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| Discuss Need Info on Jeevan Anand Surrender at the Insurance within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Dear All I would like to quit from "Jeevan Anand". I have 3 Policies Policy ... |
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#1
25th March 2008, 10:16 PM
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Need Info on Jeevan Anand Surrender
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 
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#3
Today, 04:17 PM
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Re: Need Info on Jeevan Anand Surrender
Quote:
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
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#4
Today, 05:52 PM
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Re: Need Info on Jeevan Anand Surrender
Quote:
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?
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