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The ful query is written below

by Guest19430931  |  9 years, 8 month(s) ago

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Policy No. 890168374 issued dated 18 Dec 1993. Table 14 and Term 22 years - policy amt Rs. 50,000/-
The Yrly premium is Rs 3127-00. So for I have paid premia for 17 years totaling Rs, 53,159-00 as against total insured amt of Rs. 50,000-00. As the maturity date is 18-12-15, I have to pay premiums for 5 more years = Rs.15,635 adding this to Rs. 53159 the total comes to Rs 68, 794 against which I will be paid on maturity Rs 50,000 only - as the Insured amount plus Bonus ofcourse!. That means I will not get back anything out of Rs. 18,794 paid as premium which is in excess to Rs. 50,000/- sum insured.
I don't know whether bonus is applicable to the excess amount - but even if it is applicable it will not be more than Rs 18794/- Therefore I am consulting you on whether it is advisible to to make the policy as PAID-UP now and wait till maturity or earlier as the case may be!
I shall be obliged to get clarification from you
Thanks,
Ramesh Pai
9225908993
Pairamesh19@gmail.com

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