I have taken the ULIP from amsure(Associated with Max New York Life Insurance) and have paid the premuim for 2 yrs(locking period is for 3 years).Due to some personal reasons i couldnt pay my 3rd year preimum and also i came to know that my fund value is not even 1/4th of the premium which i paid for the 2 years.
The policy term is for 15 years and the preimum is 50k (for 2 policies).Since i didnt pay my 3rd year preimum the policy is in inactive state.
In this situation can i continue paying the premium(3rd yr preimum is 50k each for 2 policies) and for 15years will it be beneficial?
Or if i want to close the policy without paying the 3rd preimum will i be able to get some amount from which i paid for the 2 years.
Jan 2012 is my due date to pay my 3rd premium.
Kindly suggest whether i can goahead and pay the premium or quit……