I am 26 years married govt. employee. Last year i purchased Jeevan Anand Policy and paid for 13 months (premium about 2300/- month , sum assured-500000, after 21 yrs). i have confusion that i should continue or surrender it.
As explained in this answer - Are endowment plans like LIC's Jeevan Anand a good investment option?, the policy combines insurance and investment. it However it performs poorly on both fronts. I suggest that you read this answer first before reading further.
In your policy, the sum assured of Rs 5 lakhs is quite low. Would this amount be sufficient for your family if, God forbid, something were to happen to you? Absolutely not. You need a sum assured which is about 20-30 times your annual income. So if your annual income is 10 lakhs, then you need an insurance cover between Rs 2 crore and Rs 3 crore. Please see this Q&A How to evaluate term insurance coverage and price?
As far as returns are concerned they won't be more than 5%-6%. Even a PPF will give you better returns along with tax exemption.
Since you have paid the premium for just 1 year and 1 month, I strongly recommend that you surrender the policy and in its place:
Sachin Shah is a 30 year old Senior Software Engineer, working at an IT services company in Bengaluru. He and his wife want to plan for their retirement and also want to save for their child's education, wedding and for buying a car.View Case Study