If you surrender the policy, you will make huge losses. The guaranteed surrender value will be 30 per cent of the total amount of premiums paid minus the first-year premium. LIC might pay a special surrender value - which may be higher than the guaranteed surrender value.Since your have completed three years, you can surrender the policy. You do not have to pay any tax on the surrender value, as the surrender receipts are tax-free if sum assured is more than 5 times the annual premium on all policies bought before 31/3/12.
It is always better to buy a pure term insurance plan wiht an adequate life insurance cover. Term plans have lower premium and you can buy a large cover with them by paying a very small premium. You should also opt for equity mutual fund schemes for your long-term investment needs.
Top 10 Tax Saver Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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