Max Newyork Life's Life maker - ULIP : Please suggest should I continue or exit this plan?

[Paras]

I have bought Max Newyork Life Insurance : Life maker - ULIP Plan. I am paying monthly premium of Rs. 8334/- for last six years. At the moment I am in loss of Rs. 50 Thousand according (as per current NAV).

Please suggest should I continue or exit this plan.

thanks!
Paras

[Rahul]

So you are paying Rs. 100,008 per year (Rs.8334/- X 12).
You had paid Rs. 600,048/- till date and NAV is showing you loss of Rs. 50,000/- (means current value Rs. 550,048).

Which investment fund, you are investing?

There are four INVESTMENT TYPE FUND options in this plan -
1- Secure Fund
2- Conservative Fund
3- Balanced Fund
4- Growth Fund

If you are not in Growth Fund, first move to growth fund using Switching option.

Don't compare the return only with the total premium paid because there are premium allocation charges 55%- 65% in the first years.

[Rahul]

So at the time of buying this policy -
1- What was your goal?
2- Do you have any other life insurance policy e.g. term insurance currently?

[Paras]

So at the time of buying this policy -
1- What was your goal?

Good return, fund creation and life insurance.



2- Do you have any other life insurance policy e.g. term insurance currently?

I have online term insurance - HDFC Click2Protect for 50 Lakh.

[Rahul]

Could you please also share the fund, you are invested in?