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About Insurance Policies Pl Advice..

Discussion in 'Money Matters' started by Gayabala, May 8, 2016.

  1. Gayabala

    Gayabala Senior IL'ite

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    Have taken the insurance policies jeevan tarang,jeevan anand,and jeevan saral policies on Feb 2013..but in the year 2015 March stopped paying jeevan tarang and jeevan saral... But continuing jeevan anand till now...my DH revealed me about this only now...as I now come to know that will not get surrender value for two policies...do I need to continue this jeevan anand..as I have already paid this for 3 years... Will get only 30% of its surrender value.. Or shall I continue...pl help
     
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  2. Anusuya

    Anusuya Silver IL'ite

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    Hello,
    As far LIC is concerned, its only a risk coverage and not an investment option. since u r continuing jeevan anand policy, pl do continue, and do not stop this policy.

    As far other 2 policies are concerned tarang and saral, if u ve stopped paying the premium, if u wish to continue u can revive those 2 policies by meeting the branch officer where u ve taken the lic policy by paying the premium along with the reviving charges.

    in my opinion one lic policy is sufficient for risk coverage. u can surrender the other 2 policy tarang and saral.

    btw you ve not mentioned how much premium u were paying for those policies and the payment mode like monthly, hly, yearly.

    hope it helps you. :)
     
  3. Gayabala

    Gayabala Senior IL'ite

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    Hi ,
    Thank you anusuya..have paid monthly premium for 2 years... Do I have eligibility to get surrender value.
     
  4. Anusuya

    Anusuya Silver IL'ite

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    hello gayabala,
    since uve already paid the premium for the 2 years., u have to check the terms and condition of those policies at the time of policy issue date.
    regarding surrender value of those two policies u have to physically go and meet the branch officer where u have taken the policies. i think u can surrender the policies only if u had paid the premium for min period of 3 years.
    but still u can make a request through the surrender form. search in licindia.in to download and read the terms and conditions regarding the surrender of the policies.
    hope it helps.
     
  5. Gayabala

    Gayabala Senior IL'ite

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    Thank you anusuya... Will surely do so..but no hope of getting it back...if so do I need to continue... Still confused...
     
  6. Gayabala

    Gayabala Senior IL'ite

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    Special Surrender Value:
    80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.

    If I revive my policy and pay for 3 or more years and less than 4 years will I get back 80% of the amount... Pl advice
     
  7. Anusuya

    Anusuya Silver IL'ite

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    Hello gayabala,

    the other 2 polices which u want to surrender, needs to be revived and u need to continue the premium payment for 2
    more years and later u can surrender. before that pl do cross check how much premium u have paid and how much u ll get after surrendering the policy, after continuing the policy for 2 more years. coz its ur hard earned money which u dont want to loose.
     

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