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I bought a Unit Linked Insurance Plan (ICICI Pru Life Time Super) nine years ago. Should I continue with the plan and switch to a mutual fund to get better return?
- Sanjay Kumar Mahato
ICICI Pru Life Time Super is a unit linked policy that combines insurance and investment. This policy is still charging a minimum of 6.25% p.a or more. There is no point in continuing with an expensive policy. You should consider surrendering the policy as high charges must be eating into the returns generated by the policy. You have completed nine years, which makes you eligible to receive 100% of the fund value on surrender. Buy a term plan for insurance cover as you would lose our insurance cover once you surrender this plan. Always invest in a pure investment vehicle like mutual funds to meet your financial goals.
This article was originally published on January 12, 2016.
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