Hi Basu sir,
I am 30 year old married. I have a Life insurance policy which is a combination of Endowment Assurance and Whole Life plan policy. The sum assured is 5lacs & duration of the payment is 20 years and already paid 8 years premium (25kpa)annually. At early stage of my employment there were no guides to insist me on the investment & was very little exposed to term insurance. From a year I am thinking to buy term insurance plan and surrendering the existing endowment policy. Now I have some questions
1> Is it worth surrendering after 8 years of premium payment (2lac paid)?
2> If I surrender do I get all 2lacs ?
3> What happens if I stop paying the premium from upcoming years.?
Please assist me further
- It depends on many things. Hence, suggest you to in touch with branch.
- It will turn paid up and policy be in lapsed. Don’t do that.
Thanks Basu sir..
I have surrendered my lic endowment policy at the branch .. even after 2 months there is no response from them.
My agent says it is in progress .. do you have suggestions to deal with case? I live in bangalore and the branch office is in andhra. Please advice.