My father works in Indian oil Coprporation in 21-OCT-2009 he took a ULIP plan of Tata AIA Life United Ujjwal Bhawishya and its maturity is on 21-OCT-2019 . He paid premium 3 times from 2009- 2011 of Rs. 1,50,000 i.e each year Rs 1,50,000 . Now the premium date is overdue and the fund value is Rs. 1,20,000 so he is not paying the premium knownigly. So I wanted to know what will happen If he doesn’t gives the premium reggularly.
And as his TAX is TDS so can he get any TAX benefit (deduction) for the past 3 years as he has given the premium. If yes than HOW?
And if NO than why.?
Kindly also tell should he continue the policy by paying premium or wait and watch till his Invested Amount becomes FOUR digit.