I am from India. I have a ULIP(Unit Linked Insurance Plan) which Premium cost me Rs X00000 per year which I started in June 2019. Plan name is ICICI PruSignature.
The plan is for 5 years and I have already paid for 1 year. I am confused about what should I do with it. There is locking period for 5 years.
Should I continue with the plan for 5 years and then discontinue?
Wait for more years and then redeem the investment?
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.