Dear friends,
I had purchased ICICI Pru LifeTime Pension II about 7 years back. I had regularly invested till last year. Last year I stopped investing in this plan and started investing mutual funds SIP.
Actually this plan gave me good returns (at least it is not in negative returns like some other ULIPS), however I was advised that since it is a pension plan, the final amount will be taxable, so I stopped investing in it.
Now what course of action should I undertake?
1. Surrender the plan, take whatever money I get and invest it in mutual funds as lumpsum or STP.
2. Stop investing but collect the proceedings at the end of the tenure.
3. Continue investing in the plan for the full term since the monthly premium is not large – just Rs. 2000.
Looking back I realise that I had started this policy without any serious thought. Now the amount I will get at the end of the term will help but definitely will not take care of my pension requirements. So should I exit now or carry it to the end?