Should I surrender Jeevan saral? | Value Research LIC Jeevan Saral is an endowment policy which is silent on its expenses just like other plans in the category
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Should I surrender Jeevan saral?

LIC Jeevan Saral is an endowment policy which is silent on its expenses just like other plans in the category

I have been working in a PSU for the last four years. My salary is ₹40,000 per month. I am 29. Due to lack of awareness, I bought Jeevan Saral policy with a premium of ₹60,000 per year. But Now I realise it won't give me much returns and it would be better to have a term policy. Please suggest what should I do with Jeeval saral policy(5th year running)? Would it be wise to surrender the policy at this juncture? I have trouble managing my investments with my salary. I also have investments in mutual funds (₹8,000 per month) and in Public Provident Fund (₹3,000 per month).
- Saurav

LIC Jeevan Saral is an endowment policy which is silent on its expenses just like other plans in the category. These insurance policies do not offer adequate insurance cover. And the death benefit is 250 times the monthly premium. It is an expensive policy. For more details on this policy, refer:
Surrender LIC Jeevan Saral Policies

There is no easy way out for you. You should consider surrendering the policy to minimize your losses and go for an adequate plain term insurance cover. Continue with your investments in mutual funds and PPF.


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