Hello Everyone, I am creating this post in a depressed situation. I am novice with all these ULIP concepts and ideas. So, asking for your valuable advice to get rid of my present problem.
My father did a unit linked pension plan from HDFC in the year 2008. He was promised by the agent (my neighborhood uncle) to go with this plan for its effectively. My father was not much knowledgeable about this thing, he was vaguely told that his investment will be doubled in 5 years if he completes 3 years terms at least at the rate of 1lac per year. He can continue with this even after 3 years up to 10 years, but he could easily with draw it any time after 3 years, but if he would get almost double of his investment if he keep the money for 5 years. So, my father thinks it like as simple as that pay 1lac every year continuously 3 years and get around 6 lacs after 5 years.
Now, my family is need of some urgent fund and so he wants to break this investment, as 3 years of terms are completed, he can easily do this.
But, the agent says due to the market down condition, even if he surrenders the policy he will get may be lesser then his total investment of 3 lacs, so it will not be a wise thing to break it now.
Now, we have come to know that these kinds of plans are in fact beneficial for long term savings. But, my father was not guided properly so he took the wrong decision.
Now, my question is, if we want to stop investing any more amount to this policy, then when should we surrender this policy to get at least some profits, say at least around Rs. 4 lac or so for the investment of his hard earned 3 lac since 2008. We know that it all depends on market up down, but can any one tell me how to calculate the fund value of the policy any point of time with out asking the agent or any one?
There might be some ways to know the fund amount at any point of time and so that we can take right decision to surrender it. We are not at all interested to go with this plan for next 2 years.
So, please let me know the solution. Some are saying the fund will go up may be in next March, and we can surrender the policy at that time and ger much more return.
Some are saying to pay at least Rs. 25000 and surrender the policy after 4 years to get much more return?
But, I am really confused and just want to know the ways to speculate the growth rate. I think I can do it with proper guidance.
So, Please reply your valuable feedback..
Regards.