Quote Originally Posted by CA_Amit View Post
You can getout any time(3 and 5 years are for ULIPs, but just check the surrender value (if any, read policy wording for this). Also take term insurance before surrendering any life insurance policy.

Yes, you can.
3.5 lacs is premium?
Many thanks for the answer. Yes Rs.3.5 lacs premium (total) on a home loan of Rs.1 Cr for 15 years. If I donot take this loan protection insurance at least I will feel a little compensated by the Whole life insurance...I hope I am doing right...otherwise I was thinking of letting the Whole life policy lapse from this year onwards...