Tata AIG life - Invest Assure II Ulip Plan - Whether should I deposit the forthcoming instalments?

[Mayur09]

I had bought Tata AIG life - Invest Assure II Ulip Plan. I am paying half yearly instalment of Rs.15000.00
Sum assured is 3,00,000. I have paid Rs.75000.00 till date in last five premium instalments.
The sixth instalment is due in Feb’2012.
I want to know that -
1. When will i get my full money back?

2. Is there any minimum period to continue?
3. Whether should I deposit the forthcoming instalments?

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[Naresh]

There is no penalty on surrender of this plan ONLY after 6 years of policy. You have just paid premium for 2.5 Years, so if you surrender it now you have to pay panelty. You can opt for Premium holiday at the charge of 3% of regular premium (applicable).

[Madhura]

You can opt for Partial Withdrawal Benefit. As per this plan -
"Partial Withdrawal is allowed only after three years from the date of issuance of your policy. For partial withdrawal from the Top-Up Account, the three year period is reckoned from the date of approval/deposit of the Top-Up Premium."

Please buy term insurance first.