Max life Gain premier I am having maxlife endowment plan starting from 2015 to 2035 maturity I have to pay 50000 per year for 10 years till now I paid 4 years =2lakhs but I am not able to pay 50000 premium so what to do I if I withdraw than i would get only 1.23laks only & I lost 80000 & if continues than maturity guaranteed amt is 585000 and and I have to wait for 2035 non guaranteed amount will be slab like 4%=6%=8%. 10 laks will be highest amount if get 8% . Maturity will b 2035 how get rid off like this insurance
Suggest you to buy a Term plan (if getting adequate insurance cover at affordable rate is your requirement) and then surrender this policy.
Related artccles :
You will make a loss..its better to book loss now and do not compound it by postponing your decision.
Suggest you to go through below articles, there is a concept called Paid-up;
Make it a Paid-up policy: It is a better alternative to surrendering your insurance policy. You can turn a policy into a paid up one if you had paid the premiums for three years.If you just stop paying premiums then the policy will be automatically converted into REDUCED PAID UP policy.
The Life cover on endowment or money back policies will be reduced proportionately to the number of years for which the policy was in force.
For example: If you have an endowment policy with a cover of Rs 10 Lakh for 20 years and convert it into a paid up policy after 5 years then the reduced sum assured will be Rs 2.5 Lakh.
So, you will have a life cover for Rs 2.5 Lakh for the next 15 years. There is no need to pay any premiums during this tenure. The future bonuses will not be accrued. The reduced sum assured along with the accrued bonuses (if any for 5 years) will be paid on maturity or on death of the insured.