Which is better - surrendering the lic policy after 3 years or 5 years?
Hi
i am planning to surrender my policy. this is a money back policy. i hear that surrender value after 3 years is20% of the premium while after 5 years, the bonus also get added up. could anyone please tell me which is a better prospect ?
Answers:
After three years, any policy can be surrendered. Because it will get rewarded up value. Paid up efficacy is calclucated as follows.
(sum assured+bonus accrued) x no. yrs prem paid / total residence of the policy x surrender value factor.
it is not advisable to surrender a policy, at any cost verbs to get the intended benefits of the policy .
Good Luck !
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Actually, most go insurance policies have surrender CHARGES, within that they keep a portion of the efficacy of the policy for canceling it early. Here surrounded by the US it's usually 10 years - I've never heard of any that solely have 5 year surrender charges.
Check beside the insurance agent to see how much you'd get at 3 years and 5 years, taking into explanation the premiums you'll still be paying.
Good luck!
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