ULIP cancellation or discontinue future payments?

[ZX44]

Hey all,

I’m looking for advice regarding the discontinuation of a ULIP scheme that I was sold by HDFC Bank to upgrade my card. I’ve realized it’s an absolutely low-return investment, and I’m not planning to pay any further premiums as I’d rather invest those funds in mutual funds or stocks.

Could you please let me know if it’s better to cancel the ULIP or let it lapse due to non-payment?

Will there be any adverse effects from HDFC due to non-payment of future premiums in case I let it lapse?

Kindly advise. Thank you!

 

[Lobogris]

First explain how many payments have been made. You can surrender it rather than just letting it lapse.

 

[ZX44]

First explain how many payments have been made. You can surrender it rather than just letting it lapse.

Just 1 payment of 50k made.

 

[Pissant]

What card did you get?

 

[V360V360 is verified member.]

Just 1 payment of 50k made.

Then you will not get the amount immediately incase there is a lock-in period. Call CC and check the details or read the policy details before exiting.

 

[Pissant]

Hey all,

I’m looking for advice regarding the discontinuation of a ULIP scheme that I was sold by HDFC Bank to upgrade my card. I’ve realized it’s an absolutely low-return investment, and I’m not planning to pay any further premiums as I’d rather invest those funds in mutual funds or stocks.

Could you please let me know if it’s better to cancel the ULIP or let it lapse due to non-payment?

Will there be any adverse effects from HDFC due to non-payment of future premiums in case I let it lapse?

Kindly advise. Thank you!

can you name the plan?

 

[ZX44]

Then you will not get the amount immediately incase there is a lock-in period. Call CC and check the details or read the policy details before exiting.

Its a minimum five year lock-in period.
Tenure is for 10 years of 50k annually.
I believe it goes to some dormant account if payment isn't made and I will get it after 5 years, I'm unsure how it works. Else, they will deduct a huge chunk in the name of fees/penalty etc...

can you name the plan?

HDFC Click 2 Achieve

 

[MrJJ]

There is 15-30 days free look period. If you made payment within this period then you can cancel it without charges if it's more than 30 days then you have to continue the plan or your policy will lapse and you won't get anything.

Read the scheme/plan document for more details.

 

[ZX44]

There is 15-30 days free look period. If you made payment within this period then you can cancel it without charges if it's more than 30 days then you have to continue the plan or your policy will lapse and you won't get anything.

Read the scheme/plan document for more details.

Taken almost a year back, second premium is due this month.

 

[V360V360 is verified member.]

Its a minimum five year lock-in period.
Tenure is for 10 years of 50k annually.
I believe it goes to some dormant account if payment isn't made and I will get it after 5 years, I'm unsure how it works. Else, they will deduct a huge chunk in the name of fees/penalty etc...


HDFC Click 2 Achieve

Yes - it will be dormant and you will get your money as per NAV after 5 years.

 

[amitr29]

Hey all,

I’m looking for advice regarding the discontinuation of a ULIP scheme that I was sold by HDFC Bank to upgrade my card. I’ve realized it’s an absolutely low-return investment, and I’m not planning to pay any further premiums as I’d rather invest those funds in mutual funds or stocks.

Could you please let me know if it’s better to cancel the ULIP or let it lapse due to non-payment?

Will there be any adverse effects from HDFC due to non-payment of future premiums in case I let it lapse?

Kindly advise. Thank you!

Pay at least for 3 years and then surrender. Please see surrender value after 3 years.If value you get is lower than your investment, pay for 5 years.

As you are stuck now, pay for few years, at least to get your invested amount back. Don't believe people lying in this forum, that their ULIP investment got 60-70% returns.