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Surrender your ULIP

Your older ULIP hasn't performed well because such policies have been expensive & the markets unfavourable...

I have invested for 5 years in HDFC Standard Life Young Star Plus (Rs 12,000 per annum) and HDFC Standard Life Endowment (Rs 10,000 per annum). The current value of my holdings in them is Rs 38,000 and Rs 50,000 respectively. What should I do?
- Ravi

The first thing that you should before anything else is get yourself adequate insurance by way of a term cover. A simple insurance of this kind is a necessity that should be fulfilled. After you do that, you can surrender your HDFC Standard Life Young Star policy, because you would have already borne all the expenses in the scheme. Your money hasn't grown in this ULIP because such older ULIPs were very expensive and at the same time, the equity markets haven't been favourable. Regarding your endowment plan, you should look at the policy document carefully because such plans typically have very low liquidity.

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