LIC Annuity Policy - Should I surrender?

I have X amount LIC jeevan shanti annuity plan in my mother's name (age 60) with annuity of 5.63%, this was taken 5 years ago.

Current surrender value is ~85% of policy value, so I will lose 15% of the capital.

This annuity is fully taxable at slab rate, no income tax benefit as well.

I can do a senior citizen FD which would yield 9% returns.

With my calculations if I take the hit of 15% surrender value and invest the amount in above FD then after 5 years I will make more than 5.63%. If the returns are better 10-12% then the time period reduces to 4 years.

I have almost made up my mind to surrender it as the return on this plan will be constant 5.63 and will never change.

IMO it is better to exit from an bad investment rather than stick with it and fuel further losses.

Want to hear from others if I should consider any other angles before i surrender?