Hot Deal Suggestion required : Lic endowment plan surrender

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Deal Subedar
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Hi guys,

At some moment everyone reliase lic or any endowment plan is only made to make common pleople fool. And now i am also feeling same and want to surrender my policy.

Policy name : jeevan anand
No of premium paid : 7 (yearly)
Each premium : 20k
Total year : 30 sad
Coverage : 6 lakh
Bonus as of now : 90k

So can someone guide me how much money i will get if i surrender.

I am ready to accept small loss so but dont want to continue this bad financial investmsnt.

Or should i continue for next 23 year till maturity.

Info : i have 2.2 carore term insurance and 10lakh health isnurance.

70 Comments  |  
18 Dimers
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Entertainer
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Chuck it right away. Just look at the years left. Your money is / will be going to drain. When you have Term Insurance. Why to worry. Take a hit and get out. Plain and simple advice.

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Deal Subedar
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BubbleBoyChickenLittle wrote:

Chuck it right away. Just look at the years left. Your money is / will be going to drain. When you have Term Insurance. Why to worry. Take a hit and get out. Plain and simple advice.

Ha, jaise hi corona khatam hota hai, nikal lenge kyun na wo investment ka 50% de rahe ho.

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Deal Cadet
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You will get around 60-70% of your paid amount.
Don’t continue that

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titamazon wrote:

Hi guys,

At some moment everyone reliase lic or any endowment plan is only made to make common pleople fool. And now i am also feeling same and want to surrender my policy.

Policy name : jeevan anand
No of premium paid : 7 (yearly)
Each premium : 20k
Total year : 30 sad
Coverage : 6 lakh
Bonus as of now : 90k

So can someone guide me how much money i will get if i surrender.

I am ready to accept small loss so but dont want to continue this bad financial investmsnt.

Or should i continue for next 23 year till maturity.

Info : i have 2.2 carore term insurance and 10lakh health isnurance.

if someone took your risk of 22 Million Term insurance, means you are almost HNI for them and you also seem like someone well educated, so it is perplexing why at all you mixed risk coverage (insurance) with investing.

anyway

have you not yet tried getting the break-up/ (payout) charts from the local Branch Manager or the relative (LIC agent) who scam talked you into buying it?

find out the number of the BM or anyone nice in the regional office and politely explain your concern,
and request them to share the tentative payouts right now, versus one two three years down the line.

after the call (live communication is better at showing emotions/mother India type melodrama) send an e-mail request to their official personal IDs (somehow take from them while on call/s or from the website/ online databases)

then decide as per their reply.
maybe waiting a year or two might still give marginal returns but loss of corpus might be significantly less (should you decide to sit it out another year or two).

i am not saying it WILL be better, but looking at the charts will give that clarity.
Jeevan Anand is a popular plan (although endowment + political manipulation still makes it p💩💩p)


if taking funds out, redeployment risk is there. but instead of FD, Titamazon you invest it in Titagarh Wagons smile
(it was a solid company with solid business. still is. but eventually everything owned by the public will go in the hands of private. and then the businesses zoom📈 overnight)

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Deal Cadet
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Same query.

LIC Jeevan Anand policy.

took in 2014 ,20 years policy, annual premium 55k, SUM Assured : 10L
maturity Dec 2035
Accrued bonus till now 252000

continue or surrender?

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Deal Subedar
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Jeevan16 wrote:

Same query.

LIC Jeevan Anand policy.

took in 2014 ,20 years policy, annual premium 55k, SUM Assured : 10L
maturity Dec 2035
Accrued bonus till now 252000

continue or surrender?

Bade bhai mil gaye

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Entertainer
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Jeevan16 wrote:

Same query.

LIC Jeevan Anand policy.

took in 2014 ,20 years policy, annual premium 55k, SUM Assured : 10L
maturity Dec 2035
Accrued bonus till now 252000

continue or surrender?

Surrender Krdo bhaiya.

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Deal Subedar
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@titamazon @Jeevan16

I surrendered jeevan anand policy about 1-2 years back. I inquired for the surrender value and calculated if I invest the received amount in an FD for the rest of the period, it showed yielding similar or may be better value. So, accepted the loss and surrendered and since then started maxing out my PPF account.

A lot of us do mistakes,you are not alone. Just be glad that you woke up now.

I just digged through my files when I was in plans to close the policy and here’s the summary

I took a 25 yr Jeevan Anand policy in June 2012 with sum assured 10 lacs . The premium amount is 39,266 per year. Total(6 premiums) paid was Rs.2,35,596/-.

As on date of closing
Surrender value is Rs. 1,44,000/-
Paid-up value is Rs. 5,37,000/-

A few calculations I ran behind the screens
When surrendering the policy, the value as on date was Rs.1,44,000/- and considering an investment(say FD) at 8% compound interest p.a. for 18 years, I will get Rs.5,80,000/- in 2036.

If I make the policy paid up, in 2036 I expect to get prorated sum assured + bonus accrued till now which is Rs.5,37,000/-

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Deal Cadet
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There is no need to beat around the bush guys, contact the Customer Care or Branch, ask them what your Surrender Value is as on date. They will share the number with you, compare this and see if you’re getting any benefit (You should get All premiums paid + Some amount no matter how small) then surrender else hold on to it until such time that you see some value.

Once you go to Surrender, tell them you’re in huge financial strain and need money asap since you’ve burned through your savings. Otherwise you will be forced to take out either a loan on the Policy or ask to reinvest elsewhere.

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Deal Subedar
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Thank you guys for all feedback and suggestions.

I talked with lic cc and found that my surrender value is 98k (total paid 20*7) which is not bad.

So i am going to withdraw soon (this diwali).

Document required :
1. Pan card
2. Aadhar card
3. Cancel cheque
4. Original policy document

And we need to write/submit a approval letter to lic office.

And money will be withdrawn in 15 working days.

@jeevan16

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titamazon wrote:

Thank you guys for all feedback and suggestions.

I talked with lic cc and found that my surrender value is 98k (total paid 20*7) which is not bad.

So i am going to withdraw soon (this diwali).

Document required :
1. Pan card
2. Aadhar card
3. Cancel cheque
4. Original policy document

And we need to write/submit a approval letter to lic office.

And money will be withdrawn in 15 working days.

@jeevan16

98K for 1.4L paid?

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Deal Subedar
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GoogleCA wrote:

98K for 1.4L paid?

Yes sir

I already utilised 7 year cover also, so win win for me and lic.

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titamazon wrote:

Yes sir

I already utilised 7 year cover also, so win win for me and lic.

What is 7 year cover?

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Deal Subedar
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GoogleCA wrote:

What is 7 year cover?

I am going to withdraw at the end of year, so yes will utilise 7 year cover.

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GoogleCA wrote:

What is 7 year cover?

seemingly he paid 7 annual premiums till now for the seven years that the policy has been in service.
and he is happy (or at-least at ease) having “lost” his corpus or it sitting idle.
the 42000 hit should translate to something less than 6000 per year as cost of a meagre risk cover.
have to calculate the IRR, NPV of the annuity.

there is no “7 year cover”, ` 7 years is how long it took him to replace the starter and the choke of the tubelight in his 1100gram 🧠
😢😛#JK

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Deal Subedar
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avdhooth wrote:

seemingly he paid 7 annual premiums till now for the seven years that the policy has been in service.
and he is happy (or at-least at ease) having “lost” his corpus or it sitting idle.
the 42000 hit should translate to something less than 6000 per year as cost of a meagre risk cover.
have to calculate the IRR, NPV of the annuity.

there is no “7 year cover”, ` 7 years is how long it took him to replace the starter and the choke of the tubelight in his 1100gram 🧠
😢😛#JK

Actually this year when i got free time from office, i think choose and bough a term loan.

Then after i analysed my existing lic policy and result is here

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Deal Cadet
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Is there a way to know about the policy details, surrender value, bonus accrued etc. online?
It’s a time waste to go their office. Bastards don’t tell anything if you go to surrender the policy. If you want to start a new policy then they will come licking your boots.
The insurance/coverage that these policies have, is it valid after the policy has completed its tenure?

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Deal Subedar
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billubakra wrote:

Is there a way to know about the policy details, surrender value, bonus accrued etc. online?
It’s a time waste to go their office. Bastards don’t tell anything if you go to surrender the policy. If you want to start a new policy then they will come licking your boots.
The insurance/coverage that these policies have, is it valid after the policy has completed its tenure?

Call to lic cc and verify ur policy no along with dob, they will tell you all detail like paid up value, surrender value and …..

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titamazon wrote:

Call to lic cc and verify ur policy no along with dob, they will tell you all detail like paid up value, surrender value and …..

General toll free number? I remember once called years back, they told me to visit local office.

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Deal Subedar
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billubakra wrote:

General toll free number? I remember once called years back, they told me to visit local office.

Lic customer care no 022 6827 6827

Kindly check for ur and update us how much u r getting

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titamazon wrote:

Lic customer care no 022 6827 6827

Kindly check for ur and update us how much u r getting

Will do bro. Checked about 4 years back through someone. I was getting 50% of the amount paid and zero bonus. I hope all those agents who screwed our parents rot in hell.

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Deal Subedar
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billubakra wrote:

Will do bro. Checked about 4 years back through someone. I was getting 50% of the amount paid and zero bonus. I hope all those agents who screwed our parents rot in hell.

All lic agents are caring for themself only, i heard that throughout the cycle they will get 7% cut on each premium.

Aur pahli bar sayad 50-100% tak milta hai.

So 1 bar relative jan pahchan wale ko pakar lo and halal kar do.

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titamazon wrote:

All lic agents are caring for themself only, i heard that throughout the cycle they will get 7% cut on each premium.

Aur pahli bar sayad 50-100% tak milta hai.

So 1 bar relative jan pahchan wale ko pakar lo and halal kar do.

No bro commission on each premium payment is 15-20%. If amount is more than their slabs then more commission plus yearly incentives.
For some new policies they are paid 100% of the amount from the first payment.

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billubakra wrote:

No bro commission on each premium payment is 15-20%. If amount is more than their slabs then more commission plus yearly incentives.
For some new policies they are paid 100% of the amount from the first payment.

Wah, paisa hi paisa

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Deal Cadet
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@titamazon
I am also in the same pool as yours, but on a bigger scale. My parents pay yearly LIC endowment premium in lakhs. If you surrender you’ll get half the price, which is very bad for my scenario.

What you have to do is, stop making further payments and wait for maturity date. On maturity date you’ll get Premiums Paid + Bonuses during that time. This is the only way out if you don’t want negative returns.

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Deal Subedar
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Thunder766 wrote:

@titamazon
I am also in the same pool as yours, but on a bigger scale. My parents pay yearly LIC endowment premium in lakhs. If you surrender you’ll get half the price, which is very bad for my scenario.

What you have to do is, stop making further payments and wait for maturity date. On maturity date you’ll get Premiums Paid + Bonuses during that time. This is the only way out if you don’t want negative returns.

It depends how much premium they have paid and how much is pending.

Kindly share more detail so that i can suggest.

Point to be note :
1. We can bear some loss but our parents won’t
2. No & amount of payment done
3. Does insurer has term insurance or not

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Deal Subedar
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Thunder766 wrote:

@titamazon
I am also in the same pool as yours, but on a bigger scale. My parents pay yearly LIC endowment premium in lakhs. If you surrender you’ll get half the price, which is very bad for my scenario.

What you have to do is, stop making further payments and wait for maturity date. On maturity date you’ll get Premiums Paid + Bonuses during that time. This is the only way out if you don’t want negative returns.

If i take it out in 50% loss and put it in fd (4%) , i will get more than they provide during maturity.

E.g total paid 1.4lakh
Current withdrawl 95k

95k will become 2.35 lakh after 23 year which is my waiting time

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