Dear Basavaraj sir,
I need your advice on the below situation.
I am 37 years old. I have a LIC policy Jeevan Anand(Plan-149)
Policy Term : 75 Years
Date of Maturity : 2082
Premium Paying term : 21 years
Policy Commencement : 2007
Sum Assured: 600000 ( Six Lakh)
Premium: 30574 / year
Two years back I also took term insurance policy as I felt LIC policy is not sufficient enough to cover. I took Max Life Term insurance policy of Sum Assured 1 crore and an additional 50 lakh for accidental coverage. I am paying a premium of 20600 INR for this ever year.
Is it suggestible to surrender my LIC policy as I have term insurance covered? by surrendering the LIC policy I will get 3,66,000 ( as per enquiry with LIC )which I may use in other financial institutions(SIPs, FD, GOLD ETF, Stocks) .
What is your advice sir.?