: 1,92,00 + Bonus = i don’t know exact figure.

3. Forget the policy and bear with the loss and start investing in SIP or MF.

4. Continue the policy.

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By considering my current situation what i have to do?

Please provide the your valuable advice on whether to go for Surrender policy, Paid up policy, continue the policy or just forget the policy and move head.

Thanks & regards,

Girish