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Date : Apr 27, 2009


I am 46 years old with two dependents (40 year old wife and six year old son). I have 2 LIC policies. 1. Jeevan Mitra (Triple Cover, SA=500000, Term=20 Yrs, Start Date=22-Mar-2005, Premium=Rs. 9781 per quarter) 2. Jeevan Suraksha (Annuity of Rs. 4554 from year 2022, SA=200000, Term=20 Yrs, Start Date=22-Dec-2001, Premium=Rs. 10266 per annum) This means that for annual premium of about Rs. 50,000 I am getting cover of only 17 Lac Rs. Instead if I buy a pure term policy from ICICI Pru then for annual premium of about 42000 Rs. I will get coverage of 50 Lac Rs. for 29 years (up to my age 75) Would you advice cancellation of the above 2 LIC policies and using the premium saved to get a coverage of 50 Lac Rs. till age 75?


Please be very careful while doing the above as in case you cancel the policies then all the premiums paid by you will be wasted and return of all this you will get a very little surrender value. Along with that you will have to undergo various tests before ICICI will offer you a policy. In case you plan to go ahead with the same, we would suggest you to first buy the policy from ICICI and then surrender the policies. Please dont surrender the policy before you buy the new policy.



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