Dear Shubham

Do not see number of endowment policies , but check the total premium involved . If is within 30 % of portfolio then your parents have done a prudent decision .

Bfnefits of endowment

1. Compulsory saving each year

2. Tax free maturity ant rebate under section 80 c

3.guaranteed fulfilment of purpose .

Do not expect more than 3-4% of annual return .

These plans has been regular saving instrument for old generation because of relationship of LIC agents who served families .

Now , if you want to cancel 7 plans sold in 2020 then check the following

1. Who is Proposer and who is life insured in policies .

2. Did adult above age 18 sign on the proposal form .

3. If your father is proposer and insured is your children without your consent then you have all right to challenge these policies which has been bought without your consent .

In case you terminate the plan then you will loose all paid money but if you challenge the contract then parent can get money.

So check the contract and demnd cancellation . .

Thankibg you

Shailesh

Insurance samadhan

Dear Shubham

Saw your input .

Take one case :

1. Who is the Proposer
2. Who is insured , if insured is above age 18 then they need to sign as insured . Did you check signature of insured .
3. If insured is Grand child , then parent of child need to give consent . Did they give consent ?
4. Check age , premium term and income of your parent . If age is 60 and premium term is 10 year and income is Rs 5 lakh then will your parent continue to earn for next 10 year .
5. What is the premium and is it within the financial capacity

Ask these questions and try to look for questions , these questions should be asked by underwriters of Insurance .

Check and revert

Shailesh