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Date : Jun 1, 2009

Question

Hello. I have paid 45000 Rs (15000 each year) in Max New York's ULIP. I then stopped paying premium but they are now insisting me to continue with this policy. Should I restart this policy again or go for policy surrender? Please advice. at this moment the value is around 29000 against I paid 45000.Please guide me.

Answer

ULIP is a product which provides you with life insurance cover with an investment component attached to it. ULIP have first year charges, subsequent charges, administration charges, risk charges, asset allocation charges, switching charges, top-ups, and surrender value of units. Before buying any ULIP you should consider the above charges and compare it with products available in the market.The above mentioned charges are deducted from premium amount you pay. The balance amount (net premium) is invested. The net premium amount goes towards funds as selected by you while purchasing the policy.

ULIP charge a higher allocation charges in the initial years. In the initial years the funds which goes towards investmesnt is very negligible. Even the best of the ULIP`s normally takes 10 to 12 years to attain their break even. You can be benefited from ULIP only if you stay invested for longer duration.

 

 

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