Hi Manish,
I have a ULIP , ICICI Lifestage Assure and i pay a premium of 30k every year and the tenure is for 10 years. i have very little knowledge on ULIPs and i have read recently that its a not a good investment option. Hence i need your advice and here is the scenario:
I have already made 2 premium payments (1yst year and 2nd year: 1st years premium will not be invested in market n i am assured 125% of premium + fund value at maturity, which is in 2019.)
I am told that i have to make minimum 3 premium payments before i discontinue paying premium. However i am told that i can remain invested for 10 years without making any payment.
What i would like to know is:
1. is it wise to pay premium for all 10 years or is it better to discontinue after 3 premiums?
2. The company also has an option of making monthly payments, and yearly. Would it be wise to choose monthly payments over yearly?
3. Are ULIPS tooo bad n should i go for premature closure, even if it means monetary loss for me?
4. I am planning to go for term insurance of 30 years, for about 30-40 lacs; which is the company to go for term insurance? Are there any hidden charges in term insurance like in the case of ULIPs?