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Tell me the options as I do not want to continue with my Jeevan Anand policies and want to buy term plan

I have 2 LIC Jeevan Anand policies. I have paid 2 installments and 6 installments respectively. I don't want to continue with these policies and want to buy a term plan. what all options do I have?

Jul 2, 2016 by Shubham, Delhi  |   Life Insurance

You can surrender your Jeevan Anand policies at any time. However, if you surrender your policy before paying three full year premiums, you will not get any money from LIC. If you have paid more three full year premiums in your other policy, LIC will give you the Surrender Value. To get an estimate of the surrender amount, please read our post, Should you surrender your life insurance endowment policy. In the post, we have explained how to calculate the surrender value in a Jeevan Anand policy. You can do the surrender value calculation based on your policy details and then take an informed decision.

With a term plan you can get much higher cover (sum assured) at much lower cost (premium) compared to endowment plans. We think that, you may find our post, How to select the best term life insurance plan for you helpful in selecting the right term insurance plan. You can buy term insurance either through an agent or directly online.

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