What shall I do with my ULIP..!!!

Hi,

I know it is not a good idea to invest in Ulip because of its high administrative charges.
But I have already paid the 3 years premiums in one of the ICICI Pru Ulip.
Now Jan-2011 is the due for the 4th year premium.

As it is not compulsary to pay premium from 4th year, I need your advise..
Is it worth to pay this. or Invsest the money in equity div.mutual fund.

PS: As I have not opted for any Insurance, my full amount will be invested (excluding other charges).

Waiting for your advise..

you will have to pay for 2 more years now.. the ulip term for tax saving is changed from 3 years to 5 years.. so you can go ahead and pay 2 more premiums before doing anything with it.

Hi,

Thanks for the information.
As I am a NRI i can not avail the tax benefit.
And my premium amount also very high (1 lac).
That is the reason for thinking..
Is the lock-in period still 3 years for existing policy..?
Is it manatory to pay for 5 years for existing policy..? as per new rule..?

Does this rule apply with retrospective effect?

Friend, what you say is right. There are premium allocation charges that needs to be taken care of before going for ULIPS.

Now the lock in period has been changed from 3 to 5 years.

Henceforth you can go for traditional policies.

For example LIC is offering Jeevan Saral which offers liquidity as well as risk cover as well as tax benefits. If you are under 40 years of age, you can go for this policy as the premium is for you to decide. Accordingly to the premium (monthly premium) you choose, the sum assured amount will be 250 times.

In case you are above 40 years, you can go for endowment policy.

You must surrender and invest entire amount to HDFC TOP 200-GROWTH
immediately

Swapan Ghosh
[email protected]

Hi Friend,

If You want to invest the money, then invest in ur existing policy beacuse charges is reduce according to time. You also pay three premiums, if you don't want to pay, not pay it. New irda guidelines is applicable after 1-oct-2010 only on new policies not old policies. So, my suggestion is invest in same not go to new policy beacuse of charges.

Thanks,
Pallav - 9811153848

Hi Friend,

If You want to invest the money, then invest in ur existing policy beacuse charges is reduce according to time. You also pay three premiums, if you don't want to pay, not pay it. New irda guidelines is applicable after 1-oct-2010 only on new policies not old policies. So, my suggestion is invest in same not go to new policy beacuse of charges.

Thanks,
Pallav - 9811153848