Over the period of last ten years I have taken LIC various policys. Now I

work out that I have made mistake. If I want to surrender this policys

what are advantage and disadvantage? What is the procedure to stop this

policys.

Dear Yash,
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Any Insurance plan is good for those left behind....u got to die to give benefit to the left behind..its sick but its the way it works....i wouldnt recomend it for anyone..if u surrender u will loose everything...in some cases u will get just 20% of what u have paid ...its my honest observation that already u have paid so much so just pay ..forget about the mistake u have made ..u cannot correct it..but kindly dont join any new insurance plans...try to make all these insurance plans work for ur benefit...thats ur only hope...hope the govt comes with some life lines for people like u..ur not alone almost 85% of ppls face this ....ur not alone

Its depend on what kind of policies you had taken, how many years they have been running, had you received any benefits (money back) from them. Without these details it will be difficult to say about the advantages and disadvantages. Please read Outlook Money too. In their last Dec/Jan issue their was an article about this. You can visit their site for more details.

You need to consider all aspects
surrender value may be much lesser than what you have paid
you may need further insurance cover after this exercise,which wull be expensive now

if you are around 25-35,you may consider

Hello.If you want to insure yourself and your family,it is a good option.But if you want to grow your money,then it is not a good idea as insurance is basically to insure yourself of money.This is the Era of Specialisation and insurance and growing money are two different fields and one should try to avoid both in one scheme(in case of ULIP).If you want to insure you and your family by taking life insurance,mediclaim policies,see to it that you consult a financial advisor and not just an insurance agent or anybody because every family is different and their insurance needs are different.Hope you understand this.
.My advice for your long term investment would be these fund schemes.These funds are Equity linked and have delivered good returns when the market has gone up and sustained the bad periods of the market since its inception.Hence they are the proved ones.They are tax free for upto 1Lac rupees invested in them.Equity linked Mutual Fund earnings are Profit (or) Loss earnings and ...more

1. Did you take this policy as Insurance or Investment?
2. If it is Investment, than there are other means of Investment that will pay you better dividends and returns than LIC. Henceforth look at those options.
3. If it is Insurance, thank yourself that you are still alive! The policies would have benefitted your family and nominees in case of any unfortunate incident. And they would not have considered this a mistake.
4. The objectivesof Insurance and Investments are different. Now that you have enough Insurance over the last ten years, do let the Insurance cover continue and henceforth start investing.

Consult to ur agent or any professional consultant.
thanks