2 Questions on ULIP

POSTED BY rajat ON March 18, 2011 4:05 pm COMMENTS (5)

I bought a ULIP in 2007 and continuing to paying premium till now. I have two questions.

– If I surrender it it now, will the tax deduction claimed this year be added to my income of next year(provided i surrender in april 2011).

– I don’t want that my agent gets any commission from my policy since he is not servicing me any more, last I saw him was in 2008 and secondly since he missold me the policy i don’t want him to get a penny out of my investment.

– Also, If I get his name removed from my policy, what will happen to the commission, who will get it, me or the insurance company?

5 replies on this article “2 Questions on ULIP”

  1. Ramesh says:

    The agent has already done his job of getting you. So, i think he deserves it.

    Whether you like it or not, thats your problem. 😉

    Not the agent’s, and not the company’s.

    1. rajat says:

      I am sure there must be some rule in this regard, when the agent is no where to be found, he has changed his number or i don’t even know if he is alive or what.

      What is so called protectors of investment, IRDA doing in this regard. This is not how things should work, agents are there to help customers not to compound their problem, i am surprised after reading your replies when you say nothing can be done in this regard.

  2. Rajat

    1. Surrendering ULIP before 5 yrs means that all the tax benefit recieved till date is reversed , so yes you are correct

    2. No you cant do that , Agent will be getting hte commission till you pay the premium ,Note that you wont be able to get it personally , in worst case if it does not go to agent,it will surely go anywhere else but not you 🙂 . at least in ULIP .

    3. I am not sure if there is anything like that in ULIP , But you will not get it for sure

    manish .

    1. rajat says:

      Thanks Manish, but what if agent is not servicing me anymore, what’s the use of paying him commission in that case, won’t the insurance company do something about it?

      1. Rajat

        What support are you not getting from agent ? I think now only part left is you paying the premium regularly ? How does agent come into the picture ?

        Manish

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