I have purchased ICICI Pru Pension Advantage insurance plan in 2010. I have paid five premiums till date. Can I surrender this policy or not? The premium paying term is 10 years. What is the right time to surrender the policy? Please guide me.
- Pravin Dilip Bhongale
ICICI Pru Pension Advantage is a unit linked pension plan. You can surrender the plan only after three years as it has a lock-in period of three years. Since you have completed five years, there will be no surrender charges and you will get the fund value as on the date of your surrender. You may surrender it now and minimize your future loss.
In future, do not buy insurance products for investment. It is always better to buy a pure term plan to get an adequate insurance cover to take care of your financial dependents. You can buy a very large cover with a low premium in a pure term insurance plan. You should opt for pure investment product like an equity mutual fund schemes to achieve your long-term financial needs.
This article was originally published on May 05, 2016.
Ask Value Research 
New episodes every Friday 
New Process Alert 
Seems like you've uploaded a wrong QR code. Please upload the QR code downloaded from MF Central platform.
