Need Info on Jeevan Anand Surrender

Discussion in 'Insurance' started by Inspirations, Mar 25, 2008.

  1. Inspirations

    Inspirations New Member

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    Dear All

    I would like to quit from "Jeevan Anand".
    I have 3 Policies

    Policy 1:- Started :- 28/07/2006
    =====
    Mode : HLY
    Sum Assured : 1,50,000.00
    Premium : 5,168.00

    Policy 2:- Started :- 28/06/2006
    ======
    Mode : HLY
    Sum Assured : 1,00,000.00
    Premium : 3,691.00

    Policy 3:- Started :- 14/08/2006
    ======
    Mode : YLY
    Sum Assured : 2,50,000.00
    Premium : 15,884.00

    so a total of Rs. 33602 Per annum was being paid.

    I would like to quit from these policies, this year....Pls can any one
    help me out in knowing my returns if i quit @ end of this year.

    Thanks in advance
    Mahesh
     
  2. Mr_Market

    Mr_Market Member

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    no surrender value before three years:(
     
  3. ravalsb

    ravalsb Active Member

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    Hi Mahesh,

    If you do not wish to pay the premium, LIC has an option of making policy paid-up. i.e. u take a loan from LIC against the policy (say amount equals to ur annual premium) and the amount is used to pay the premium each year..till the end of policy term. Whatever Interest is levied is adjusted in your Maturity value.

    Thus, your policy remains active, you are not required to pay premium. Ofcourse, maturity value would be reduced.

    Hope this helps.

    Regards
     
  4. Mr_Market

    Mr_Market Member

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    Dear Ravalsb
    The first policy started on 28/6/2008
    third premium of this policy due on 28/7/2008
    The second policy started on 28/6/2007
    Third premium paid on 28/6/2008( if the grace period isnot availed which is up to 27/7/2008)
    The third policy started on 14/8/2006
    The third premium is due on 14/8/2008

    All of his three policies have run only for two policy years.
    I have the following questions
    1)Can he surrender his policy now?
    2)when he can surrender his policy?
    3)When his policy will be eligible for loan
    4)Can he get policy loan before five policy years
    5)If he gets his policy surrendered after three years, he gets surrender value of about 30% of his three years premium.
    6)now if it is possible that he gets his policy paid up after three years how much loan he can get.As much as I know one can avail policy loan after 5 yrs .The loan amount is 90% of the surrender value in force policies. His surrender amount after three years would be near about 24000(80% of surrender value).Now how can he pay premium ,and what about next year,s premium,because he has already taken one loan .When a loan of 24000 is outstanding how much extra loan can he get?
     
  5. ravalsb

    ravalsb Active Member

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    Yes. But no surrender value

    Anytime, if guaranteed surrender value is to be ignored.
    Guaranteed Surrender Value after poilcy is in force for three years

    After 3 years.

    yes.

    Guaranteed Surrenver Value: 30% of premium paid, excluding first year premium.

    The paid-up value on LIC policies are calculated by the number of years premium is paid divided by the tenure of premium payable on the policy multiplied by sum assured. At present, the interest rate is 9 per cent (revised depending on market rate). Loan interest is paid every six months.

    Thanks
     
    rajeshn2007 likes this.

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