Moreover, you can also check your policy terms and conditions for an option of Policy Loans
I have an endowment policy. The premium paying term was seven years and it is over now. But the maturity of the policy is after 15 years. Can I withdraw the money now? How much will I lose if I withdraw now?
– Krishna Bangera
As I understand you are left with a few years for your policy to mature and you intend to withdraw the money now. I would answer this question in splits. Firstly, yes you do have an option to withdraw the money by surrendering your policy, however it will attract some deductions. You may in that case speak to your insurer and enquire about your surrender value that is applicable to your policy at the current stage. Secondly, I would also like to suggest that unless you have an exigency, you should continue to stay invested in your policy and withdraw the amount only at maturity. Moreover, you can also check your policy terms and conditions for an option of Policy Loans. This option will enable you to receive a part of your Surrender Value, while continuing with your policy benefits. You can contact your insurer and get the exact details on the Policy Loan procedure.
Is it better to buy a double benefit life insurance policy or a life insurance policy with accident benefit rider?
– Manan Khanna
The benefit offered under the double benefit insurance policy or opting for an accidental benefit rider is same. The major difference between the two is that taking an in-built benefit provides a hassle free approach towards buying an additional benefit. However, irrespective of this difference, I would suggest you should choose to consider opting for an additional benefit either through an in-built feature or buying a rider.
The writer is MD & CEO, Edelweiss Tokio Life Insurance
Clear your doubts with regard to life insurance.
Send your queries to personalfinance@dnaindia.net
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