Surrendering LIC Jeevan Umang
I bought LIC Jeevan Umang Policy in 2022 :
- Sum Assured (25L)
- Policy paying term (20Y)
- Yearly Premium (1.3L)
So far I have paid 2 installments, one while buying policy in 2022 and one in may 2023. I have noticed return of this policy would be way less than even safe investment options like FD.
So I am planning to stop this LIC policy and switch to term insurance instead.
I am confused about what to do with this LIC policy ( Surrender or Convert it to Paid Up ) ? Some sources say we can convert it to paid up and surrender after 2 installments and some say after 3 installments.
What value do I get if I surrender it and if If I convert it to paid up ?