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My 66 yrs old father bought Metlife Multiplier Policy (ULIP) 03 years back whose todays' NAV is 22.3423. My query is
1. If he discontinue the premium what will be the effect on the policy?
2. If he redeem the policy how much will he get (Units:5946.31510), is there any charges after giving 03 consecutive premium at the time of redemption.
By Goutam Bandyopadhyay via email
After three years you can stop paying premiums, but I recommend that if you don't need the money, keep it in the policy until you need it (so you incur less exit costs)Quote:
Originally Posted by NewsDesk
It has a 10 year lock in period (you have to pay a penalty for exiting earlier ranging from 30% in the third year to 10% in the ninth year).Quote:
2. If he redeem the policy how much will he get (Units:5946.31510), is there any charges after giving 03 consecutive premium at the time of redemption.
By Goutam Bandyopadhyay via email
Related Article - Do we need to exit ULIP in three years/five years as suggested by agent? - Link
Why your father who's age 63 years at the time of buying the policy invested in ULIP plan, which is a long term product? I would suggest take premium holiday after three years of premium payment and don't surrender the policy.Quote:
Originally Posted by NewsDesk