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I am Software Engineer. I have bought life insurance ULIP policies from LIC, Birla Sun Life and ICICI Pru. Last few years I am paying premium to these policies. I have checked the NAV of my above policies, but I am not getting much return on them, so I am looking to terminate all of them. Could you please let me know - How do I terminate my insurance policies?
ULIP is long term policy. Minimum 10 years to check the return on them.
Do you want to surrender the above policy or simply terminate them? If you want to surrender them than you will get surrender value only when you have paid 3 years premium on the policy.Quote:
Originally Posted by Mandar
As mentioned above, First check, whether you are getting surrender value or not. If yes than go to the insurance company office with original policy and application, that you want to cancel the policy. The surrender value will be paid back to you by cheque. But in ULIP, you will recieve very less amount as surrender value because the initial charge are more. So take decision, keeping in mind above points.