Need Info on Jeevan Anand Surrender

#1
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
 

ravalsb

Active Member
#3
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
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
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
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?
 

ravalsb

Active Member
#5
1)Can he surrender his policy now?
Yes. But no surrender value

2)when he can surrender his policy?
Anytime, if guaranteed surrender value is to be ignored.
Guaranteed Surrender Value after poilcy is in force for three years

3)When his policy will be eligible for loan
After 3 years.

4)Can he get policy loan before five policy years
yes.

5)If he gets his policy surrendered after three years, he gets surrender value of about 30% of his three years premium.
Guaranteed Surrenver Value: 30% of premium paid, excluding first year 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?
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
 

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