Can I break my ULIP policy?

Surrendering during the lock-in period – ULIPs have a lock-in period of 5 years but investors can surrender the fund before completion of the lock-in tenure. In case of premature surrender, all tax deductions claimed against ULIP will be accounted as income and taxed according to your tax slab.

When can I withdraw my ULIP plan?

five years
You can withdraw+ a part of your earnings at any time after completion of five years. However, the value of withdrawals in a year cannot be more than 20\% of the fund value .

Are ULIP plans good for investment?

ULIPs are best suited for individuals with a long term financial plan of wealth creation and insurance. Whether it is for retirement, children’s education or for other financial goals, a ULIP continued till maturity works as an advantage. It gives you the dual benefit of savings and protection, all in a single plan.

How do I cancel my Icici ULIP policy?

To surrender your policy, you can visit any of our branches with the following documents:

1. Surrender form.
2. Policy document.
3. A signed copy of the photo identity proof of the policy-holder, i.e. PAN card, Aadhaar card etc.
4. Cancelled cheque of the bank account in which you wish to receive the surrender amount.

What happens if I stop paying ULIP premium?

Your ULIP provider will not charge any penalty if you are unable to keep up with the premium payments. Notice: Once you have discontinued the premium payment, you will be served a notice within 15 days after the expiry of the grace period of the policy. This serves as an option to revive the policy.

How can I surrender Icici Prudential ULIP policy?

Is ULIP surrender taxable?

In Budget 2021, it was announced that if the premium paid for ULIP is more than Rs 2.5 lakh, then proceeds would be taxed like capital gain. Hence, if the policy is bought after Feb 1 2021 and the premium amount is more than Rs 2.5 lakh, then the surrender value becomes taxable.