I had bought ICICI Prudential LifeTime ULIP with 55000 annual premium.The sum assured is 400000. I was not aware about the premium allocation charges, got to know later on when my fund NAV tanked in year 2008 -
Premium allocation charges -
1- For 1st year: 18 %
2- 2nd Year: 7.5 %
3- 3rd Year onwards: 4%

Just now, I have checked that after paying 6 premiums (3.3Lakh) till 2010, total market value of my Policy is close to 3.5 Lakh.
Now I am confused whether to continue this policy or surrender it. As per the policy, even in case of death, we would get Sum Insured 4 Lakh or the market value. My question is - should I keep paying the 55 K as premium or Surrender it and invest 55 K into ELSS MF?

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