I am 41 and have been investing in mutual funds through SIPs for the past two-and-a-half years. I have my life insurance running for the last 18 years and my fund manager says that I can withdraw all the money from the available maturity amount and guide that money towards mutual funds through SIPs. How advisable is it to invest my maturity amount in SIPs?
It is a good idea but life insurance is an essential cost and you shouldn't consider it an investment. Although historically many people considered it an investment option, that shouldn't be the case. To put it simply, you should look at term insurance as a cost of buying protection for your family.
In my opinion, if you have financial dependents and your net worth is not sufficient to provide support to them, then maybe you still need a term insurance. Just add up all your liquid assets and see whether or not all of these will be able to support your family. Thereafter, take your decision.