Right after my graduation in 2005, I started a job. One of my friend was a policy agent at that time. He somehow convinced me to buy a life insurance policy from him and I did without thinking much (as I thought about helping a friend rather than any long term investment). Since then (Aug 2009), I have been making payments to this policy but I really do not know whether it is a good policy for me or not.
Only things I know are as follows:
- Sum assured: INR 5,48,000
- Enhanced sum assured - INR 250,000
- Annual premium INR 45,600
- Policy fund value - INR 131427.79
- NAV - 45.3903
- No of units - 8041
I searched online and tried to understand what is this thing I am putting money into. But could not understand much. I do not even know whether this is a term or whole-of-life insurance policy. Other than the fund details, I could not understand much. I know I should have thought before getting into this thing, but since I am already in, could some one explain if I should continue investing in this policy?
Please let me know if I should provide more information. P.S.: Currently I am single.