Surrendering A Policy

Q & A Forum › Category: Insurance › Surrendering A Policy

dr.sanket asked 9 years ago

Hi Sree, I have a MaxLife policy- Limited Pay Endowment To Age 75 Plan, for which I pay around 13000 every year. Its sum assured is about 1,85,000 Rs only. I am thinking of surrendering it, but not able to decide properly. I am paying its premium since 2012, so around 65,000 paid so far. Surrender value till date is 23,000. If I pay regularly till 61 years of age, ( Im 31yrs old now), I will be paid around 10,000 Rs a month by MaxLife and sum assured at age of 75 yrs. They do pay regular bonus but I think still its not a good deal as returns are very low. Please tell me what should I do.?

5 Answers

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Sreekanth Staff answered 9 years ago

Hi, Suggest you to just Surrender it. May I know if you have adequate life cover? (term insurance plan)

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dr.sanket answered 9 years ago

Yes I do have term insurance of 50 lakhs. Will be buying health insurance in this financial year.

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Sreekanth Staff answered 9 years ago

Ok. So, it is advisable to surrender the endowment policy. If you are too worried and do not want to book loses then you may at least make it a PAID-UP policy. Kindly read: https://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/ https://www.relakhs.com/traditional-life-insurance-plan/

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dr.sanket answered 9 years ago

Thanks a lot Sree, very valuable Information shared. Keep the good work going Sree and team. Lots of respect to all of you. Thank you!

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Sreekanth Staff answered 9 years ago

Thank you for your kind words! Kindly share the articles with your friends :)