I have 3 LIC Jeevan Anand Policies and Policy 1 Premium paid for 10 years and still I need to pay another 11 years, Sum Assured for the policy is 5L. 10 years I paid LIC Jeevan Anand as a premium of 25787 PA from 2005. When I have checked with LIC I am got Bonus amount of 231500.
My Question is , if I have Surrender Policies will I get Bonus along with Principal and interest ? And is it advise to surrender the policy and go for Term Insurance and Mutual funds for investments? Pls advice
Logu-First remember that this bonus accumulation will not earn a single rupee additionally. This they will keep in your name. Hence, don’t be in wrong belief that every year bonus accumulated amount will also fetch you return. For example, if say this year they declared Rs.20,000 bonus amount. They keep it like this and will return on you either at maturity at death claim. They will not add a single rupee to this Rs.20,000, whatever or how long may be the maturity year.
Second point is, if you surrender, then they calculate the surrender value based on sum assured, term of policy, how long the policy continued and accumulated bonus.
They will not pay you the entire sum assured or the entire accumulated bonus. But part of it. You can check your surrender value in any nearest branch of LIC.