Surrender LIC Jeevan Saral Policies
LIC Jeevan Saral is expensive endowment plan that isn't beneficial as insurance, nor as an investment
LIC Jeevan Saral is an endowment policy which is silent on its expenses just like other plans in this category. If you survive the policy term, it will pay a sum assured plus loyalty bonus. Loyalty additions may be paid from 10th policy year onwards at the discretion of the insurer.
Such policies do not prove beneficial for either insurance or investment.
Though you will make losses upon surrender, it is not wise to continue investing in a bad product. According to the policy rules, your Surrender Value will be the greater of the guaranteed surrender value and special surrender value. This is how they are calculated.
Guaranteed Surrender Value: Guaranteed Surrender value is equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums.
Special Surrender Value: 80% of Maturity Sum Assured if you have paid premiums for 3 or more years but less than 4 years. 90% of the Maturity Sum Assured, if you have paid for 4 or more years but less than 5 years. And 100% of the Maturity Sum Assured, if 5 or more years' premiums have been paid.
But you are right in asking if you need a term plan. You do, and mere health insurance will not be enough. Life insurance should be bought by those individuals who have financial dependents. If your mother is non-working and father is retired, they do not need life insurance. But you must go for a term life insurance plan. Aviva i-Life, HDFC Click2Protect are good online term plans. As stated earlier you need a bigger cover.
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