I am from India. I have a ULIP (Unit Linked Insurance Plan) worth Rs 75000 per year which I started in June 2018. The plan is for 10 years and I have already paid for 1 year. I bought this to get a locker in one of the plans. I am confused about what should I do with it.
- Should I continue with the plan for 5 years and then discontinue? Wait for more years and then redeem the investment?
- If possible, reduce the premium per year amount?
- Discontinue the plan and invest in other mutual funds? (Will the bank ask me to surrender the locker?)
I am willing to redeem the amount invested at least 10 years from now.
What are the pros & cons for the above scenarios? I am open to other options as well.