LIC PLAN HOW TO GET OUT
My father had purchased a Jeevan Akshay VII plan at the time of his retirement by investing approximately ₹14 lakhs, which provides a monthly pension of around ₹5,700. After his passing in 2020, the pension was transferred to my mother under the joint-life option. Also this is a corporate plan
As per our understanding, the invested amount cannot be withdrawn until my mother’s lifetime. However, my mother is financially supported by all three of us siblings, and therefore the monthly pension is not something we are dependent upon.
From a financial planning perspective, we believe the corpus amount could potentially be invested elsewhere for better returns and more efficient utilization. Hence, we would like to understand if there is any possibility of surrender, premature closure, buyback, or any alternate exit option available under this policy.
Will there be any possible way to get out of this?