POSTED BY September 27, 2010 8:29 pm COMMENTS (11)ON
Thanks for great inputs and educating us on financial. I regularly browse JagoInvestor and I started SIP’s and took LIC Term Policy.
I was forced to take an ULIP policy ‘ICICI Pru Assure Life’ If I want to decrease home loan interest rate for 2 years(with 1.1% fee on outstanding loan Amount). So I took this ULIP on my spouse’s name and paid first year premium as 40,000/- when the policy started in December, 2009. And I think, they could have made huge cut as first year fees from 40k.
1. Is it beneficiary to discontinue this ULIP policy, as I paid up only one year premium? So that I can invest in MutualFunds?
2. Does the new IRDA rules – to take only minimal fee(Divide the fee across 5 years) – applies to the existed policy and (for me) from secondPremium onwards. Can I get information on this new IRDA rules(which mentions the rules to the existed ULIP policies).