Hello Manish and all others who commented and helped me on below links:

http://localhost/jagoforum2/info-abt-insurance-related-terms-used-by-agentprovider/1755/

http://localhost/jagoforum2/advice-needed-ulip-surrender-or-continue/2135/

Today, I surrendered my this ULIP policy [beast policy what I call], took whole responsibility of losses.

I have noted couple of points which may help other people who want to take this step.

1. Along with policy document, they will say they want Photo ID proof only. But once you sit in front of them, they will ask for address proof as well [which doesn’t make any sense] – asking to get it as well. I assume they mislead customer/time buying technique when you go to surrender. So take all documents what you have / might be needed so that you dont have to go multiple times and spend extra time.

2. In case of ECS/SI: If you want to surrender the policy, make sure you ask for SI/ECS cancellation form. Reason I am telling this is, if number of days between surrender request and premium amount debit is 25, then they are going to debit the premium amount, despite of surrendering the policy before premium debit date. Make sure that premium debited is refunded in full amount – [confirm from representative that no charges shall be applied on that debited premium.]

Again, thanks for helping me in understanding my policy terms.

From now on, my moto is simple – No Endowment, No ULIP, Invest only when I understand the investment.

Yogi