I had bought a money-back policy five years ago, in which I stopped the premiums after the first three years. I plan to surrender this policy now. Will I get back any amount?

Nirmal Jain, Jaipur

Approach your insurer to understand the state of the policy and what is it that you will get if you surrender now. The decision of getting back any money will depend on that. What you have appears to be a traditional life insurance policy, in which there are 3-5 year lock-in or a minimum premium that one needs to pay before the policy can be surrendered. Do check such details to get a better fix on the status of the policy and what you stand to get from it on surrender to act accordingly. Insurers may insist on you paying premiums for a few more years before you qualify for any surrender – opt for such an outcome only if you see it worth putting in more money; else, cut your losses and treat the initial premiums paid as a write off.

olmdesk@outlookindia.com