LIC policy surrender.

[Ajit4693]

I am planning to surrender my LIC insurance policy (jeevan lakshay). I pay monthly 8000, and I started it in November 2022. Just wanted to know the surrender value calculation and suggestions if it is good to close now.?

 

[zacobite]

I am planning to surrender my LIC insurance policy (jeevan lakshay). I pay monthly 8000, and I started it in November 2022. Just wanted to know the surrender value calculation and suggestions if it is good to close now.?

too early.. u will lose lots of money.. calculation you can check with LIC or online on LIC portal

 

[Sailesh Ivaturi]

NO, not a good time to surrender your insurance plan. I suggest at least five years before cancelling any insurance policy in LIC for a decent return on investment.

 

[amitaries17]

I am planning to surrender my LIC insurance policy (jeevan lakshay). I pay monthly 8000, and I started it in November 2022. Just wanted to know the surrender value calculation and suggestions if it is good to close now.?

Surrender is always a loss. You may refer to benefit illustration chart in your policy bond. Jeevan lakshya is a non-linked,participating, individual life insurance saving plan. You may get surrender value as 30% of paid premium. It's better to pay for 3 years continuous without any break (restatement) to enjoy paid-up benefits (reduced coverage amount). For more info, pls dm.

 

[vineetrathor57]

Surrender is always a loss. You may refer to benefit illustration chart in your policy bond. Jeevan lakshya is a non-linked,participating, individual life insurance saving plan. You may get surrender value as 30% of paid premium. It's better to pay for 3 years continuous without any break (restatement) to enjoy paid-up benefits (reduced coverage amount). For more info, pls dm.

Hi ,
Recently irdai announced some rules regarding surrender value , to give around 75%
Of premium paid annually, something like this ,
Will this not be aplied to these policies ??
I also have jeevan anand policy from past 3 years and am thinking to surrender as well

 

[sayandeb]

LICI vs MFs @zacobite https://bekifaayati.co/conversations/lici-vs-mfs.403/

Please check this and tell me whether I should stop those LIC or not ?

 

[zacobite]

LICI vs MFs @zacobite https://bekifaayati.co/conversations/lici-vs-mfs.403/

Please check this and tell me whether I should stop those LIC or not ?

if u have an alternative pls do what u feel is right with the upfront loss.. lic policy is lowest IRR and return.. if u cancel then allocate that money to another investment and buy term plan

 

[sayandeb]

if u have an alternative pls do what u feel is right with the upfront loss.. lic policy is lowest IRR and return.. if u cancel then allocate that money to another investment and buy term plan

I can't get a term insurance for my mother as she is not salaried or self employed. But I found that I can stop giving premium of those LIC policy's and in maturity time I will get the benifit on the paid premium.

And due to the reason of not getting a term plan from any insurance I was founding something else, and found LIC Tech Term policy, it gives a option to give ITR as a document, so I'm thinking to get a 1Cr. policy for my mother in this policy But still the premium is on higher side (₹3400/month).