I had invested in ICICI Prudential Gold Life, which had a lock-in period of 3 years. I have invested a total of Rs 90,000 in it so far, but the current value of my investments is only Rs 78,000. I have been told by the company that I will face surrender charges of 2 per cent if I redeem my investments. What should I do?
-Birbal
Most older ULIPs have high surrender charges if the investment is redeemed between 3 to 5 years. These surrender charges are as high as 30 per cent in some policies. It seems unlikely that you would face charges of only 2 per cent. Hence, we would suggest that you look at your policy document carefully before redeeming your money.
This article was originally published on April 05, 2012.
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