Best way to get out of LIC Endowment Plan

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Last Comment 2023-05-14

2023-05-05

Hi Dimers.

Just like me, many of you out there will be stuck in an Endowment Plan. I was duped by a family LIC agent (had no knowledge of IRR or investment at all). Please share your wisdom and suggest a way out. The premium is huge and if I surrender now, I will lose 5L. Is there any way I can migrate to a more profitable, less premium intensive plan, or any better way out?

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23 Comments |

12 Dimers

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https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9252212

Cool07

2023-05-05

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I think most of us think we are duped by lic agents but bitter truth is that once when family is in need after the demise of bread earner, only lic settles claims in the most lenient way.

Personal experience, I surrendered my hdfc life policy after many times escalation with them.

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9252272

DeciDeaim

2023-05-05

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I think Endowment is not a great plan for insuring life, very less cover, pure term will be a better choice. But I agree insurance is a Must.

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9252313

kukdookoo

2023-05-05

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5 lacs lost now vs keep paying premiums and gst and loose more later. I will explain in a simple way, loose a finger now or a hand later.

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9252320

ConfirmPassword

2023-05-05

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How are you losing 5 lakh? They will payback all premium amounts except gst.

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9252331

romilq

2023-05-05

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Nope. If you surrender policy you get 20-40% less as compared to premiums paid. The exact percentage depends on the plan and years since policy is active and other factors.

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9252332

romilq

2023-05-05

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The best way out is convert it into paid up policy and then invest the premium amount somewhere else.

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9252378

dealer28

2023-05-05

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Will it automatically convert into paid up policy or anything else is needed to be done?

View 4 more replies

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9252899

ayushvijay1844

2023-05-05

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how much is premium and irr

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9254759

third.i.financial.advisors

2023-05-06

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Can you pls explain your plan details

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9255147

John_Wick

2023-05-06

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Plan is Jeevan Umang 945

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9254761

third.i.financial.advisors

2023-05-06

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Can suggest only after knowing fully .. how much you paid , which plan etc

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9256172

rn09

2023-05-06

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@John_Wick Can you share how did you get the returns calculated?

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9256454

John_Wick

2023-05-06

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bro Google IRR to calculate returns on investment. U’ll get it

View 2 more replies

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9270422

cpxfer

2023-05-13

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Did you close your LIC?

https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9271434

John_Wick

2023-05-14

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Converted it into a paid up one

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https://www.desidime.com/discussions/best-way-to-get-out-of-lic-endowment-plan?page=1#post_9272535

John_Wick

2023-05-14

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I read online that stop paying premium. It automatically becomes a paid up one. But will go to an LIC branch very soon to confirm from them too

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