Suggestion required : Lic endowment plan surrender

@drjpatwa @Darknet_India @devbehel172

Chuck it right away. Just look at the years left. Your money is / will be going to drain. When you have Term Insurance. Why to worry. Take a hit and get out. Plain and simple advice.

You will get around 60-70% of your paid amount.
Don’t continue that

Same query.

LIC Jeevan Anand policy.

took in 2014 ,20 years policy, annual premium 55k, SUM Assured : 10L
maturity Dec 2035
Accrued bonus till now 252000

continue or surrender?

@titamazon @Jeevan16

I surrendered jeevan anand policy about 1-2 years back. I inquired for the surrender value and calculated if I invest the received amount in an FD for the rest of the period, it showed yielding similar or may be better value. So, accepted the loss and surrendered and since then started maxing out my PPF account.

A lot of us do mistakes,you are not alone. Just be glad that you woke up now.

I just digged through my files when I was in plans to close the policy and here’s the summary

I took a 25 yr Jeevan Anand policy in June 2012 with sum assured 10 lacs . The premium amount is 39,266 per year. Total(6 premiums) paid was Rs.2,35,596/-.

As on date of closing
Surrender value is Rs. 1,44,000/-
Paid-up value is Rs. 5,37,000/-

A few calculations I ran behind the screens
When surrendering the policy, the value as on date was Rs.1,44,000/- and considering an investment(say FD) at 8% compound interest p.a. for 18 years, I will get Rs.5,80,000/- in 2036.

If I make the policy paid up, in 2036 I expect to get prorated sum assured + bonus accrued till now which is Rs.5,37,000/-

There is no need to beat around the bush guys, contact the Customer Care or Branch, ask them what your Surrender Value is as on date. They will share the number with you, compare this and see if you’re getting any benefit (You should get All premiums paid + Some amount no matter how small) then surrender else hold on to it until such time that you see some value.

Once you go to Surrender, tell them you’re in huge financial strain and need money asap since you’ve burned through your savings. Otherwise you will be forced to take out either a loan on the Policy or ask to reinvest elsewhere.

Suggest to go through this and similar articles
https://www.jagoinvestor.com/2020/01/surrender-...

Thank you guys for all feedback and suggestions.

I talked with lic cc and found that my surrender value is 98k (total paid 20*7) which is not bad.

So i am going to withdraw soon (this diwali).

Document required :
1. Pan card
2. Aadhar card
3. Cancel cheque
4. Original policy document

And we need to write/submit a approval letter to lic office.

And money will be withdrawn in 15 working days.

@jeevan16

Is there a way to know about the policy details, surrender value, bonus accrued etc. online?
It’s a time waste to go their office. Bastards don’t tell anything if you go to surrender the policy. If you want to start a new policy then they will come licking your boots.
The insurance/coverage that these policies have, is it valid after the policy has completed its tenure?

@titamazon
I am also in the same pool as yours, but on a bigger scale. My parents pay yearly LIC endowment premium in lakhs. If you surrender you’ll get half the price, which is very bad for my scenario.

What you have to do is, stop making further payments and wait for maturity date. On maturity date you’ll get Premiums Paid + Bonuses during that time. This is the only way out if you don’t want negative returns.

op…am sure u must be havin some agent relative who convience u purchase it

@Thunder766

Last friday i went to lic office and surrender my policy. Now these are the document required.

1. Policy document original
2. Aadhar
3. Pan
4. Bank passbook statement or cancel cheque book on which you want the money
5. They will give you two forms on which we need to fill basic details like policy no,name
6. In one of the form 1 rupee revenue stamp should be paste, so please bring this one, and one guaranter (anyone) is required to sign on form
7. All document should be submit to the same lic office branch from where policy is issued.

After submissiong they will give you a slip as a receiving.

Now i am done and waiting for fund, kindly anyone tell me how long it will take for fund.

@andromeda

@drjpatwa

@a.m.a.z.o bhai🤗

.

@a.m.a.z.o bhai☺

I will share more details with calculations asap @titamazon @Thunder766