Hello Manish,
I purchased Tata Mahalife Gold last year which has a face value of 10,00,000/- and I have payed 1 premium which is 87.5k
I need to pay this for 15 years.
After having read your book’s 2nd chapter, I think going for a pure term insurance+PPF is a better option.
I checked with Tata Aig and they say that I will lose my whole first premium amount if I cancel it now.
Even if I cancel it after three years, I will still lose 1 premium amount and also 60% of the 2 premiums.
So in essence, If I pay 3 lakhs in three years, I will still lose 2.4 lakhs . So cancelling it now is a better option I feel.
Whats your opinion?
Please guide me . This is the first tremor I have felt after reading your book. Just done with 2nd chapter. Kindly help. Should I cancel this policy?
–Sachin