I have invested in ULIPs and the premium works out to Rs 8 lakh for the year. I have completed three years. Should I stop making the payments now?
One has to examine it minutely. Generally, this product is costly. The tax benefit that you get, if Rs 8 lakh is your yearly investment, will be only around of Rs 1 lakh yearly. So evaluate your investment comprehensively and if investment is your motive, then mutual funds are the best option.
For a long-term investment, a good equity or a balanced fund is a good option. ULIPs are not so transparent and you also do not get much insurance through this. For that, choose a term insurance which is very cheap and caters to your insurance needs in a better way. If you have completed three years, it is time to evaluate your future course of action.
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