Hi,
I have a SBI Life Unit Plus II ULIP policy which I took in Oct 2008 and maturing after 5 years.
I am paying an annual premimum of 30,000 and have completed 3 premimums till now.
As per my policy the lock in is for 3 years. After that I can take out 99% of the NAV
Also I am told that I need not have to pay the premimum for years 4 and 5.
I have been thinking of changing my investment and move out of ULIP and go into an investment like (MF + Term).
Now I have 2 options.
Option 1: Discontinue the premimums and finsih the 5 years and take the maturity benefit
Option 2: Surrender the ULIP and reinvest the return.
I am not sure which one of these should I follow and what are the pros and cons for both these options.
Also another thought is since most of the charges have already been loaded, should I just continue with this policy, pay the premimums and come out of it when it matures?
Would like some guidance on this.
Regards,
Mukund