Traderji.com - Discussion forum for Stocks Commodities & Forex


Need Info on Jeevan Anand Surrender

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 ...


Go Back   Traderji.com - Discussion forum for Stocks Commodities & Forex > TOOLS & RESOURCES > Insurance and Loans > Insurance

Insurance Discuss life insurance, home insurance, health insurance, motor insurance and travel insurance here.


Reply
 
Thread Tools
  #1  
Old 25th March 2008, 10:16 PM
Member
 
Join Date: Mar 2008
Posts: 2
Thanks: 0
Thanked 0 Times in 0 Posts
Inspirations is on a distinguished road
Default 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



Reply With Quote
Sponsored Links
  #2  
Old 24th July 2008, 08:04 AM
Member
 
Join Date: Mar 2008
Posts: 69
Thanks: 0
Thanked 8 Times in 8 Posts
Mr_Market is on a distinguished road
Default Re: Need Info on Jeevan Anand Surrender

no surrender value before three years
Reply With Quote
  #3  
Old 24th July 2008, 04:17 PM
Member
 
Join Date: Jan 2008
Location: Mumbai, India
Posts: 193
Thanks: 42
Thanked 120 Times in 43 Posts
ravalsb will become famous soon enoughravalsb will become famous soon enough
Default Re: Need Info on Jeevan Anand Surrender

Quote:
Originally Posted by Inspirations View Post
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
Reply With Quote
  #4  
Old 24th July 2008, 05:52 PM
Member
 
Join Date: Mar 2008
Posts: 69
Thanks: 0
Thanked 8 Times in 8 Posts
Mr_Market is on a distinguished road
Default Re: Need Info on Jeevan Anand Surrender

Quote:
Originally Posted by ravalsb View Post
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?
Reply With Quote
  #5  
Old 24th July 2008, 07:30 PM
Member
 
Join Date: Jan 2008
Location: Mumbai, India
Posts: 193
Thanks: 42
Thanked 120 Times in 43 Posts
ravalsb will become famous soon enoughravalsb will become famous soon enough
Smile Re: Need Info on Jeevan Anand Surrender

Quote:
Originally Posted by Mr_Market View Post
1)Can he surrender his policy now?
Yes. But no surrender value

Quote:
Originally Posted by Mr_Market View Post
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

Quote:
Originally Posted by Mr_Market View Post
3)When his policy will be eligible for loan
After 3 years.

Quote:
Originally Posted by Mr_Market View Post
4)Can he get policy loan before five policy years
yes.

Quote:
Originally Posted by Mr_Market View Post
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.

Quote:
Originally Posted by Mr_Market View Post
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


Reply With Quote
The Following User Says Thank You to ravalsb For This Useful Post:
rajeshn2007 (17th August 2008)
Reply

Bookmarks


Advertise Here


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT +5.5. The time now is 11:20 PM.

Indemnity, Disclaimer & Disclosure Notice:
By visiting Traderji.com you automatically indicate that you agree to our Forum Rules, Indemnity, Disclaimer & Disclosure Notice and General Content Disclaimer Notice and indemnify Traderji.com, its associates and related parties of all claims howsoever resulting from the usage of the forum/site.
Disclaimer: Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. You are recommended to make appropriate enquiries and seek appropriate advise before sending money, incurring any expenses, acting on recommendations or entering into any commitment in relation to any advertisement published here. Traderji.com does not vouch for any claims made by the advertisers of products and services. Traderji.com will not be held liable for any consequences in the event such claims are not honoured by the advertisers. Traderji.com will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of any information by anybody mentioned anywhere on this site.
Disclosure: The information in this forum is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.
All names or products mentioned are trademarks or registered trademarks of their respective owners.
General Content Disclaimer Notice:
In light of our policy of encouraging candid, open exchanges of views and the rapid distribution of information originating from many sources, Traderji.com cannot determine the accuracy or legality of any information that may be uploaded to the forum. Opinions, advice and all other information expressed by participants in discussions are those of the author. You rely on such information at your own risk. You are urged to seek professional advice for specific, individual situations and not rely solely on advice or opinions given in the discussions. Since Traderji.com is an open and free discussion forum, any comments made by members of this forum in their posts reflect their own views and not of the owner or administrator of Traderji.com. Thus the owner/administrator indemnify themselves of all claims whatsoever and will not be liable or responsible for any members comments/views in this forum Traderji.com. Although we constantly delete all irrelevant content and/or SPAM, if you should find any objectionable or offensive posts made by members of this forum which you would like to bring to our notice for removal then please Contact Us.
 


Copyright © www.Traderji.com 2001 - , All rights reserved.

Recommended Websites - www.TradersEdgeIndia.com - www.TradingPicks.com - www.MasterOfTrading.com

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246