LIC Jeevan Anand : SA 15,00.000 INR : Want to Cancel

Hi..

I am NRI and just recently have opened Jivan Anand Policy. I am quoting my Policy detail as below.

Plan : 149 - 16 - 16
Age : 27
Date of Commencement of Policy : 26/04/2013
Sum Assured : 15,00,000
Premium Rs. (INR) : 1,03,868.00
Mode of Payment : Yearly
Next Due : 26/04/2014

Recently I had discussion with my friend and realized that this policy won't serve purpose of INVESTMENT. The benefits Jivan Anand have are death & accident which already cover under my Job health insurance.

On the other hand, as per my calculation, I am losing approx. 12,00,000 INR over the period of 16 years as per the current RBI FD rate (8.75 %) for minimum 1Year. For further review please open the attach PDF file.

I have following option in my mind to prevent further loss.....

Is still my policy is under the withdrawal period (something like "Free Look Period"), as I just got my policy number last Friday June 21, 2013 but I have paid my premium by April 25, 2013 and process takes time to get approx 2 month to assign Policy number to me???

What is the lowest amount that I can change my SA, that is currently 15,00,000 INR

Is there any LIC investment plan that I can move into and get at least 8.75 % of return for my investment??

Or any other option to opt-out from my policy ??

I appreciate, if any LIC expert can guide me on that, as my adviser don't know much about this figure and don't have enough knowledge. If you won't mind I can call you if any LIC expert can provide contact number or can send email at thakar86ATgmailDOTcom.

Please let me know if you need more detail from myside.

Thanks
Ankit Kotak

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Originally Posted by thakar86

I have following option in my mind to prevent further loss.....

Is still my policy is under the withdrawal period (something like "Free Look Period"), as I just got my policy number last Friday June 21, 2013 but I have paid my premium by April 25, 2013 and process takes time to get approx 2 month to assign Policy number to me???

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The Free Look Period is 15 days after you receive the policy bond. In this period you can return the policy to insurance company.

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What is the lowest amount that I can change my SA, that is currently 15,00,000 INR

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Sum assured under a policy can be reduced to a SUM not less than minimum under the PLAN from the next due date of the renewal premium. Only once in Policy term, you can Reduce Sum Assured and Term so that premium will be reduced. The proportionate surrender value of the dropped sum assured together with cash value of vested bonus relating to dropped sum assured is payable in case of claim. For more information/process contact your LIC branch.

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Is there any LIC investment plan that I can move into and get at least 8.75 % of return for my investment??

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LIC Plans are insurance cum investment plans, so return is low. Only ULIPs can give you such kind of return but no guarantee as in FD.

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Or any other option to opt-out from my policy ??

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Opt-out means what?

Hi,

Thanks a lot for your info and yes I confirmed with LIC its still under Free-Look period. Because the first option is available for I will RETURN my policy.


Opt-out means cancel/refuse


Thanks again.....


Ankit