Jeevan Labh policy taken now thinking of switching the plug

[Pranshu.sh]

Hello Everyone,
This is my first post. So, pls hear me out here.

I took a jeevan labh Lic policy for 25 lacs sum assured. and the total amount will be around 65 lacs including the bonus. I am paying 29k per quatre since 2023.
my brother recently took the same policy but his payment is 15k per quatre and the total amount will be around 35 something.

recently i was watching some videos and also did some calculations and came to a conclusion that it is just money going down the drain.
i have paid around 1.2 lacs and my brother has just paid his first installment.

my mother is the lic agent and these policies were done so to start her agent journey and the lic guy from company said these are the best policies.
I am damn sure after calculations that the croupous after 25 years will be 1.8 cr nearly 3X if the sip is 10k and 12% gain every year basically an index fund.

i don't really understand how to cancel it as the person from lic is not responding properly no response at all.
All the time he used to budge us for policy creation and everything and when i said i want to cancel it he's not helping.

i am at a loss of 1.2 lacs because read somewhere i will not get the money back and my brother also has his first installment done it's been more than a month. Both policy were done offline.

Can you guys pls help me here.

 

[shaistha Anjum]

Hello Everyone,
This is my first post. So, pls hear me out here.

I took a jeevan labh Lic policy for 25 lacs sum assured. and the total amount will be around 65 lacs including the bonus. I am paying 29k per quatre since 2023.
my brother recently took the same policy but his payment is 15k per quatre and the total amount will be around 35 something.

recently i was watching some videos and also did some calculations and came to a conclusion that it is just money going down the drain.
i have paid around 1.2 lacs and my brother has just paid his first installment.

my mother is the lic agent and these policies were done so to start her agent journey and the lic guy from company said these are the best policies.
I am damn sure after calculations that the croupous after 25 years will be 1.8 cr nearly 3X if the sip is 10k and 12% gain every year basically an index fund.

i don't really understand how to cancel it as the person from lic is not responding properly no response at all.
All the time he used to budge us for policy creation and everything and when i said i want to cancel it he's not helping.

i am at a loss of 1.2 lacs because read somewhere i will not get the money back and my brother also has his first installment done it's been more than a month. Both policy were done offline.

Can you guys pls help me here.

I understand your concern. Cancelling a policy can be tricky, especially when the agent isn't being helpful. Here are a few steps you can take:

1. **Review the Policy Terms**: Check your policy document for the cancellation procedure and any penalties involved.

2. **Contact LIC Customer Service**: Try reaching out to LIC's customer service directly. They should be able to guide you through the cancellation process and address any concerns you have.

3. **Send a Written Request**: If you haven't already, send a written request for cancellation to both your LIC agent and LIC's customer service department. This creates a paper trail and ensures your request is officially recorded.

4. **Consult a Financial Advisor**: Consider consulting a financial advisor or planner who can provide personalized advice based on your financial situation and goals. They can help you understand the pros and cons of cancelling the policy versus keeping it.

5. **Be Persistent**: If you're not getting a response from your agent or LIC's customer service, don't hesitate to follow up multiple times until your request is addressed.

6. **Seek Legal Advice**: As a last resort, if you're unable to cancel the policy through normal channels, you may need to seek legal advice to explore your options further.

Remember, it's important to weigh the potential consequences of cancelling the policy against the benefits of keeping it, especially considering the premiums you've already paid.

 

[shaistha Anjum]

Switching insurance policies can be a smart move if you find better terms, coverage, or premiums elsewhere. Just ensure you understand any penalties or consequences for canceling your current policy before making the switch. It's also wise to compare policies carefully to ensure the new one meets your needs.

 

[_rohitsoni]

Don't worry bro, its pretty simple to cancel these policies. Just send a mail to their customer care email address, they will probably ask to go to your nearest branch to cancel. Go there, if they decline, ask them for their senior or ask their name. Respond to the same email saying that you visited the branch and so and so person denied my request, please cancel it online.
About your 1.2L and brother's first installment - You will get this money after 5 years with almost no interest (very low interest, tbh). But since these are new policies, its better to close.

 

[Sailesh Ivaturi]

Any policy, once cancelled is a money gone in drain and i advise you not to compare investment with insurance. Anyhow, if you are fixated on cancelling, i advice you not to cancel now and continue paying the premium till 2026 in which case you will get 50% of total premium paid with interest on the other hand, if you cancel now you will get 30% of the total premium paid with interest on maturity.