Hi,
I had taken three plans of “ICICI Pru Guaranteed Savings Insurance Plan” with a premium of 18k, 18k and 19.8K during last year december 2010
I was earlier told that the policy returns are non-taxable. I just believed that said fact but now I couldn’t find the same in any document. So, first doubt is whether that information is true ?
Now, the policies are due for renewal but I am in a dilemma to continue with the same or not.
I want advice whether to discontinue the same i.e. all of three of them or few among those. And rather invest money in some other way such as term + PPF or any other guranteed mode.
Also, I am aware that policy surrender would result in premium lapse. But here I want to take this devision during the early stage of policy, rather than repenting for years to come.
Please provide your insights on whether to continue with this policy or not.
Thanks!
Note: I am looking for some non-market linked mode of investment here.