please suggest on whether to surrender or paid up my lic jeevan anand , which is commenced in 2011 , and paying nearly 25319 per year with a total term of 74 ( Payment term of 21 yrs)? if i continue with it , will i get anythng paid back once my payment term is over ( 21 yrs), bonus as shown on LIC Website is Rs. 96000 to my policy till now.
Prakhar-In my view it is better to surrender than convert it to paid up. If you stop premium paying from now onward, then it will automatically be converted as lapsed policy. Hence, they convert it to paid up policy. At the end of policy period, they pay this paid up value. Surrender is best when you are at initial years of policy period. Paid up is best when you are about to near the policy period. Hence, surrender is my suggestion.