Is surrendering LIC’s New Bima Gold Policy a right option

[Sameer Kapoor]

I took New Bima Gold Policy of LIC in 2007 for 10 years. I am paying half yearly premium of Rs. 8,844 for sum assured of Rs. 2, 50,000. I realize that I am under insured. Considering this fact, I am inclined towards purchasing a term cover for myself. In your opinion, should I surrender this policy or let it continue and wait for another 2 years to purchase term plan.

[samkapoor77]

You won’t get much on surrendering this policy. It is hardly a matter of 2 more premiums, let it continue. If you can afford then purchase a term plan.

[Author]

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