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Should I surrender my ULIP before the lock-in period?

Surrender value will be paid out to you after the 5-year lock-in and after deducting surrender charges

I have bought Max Life Fast Track Super ULIP in 2016. I was supposed to pay 5 premiums per annum of 75000 and after 10 year I would have received Rs 7.5 lakhs. If I surrender now, they will deduct Rs 6000 and I will receive the amount only after completion of 5 year. Could you please suggest what would be the best thing to do?
-Kapil Dev

Though you will incur losses, we'll advise you to surrender your policy and take back the fund value after the expiry of the lock-in period. Further, buy a good term insurance plan with an adequate insurance cover and invest the remaining money in a couple of good diversified equity mutual funds. This combination (term insurance and equity funds) will cover your insurance and investment needs in a far better way than a ULIP could.

Cancellation of the policy would have been possible in the free-look period, which is generally 15 days. After that the only option to cancel the plan is to surrender it.

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