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Pl Advice - my lapsed Policies

Dear Sir

I purchased five policies- self, wife, one for three daughters in the year 2003 from LIC at PANAGARH(WB).. I took loan against my policy(self) and subsequently surrendered that policy at Meerut in 2006. Money was paid to me through one of their agent by cheque. In the LIC website that policy is still listed (141011945) with address noted that of the agent through which I surrendered my policy.

The other policies 465253005,006,007&008( wife age-53,daughters 24,22&16 years) were continued upto Feb 2008. I availed loans against each of the policies and have surrendered documents to LIC ,Bowelpally Sec'Bad(AP). I have neither paid the premiums nor return the loan amounts.In Feb 2011 when I enquired from the branch whether I needec to surrender those policies officially to get any benefits whatsoever I was advised to continue and pay the premiums. Then a Rs 25300/- was required to reularise and update the policies .All those policies are for 15 years and will be matured only in the year 2018.In the meantime I have retired from service and find continuation of all the policies a bit trouble some. Could anyone in this forum advice me with a comparison table suggesting benefits either way. Thanking you in anticipation.


 2 Replies

sanjay kumar (BE/ LLM in Corporate Laws)     13 June 2011

This is a purely financial matter and a Chartered Accountant will be able to help you.

Sajid (Auditor)     15 August 2011

Get the details from LIC:

1. Loan amount outstanding to this date

2. Premium amount to be paid to this date, to regularise the policies.

3. Surrender Value of each policy, to this date.

Decide yourself, to continue or  to surrender this policies.

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