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Should I cancel my insurance plan?

You have been mis-sold a ULIP. If you do not pay future premiums, you would be penalised

I asked my Prudential advisor to recommend an investment option where I can park a sum and withdraw it after five years. In fact, I have even given the cheque. However, the confirmation call from ICICI customer care briefing of the fund features a premium payment of 5 years . On asking my advisor, he says that it s not mandatory but though an ideal option. Have I made a wrong choice? I have 15 days to cancel the plan.
- Lakshmi

Cancel the policy as soon as you can. You have been mis-sold a ULIP. If you do not pay future premiums, you would be penalised. For a 5 year term, you may invest in balanced funds. Click here for list of best balanced funds.

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