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Should I surrender Jeevan Aanand?

If you surrender now, you will lose premiums paid till date as you have not even completed three years with the policy

I have a LIC Jeevan Anand plan. I am paying premium for the last two years. Annual premium is ₹10,000 and policy term is 20 years. Should I stop it after three years or now? I know I will lose money. Just want an advice from you.
- Subhransu

LIC Jeevan Anand is a combination of Endowment Assurance and Whole Life plan which covers you against death throughout lifetime with a provision of paying a lump sum amount on survival, at the end of chosen term. This means either your nominee will receive death benefit in the event of death during policy term or you will receive maturity benefit on survival. If the policyholder dies after the term, nominees will still get death benefit.

If you surrender now, you will lose premiums paid till date as you have not even completed three years with the policy. However, it would be better to surrender it now rather than paying the premium for the third year and suffer more losses. The guaranteed surrender value under this plan is only 30 per cent of of the basic premiums paid, excluding the first year's premium. Read more about this policy here: Consider Surrendering your LIC Jeevan Anand Policy.

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