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Home » Public Forum » Insurance » Life Insurance

Surrending insurance policy

February 17, 2012 by sknlakshmi

Dear Sir,

 

I've taken two LIC insurance policy in the year 2007.

 

New Bima Gold(Term:16) - Sum Assured: 7 Lakhs - Paying premium of 17,475 half yearly Jeevan Anand(Term:16) - Sum Assured: 2 Lakhs - Paying premium of 7,220 half yearly

 

I'm paying this premium since 2007. Now I plan to surrender this two policy and to take term insurance policy. Please suggest me whether is it wise to do this? If so advise on some term insurance policies.

 

I'm 30 years old, married and blessed with one baby girl.

 

Thanks in advance!

 

Warm Regards,

Gopal.

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Comments

Insurance advise

February 17, 2012 by sknlakshmi, 13 weeks 21 hours ago
Comment: 197

  • It is better to analyze before entering in to any investment option, because actually policy benefits would not be received if we pre-close the policy. 

 

  • However, now you may close either one of the policy now.  You may continue Jeevan Anand policy and take a term insurance in any Insurance company – ING Life Insurance, Bajaj, State Bank etc. 

 

  • In case of pre-closure of Bima gold policy, you may be able to save Rs34950 p.a, which you can invest in

 

  • Equity based mutual fund    -  Rs15000 p.a
  • Balance Mutual fund           -  Rs10000 p.a
  • Gold ETF                           - Rs9950 p.a.

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