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Can I convert a ULIP into a mutual fund scheme?

Conversion is not possible. You'll need to surrender your ULIP and invest in funds

I bought ICICI Pru Elite Life II-RP Plan a year ago, assuming it is a mutual fund scheme. Can this be converted to my existing mutual fund scheme (ICICI Pru Value Discovery) or can I get a refund?
-Rajeev Ranjan

ICICI Pru Elite Life is a unit linked insurance policy. Unfortunately, there is no such option of converting your ULIP to a mutual fund scheme. Though you will incur a loss, it is still wise to surrender your policy. You can do so now and take the fund value after the lock-in period of 5 years.

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