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mangla

Question

i have taken lic samrrithi 804 plan , in this i have paid Rs. 18000/- as 1 year payment by ecs mode. (Rs.1500 p.m.) After 1year its value is rase by only Rs.900/. what should i do. will i surrender this policy. or wait for good result. is their any chanse to get good return in it then only i pay next premium. what should i do?

Asked By: mangla
On: 22nd Jun 2012 9:23 PM
Answered Within: 17 Hours

MIC Expert

Answer

Dear Mangla,

LIC Samridhi Plus Plan is a Unit Linked Insurance Plan where the returns are marked to the market performance. ULIPs are long term plans and most of the policy charges are charged upfront. Even though the charges are usually low in single premium policies, they are relatively higher than traditional insurance policies. But it is always a better deal to continue the plan till the end to get best returns.

If you had taken the policy from a long-term perspective then you should wait till the end of the policy term because once the markets start performing, your policy fund value will also go up. Do not panic or worry much if the value is not looking good currently.

it simply doesn't make any sense to stop the policy now, since you would end up losing all the money. Please do continue paying for the same and you would surely get good returns once the initial breakeven point, which is about 5-7 years.

Hope this clarifies your doubt. If not, please do feel free to get back to us and we would be happy to help.

Answered By: MIC Expert
On: 23rd Jun 2012 2:23 PM

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