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LIC Jeevan Nidhi (818)
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15 Apr, 2021
by Arun Bansal
Hi. My father had purchased Jeevan Nidhi (818) in the year 2014 when he was 57 years old with policy term as 7 years. The policy is about to mature in August 2021 and LIC officials are suggesting to surrender the plan to get lump sum amount instead of getting annuity. Please advise is it better to surrender the policy.
Yearly Premium: 16824
Term: 7 Years
Guaranteed Sum: 1,00,000
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Hello Arun,
Apologies for the delayed response.
Let's evaluate the following:
a) Why was this product bought - Was it to generate an annuity or simply as an investment? How does your father want to use this money - as a monthly/annual income or get the entire lump sum right now?
b) From the LIC officials, you must get the proposed surrender amount and the lump sum amount you will get to invest into an Annuity if you do not surrender.
Once we have this in place, we can quickly decide what to do? Works? Let us know.
Cheers!
Team Beshak.