ICICI Pru LifeTime is a unit linked policy with high charges during the initial two years. Even now, you must be paying around 8% annual charge
15-Oct-2015 •Research Desk
I bought a ULIP policy, ICICI Pru LifeTime, in March 2004. I pay a premium of ₹50,000 per year. Should I continue with the policy?
- Milind Choudhari
ICICI Pru LifeTime is a unit linked insurance policy with high charges during the initial two years. Even now, you must be paying around 8% annual charge which is quite high. This policy has no maturity date. Investors can surrender the policy anytime after three years with zero penalty charges. Get out of this plan.
Keep your insurance and investment needs separate in future. Buying a term insurance plan is the cheapest and most efficient way to secure a life insurance cover. Always opt for equity mutual fund schemes to meet your various long-term financial goals.