Need A Financial Product Forums Loans Should I surrender my LIC policy to pay my loan

This topic contains 1 reply, has 2 voices, and was last updated by  Suhas Jain 3 years, 1 month ago.

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  • #47017

    Suhas Jain
    Member

    In 2008, I bought LIC profit plus growth policy with annual premium of Rs. 30,000 to be paid for 5 years. Policy duration is 20 years and till date I have paid 5 premiums. The value as on that is Rs. 1, 64,000. I have an outstanding loan of Rs. 3, 82,000 for next 18 months. Should I surrender my policy and pay off my loan or continue with it?

    #47018

    Neel Thakkar
    Member

    For each of your choices, calculate the interest payments and returns. In my opinion, you should surrender your policy and pay off your home loan from the money received.

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