My ICICI Bank advisor has recommended ICICI Pru Elite Wealth II - Maximiser V to me. I have to invest ₹5 lakh every year for five years. Is this a good investment option, compared with a SIP in mutual funds? There is a very long term commitment of 10 years, at least 5 years, here. Your advice would be appreciated.
- Badri Narayanan
ICICI Pru Elite Life II is a unit linked policy with insurance and investment elements in it. This policy is not recommended for investment purposes due to higher charges. Do not buy complicated products insurance products for investment purpose. Take a term insurance for your life insurance needs and invest in mutual funds in a systematic manner to achieve your financial goals. Choose your investments depending on your goals and risk appetite. For details visit the link: Go for a Term Cover instead of a ULIP.
This article was originally published on January 08, 2016.
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