New York Max Life Insurance - Continue Or Stop

Hi Pankar Sir,

I started paying premium in "New york Max Life Insurance - Growth Plan" in March 2008.Till now the invested amount is 43125/- and Current Fund value is ONLY 30578/-

My doubts are :

  1. Whether should i continue to pay the premium Or Stop as it has already completed 3 years of Lockin period?
  2. Should i switch to a different fund? If yes , can you please suggest me a good fund?
  3. If i need to switch to a different Life insurance policy , can you please suggest one?

Thanks Best regards Rocky

asked Oct 01 '12 at 21:49 by Rocky 1134


Unfortunately you have taken an ULIP plan for investment needs. ULIP plans are market linked and they may not provide you good returns in short term if markets are under performing.

ULIP plans had huge load charges in initial years so invested amount is smaller than what you paid as premium.

  1. If your policy had three years of mandatory paying period, you should stop paying more premiums now.
  2. If you are looking for returns from an insurance policy, you are wrong. Insurance is for protection and not for investment/growth. For investment there are n number of other products like Mutual funds, PPF, Fixed deposits etc. If you want to exit from ULIP, invest the amount into equity diversified mutual funds.
  3. Please don't buy any other insurance policy for investment need. If you need insurance, just buy pure term insurance.

answered Oct 05 '12 at 11:16 by Pankaj Batra 5.2k320

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Thanks Pankaj Sir, for clarifying the Difference between Investment and Insurance.
(Oct 05 '12 at 13:00) Rocky

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Asked: Oct 01 '12 at 21:49

Seen: 1,181 times

Last updated: Oct 05 '12 at 13:00