My friend has a ULIP policy (ICICI Pru LifeStage RP) ,just like many he was also mis sold by an agent. He asked me how to benefit from it? I checked the Policy and it has taken up enough charges with front load and there are no surrender charges after 5 years.
Since he started the policy in 2008 june .His investment amount has given a good return of around 48% CAGR for 2 years.I told him since most of the charges are already paid by him to continue with the policy.The Policy Term is 10 years.
I told him about switching and he asked me for suggestion to switch,Since the stock market are Hot now i suggested to move his money to Debt instruments. Then wait for some more time if market corrects then he can again move back to Equity related fund.
What do you people suggest?