OK, Its bit embarrassing to tell the story. I bought this costly ULIP Metlife SmartLife back in June 2010 when I didn’t know the ABC about Financial Planning/SIPs/Cover and all. The plan provides a cover of 60 lacks till age of 60, with an annual premium of 1.20 lacks (Yes, I pay 10000 per month!! Dunno what I was thinking back then). I think I fell into the trap of high returns and numbers shown by the agent. The ULIP puts money into the Multiplier Fund II of metlife which is equity oriented.
And now I think I made a huge mistake. I should have taken a Term plan, and take the SIP route in Mutual funds. I was just too naïve about my finances back then (I am still I guess).
What should be the strategy with this ULIP? Should I continue with this plan, or move out once it completes the 3 years mandate? I am aware that the maximum charges to ULIP are applied during the first 3-5 years post which one can expect a decent growth.
But I am not sure about metlife multiplier fund II.
Any help would be much appreciated.
Regards
Finnaive