LIC Jeevan Anand Discontinuation question

POSTED BY Bob weiler ON September 9, 2012 7:04 pm COMMENTS (11)

Hi, I had registered for LIC’s Jeevan Anand policy (1 and a 1/2 years ago ) and have paid its premium till now but now want to discontinue it. My LIC premium is 6425 Quarterly and sum assured is 5,00,000. So my question is should i just quit right now and limit my losses or should i continue for 3 years and then surrender it ?? when will my losses be minimum(taking into account the tax savings i get from it too)

11 replies on this article “LIC Jeevan Anand Discontinuation question”

  1. vijjuvani says:

    Dear Ashal,

    I read your blogs and you are very impressive. I would like to know what happened with the Jeevan Anand because they say that they give much money even when we are alive or dead. I have been paying the premium for 2 years. Sum Assured is 3 lkhs and paying the premium 3934/- quarterly. Now after going through your answers I am not sure whether to continue with the policy or not.

  2. Bob weiler says:

    ok karthik and ashal….thank you both for your advice….i will stop the policy right now.

  3. Dear Bob, your losses ‘ll be minimum if you stop right now. Why? You can divert your money for better earning instruments. This Jeevan Anand policy is neither good for insurance nor good for investment. W’d you like to amputate a finger today or a hand tomorrow? Choice is yours’.



    1. rtprakash says:

      Respected Ashal Jauhari you have saying that how can its.

      1. Dear rtprakash, can you elaborate what are you telling or asking as I’m unable to understand youir post. Please help me to understand.



        1. rtprakash says:

          Sir , actually you have to say that this jeevan anand policy is neither good for insurance nor for investment , so it would be stupid to buy.

          1. Dear rtprakash, if you meant for tht finger amputation, my dear friend, that was taken a s reference to book losses. lower losses now or heavy losses later on.

            Hope I’m clear to you.



        2. rtprakash says:

          Respected Ashal sir , i can`t find my answer , i want to clarify from your side that how can you say jeevan anand is neither good for insurance nor for investment . So what you think about jeevan anand policy , it means according to your its an useless policy of LIC . One who taken this policy are stupid. I wants to know is any quality features have this policy or its realy nonsense policy as you say.

  4. Bob weiler says:

    Thank you karthik….that clarifies a lot of things…..just one more thing….what about Special Surrender Value ?? won’t it be applicable ?? Just clarifying….thanks

    1. Karthik says:

      I am not sure about Special Surrender Value. Even if they include some part of accrued Bonus, I don’t think you would get more than 20k. Best option is just to stop it.

  5. Karthik says:

    Since the policy is less than 3 years old, There will not be any surrender value now.
    You have 2 options now.

    1) Stop paying further premium, and forget that policy.
    Your loss = 6425*6 = Rs.38550

    2) Pay premium until 3 years and surrender. The surrender value will be
    30% of Sum of premium paid (ignoring the first year premium).
    You will get 30% of 6425*8 which is Rs.15420
    Your loss = Rs. 61680

    * I have not considered tax savings here
    ** LIC Jeevan anand is not the only way to save tax via 80c

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