Should I continue with LIC Market Plus I plan? I took it, growth option, in 08/2010.
- Rajesh
LIC Market Plus I plan is a unit linked deferred pension plan. It plan has the option of with or without life cover. If the policy is taken with a life cover, the sum assured with the fund value will be paid either in a lump sum or as a pension. If the policy is taken without a life cover, the fund value will be paid either in a lump sum or as a pension.
The high costs, difficulty in evaluation, lack of transparency and low liquidity don't make such hybrid products a suitable avenue to put your money. You should surrender this plan and stop your future losses. You will get the fund value on surrendering the plan. There will be no Surrender charge since you have completed the lock-in period of 3 years.
In future, do not buy insurance products for investment. Always buy a pure term insurance plan to buy an adequate life insurance cover and invest in equity mutual funds to achieve your long-term financial needs.
This article was originally published on April 25, 2016.
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