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

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  • August 24, 2014 at 5:24 am #47017
    samkapoor77
    Keymaster

    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?

    August 26, 2014 at 12:50 am #47018
    samkapoor77
    Keymaster

    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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