Hi shree, please refer my previous questions, I want to know about endowment policy discontinuation. I have maxlife endowment policy, I want to stop paying it\'s premium and want to convert into Reduced paid up. I had read your link, where you state that after converting policy into Reduced paid up, it\'s cover value will reduce but it will go on till actual tenure period and I will get maturity benefits. But on asking it to maxlife company, they said if I stop paying premiumy policy will automatically get surrendered after 3 years and won\'t continue full tenure period. And I won\'t get benefits on maturity. Is it true? I mean can this policy have different terms and conditions ? Please guide, Do i need to contact IRDA ?
4 Answers
Hi,
How many premiums did you pay on this policy?
I have paid 5 premiums so far and 15 more to be still paid every year approx 13000 Rs.
I have paid 5 premiums so far and 15 more to be still paid every year approx 13000 Rs.
Hi,
In that case, I believe that they are mis-leading you.
You can turn a policy into a paid up one if you had paid the premiums for at least three years.
Ok thank you so much. Can you please send me a link of IRDA or any such official government rule which I can use for reference.
Hi,
Kindly go through Q4 in this link..
May I know the exact Plan name??
LIFE PARTNER PLUS LIMITED PAY ENDOWMENT TO AGE 75
LIFE PARTNER PLUS LIMITED PAY ENDOWMENT TO AGE 75
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Hi Sreekanth : I have a similar endowment plan from Max Life. Unfortunately I purchased in 2003 and have been paying a premium of Rs25000 per annum. The policy ends on 2023. There is an annual bonus they declare each year which has an option to buy additional paid up additions or we have an option to adjust it against annual premium or encash it. They promise some sort of bonus on maturity. Over the years I realised they gave an illustration that captures the expected bonuses each year and what they have actually declared is much lower. The policy has accumulated some money over the years as I have not dipped into policy additions. Now I am not sure what to do I have paid 14 years and have 6 years pending. Do you suggest I cancel the policy or wait for the policy to get over which is another 6 years. About 1.5 L is to be paid in the next 6 years and you are right I will probably get about 6% finally. I now invest more prudently in MFs thanks to sites like yours.
Hi..You may make it as PAID-UP (just discontinue the policy).