The Policy you took is a Money Back Plan - 75, a 20 year plan and as per your query, you have already paid for 10 years (6500 * 10 = 65000); Imporatant part in your query, you are missing is the life cover, you will get in case of death -
1- Death Cover (Plan 75) -
Sum Assured + Vested Bonuses + Final Additional Bonus, if any, is payable in a lump sum on death of the life assured during the policy term.
2- Plus Critical Illness or term rider (if you took above rider with the policy)
3- Maturity Benefit under the above policy if survived the complete term -
40% of the Sum Assured + Vested Bonuses + Final Additional Bonus, if any, is payable in a lump sum on survival to the end of the policy term
In the above Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year. So you have recieved 20+20 of Sum Insured.
As per your query terminate means surrender the policy,then all the above benefits are gone. In this case you will get surrender value as per below calculation
Surrender Value -
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first years premium and all survival benefits paid earlier.
Moneyback policies are costly policy, but as you are in the middle of the policy plus I feel you are in mid 30s, I would recommand to continue the policy.
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Originally Posted by deepa
