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ICICI Pru Elite Life-II Maximiser Fund V

If you are looking to save taxes, you can consider buying a term plan and investing in Equity Linked Savings Schemes

I have bought ICICI Pru Elite Life-II Maximiser Fund V in January 2014. The annual premium is ₹2 lakh. The portfolio manager of ICICI advised me on this and he also informed me about tax benefits and insurance cover. I have paid two premiums so far. The third installment is due in January 2016. I see a negative feedback on the fund. The growth is not visible. I am in two minds about whether to continue or quit the plan. Please advise.
- PB Rao

ICICI Pru Elite Life II is an insurance cum investment plan. You may read more about the plan, here: Go for a Term Cover instead of a ULIP.

To know your fund value, you have to call the customer care number. We do not recommend such policies because they offer very little cover and they also have higher expenses. If you are looking to save taxes, you can consider buying a term plan and investing in Equity Linked Savings Scheme (ELSS) or tax planning mutual funds. A term plan will provide you an adequate coverage at nominal rates. And an ELSS will help you to create wealth over along period. While ULIPs have a lock-in period of five years, ELSSs have a lock-in period of only three years. However, you should invest in ELSS with at least five-year investment horizon.

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