Surrender of LIC Policy
My brother has a LIC Policy (Endowment Plan) as follows ::
*LIC New Jeevan Anand (Plan 815)
*Date of Commencement -- 26 Dec 2019
*Sum Assured -- 12 Lacs
*Policy Term - 25 Years
*No. of premiums paid till date -- 3 (2019/20/21)
*Claimed 80C deduction in ITRs.
He wants to surrender the policy.
1) Should he surrender the policy immediately or wait for completion of 3 years in Dec-2022 ?
2) Would there be any impact of the above decision on surrender value ?
3) Approx surrender value ?