Jeevan Anand 149 Surrender or Continue?
I have a Jeevan Anand 149 policy. Sum assured is 15,00,000 Rupees, however this is planned as 15 policies of 1,00,000 rupees each. First policy premium paying term is 23 years for first policy, 24 years for second, 25 years for third, 26 years for fourth and so on and so forth upto 37 years for the last policy.
Policy start date is September 2012 for all the 15 policies. The policy term is 77 years for all the policies.
I have been paying premium for 10 years now. I want to surrender the policies now because
- I was not aware that the premium paying term is so long (Agent promised that it is a 23 year policy, but he planned it as 15 policies and premium paying term as per his wish)
- I do not see a value in paying this because I won't get a lumpsum amount at once, as each policy premium paying term is different.
I have also requested for a change it term for these policies, but LIC is saying I need to pay the pending premium for the reduced term + interest amount on the change of premium + GST etc.
Either case is not helping me. Kindly suggest what should be done?