Can someone give solution for my ULIP problem ?

POSTED BY tedmosby ON June 4, 2014 10:08 am COMMENTS (4)

I have ULIPs worth 10 lac which cost me a yearly premium of up to 55k.

Now, I have read lot of articles on this and realized this is not worth it. Plus, your article on LIC Direct online term plan was really good. I am thinking of going for it. It has only been 2 years that I have paid the premiums so I am thinking what would be the best option.

1) To stop paying further premiums.

2) To reduce the paying term from 25 yrs to 10 yrs. Is this allowed?

4 replies on this article “Can someone give solution for my ULIP problem ?”

  1. tedmosby says:

    OK. I have decided to buy the new online term plan from LIC.

    Is it so that settling claim for 1Cr takes longer time to process than lesser ones?

    Is it a good idea to buy 50% LIC and 50% SBI to reduce on cost?

  2. basunivesh says:

    Jeevan Anand is not a ULIP but a typical traditional plan. You can come out at any point of time once you complete 3 years. But not sure how much more you earn to what you paid. Still it is better to come out of your bad decisions than committing it for life long.

  3. tedmosby says:

    sir,
    it is Jeevan Anand

  4. basunivesh says:

    Please let me know the product name specifically.

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