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Can I withdraw my ULIP policies from ICICI Prudential Life Insurance and invest in better products to get safer returns

I have 4 ICICI Prudential Insurance policies taken in 2014 and 2015. Though the NAV was travelling upwards before 2014 now it is declining. I am a senior citizen cannot bear to see the trend going down. So please suggest where should these funds be shifted so that my principle amount will remain stable yet get returns better without any market risk?

Jun 13, 2016 by Farook Majeed, Chennai  |   Life Insurance

You have not provided us the details of policies taken. Therefore, it is difficult to answer your query in details. However, we would like to point out broadly the following –

1. It seems you have taken ULIP policies. Please note that ULIPs invest in equities and equity oriented instruments, therefore, it is subject to market volatility and returns are market linked.

2. Every ULIP policy comes with a minimum premium paying term and lock-in period. Generally, the premium paying term is 3 years and lock-in period is 5 years.

3. Since you have invested in ULIPs there is no guarantee that your principal is intact.

4. You can withdraw only after the lock-in period is over and invest in products suited to your risk profile. It seems you can not withdraw from these policies now as you have bought them in 2014 and 2015

5. Please check the policy details with ICICI Prudential Life Insurance and take a decision accordingly.

In case you have some further queries do write to us.

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