What is the best way to stop an existing LIC policy?
Let me start by thanking all of you for this service and all your valuable inputs
my father has 19 (yes, that number is very high and debatable) LIC policies viz Jeevan Saral, Jeevan Anand, Jeevan Mitra and Jeevan Umang
I have stopped the premium payments (after getting adequate Term Insurance) for these policies and used the funds for another investment now. The premium paying term ends in 2032 and I have already paid the premiums for 10 years. (Total premium paying term is 20 years)
I believe that these products are a drain and we shouldn't pay any more premiums, but considering I am halfway through the terms, please answer my doubts -
What is the best way forward? Should I continue paying the premiums? What happens to the paid premiums if I don't continue paying? What is the best way to get that money back?