I had taken a Met Life policy in 2007. I am paying a yearly premium in this policy. The fund’s current market value is Rs 47,000, but I will get only Rs 31,000 from it if I surrender now. What should I do?
-Suresh
The older ULIPs were expensive and you are required to pay premium for at least 3 years. You shouldn’t redeem your investments from them between 3 to 5 years even if you don’t invest any more money in it, because you will face high surrender charges during this period. There has been a change in laws since January 2011. The newer ULIPs are not as expensive as the old ones, but we still believe that investors shouldn’t mix insurance with investments.
This article was originally published on March 30, 2012.
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