I want to surrender lic endowment policy and wnt to invest in mf and want to buy a term policy
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UPDATED: Nov 19, 2011
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Insurance Question from Afton, IA
Asked on 11/19/2011
I want to surrender lic endowment policy and wnt to invest in mf and want to buy a term policy I have three LIC policies. 1) Rs 50000, triple cover of 22 years from 2004 2)Rs 100000,money back of 20 years from 2005 3) Rs 200000 jeevan anand from 2005 for 26 years.Now I want to surrender all policies and want to invest the surrender amount I recieve in mutual fund or ppf. I will invest yearly the premium I was paying in LIC in mfs for 15 years. And for life insurance I want to buy a term policy of 25 lkhs for35 years. Please guide me what to I am very confused.
Answer given on November 21, 2011
The best thing to do is the review this with a financial adviser or insurance agent (some insurance agent have series 6 or 7 licenses and can discuss investments as well). There are alot of caveats to surrendering a policy and making sure that you are not damaging yourself with the new investment. Read our article on How To Cancel or Change A Life Insurance Policy. This may give you some insight on what to look out for during this process. However, something as indepth as canceling several life policies really depends on your age, your financial status, your reason/goal and comparing the policy you are giving up to the policy you are aquiring and whether the new policy is a good fit. To find an agent in your area, click here.
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