I invested in SBI Life ULIP Plan-SBI LIFE Smart Performer 3 years back. Yes, I repent for it, as I was mis-sold by the bank staffs.
I have already paid 3 yearly premiums of 85000. The current fund value is 3Lakhs (I have paid R2.55 lakh i.e 85k*3). I have claimed tax deduction under 80C for all the 3 FY years (I am in 20% slab). I know that if I surrender the policy before 5 policy years, all previous 80C deductions will be taxed. Need your suggestions if it is ok to pay rest 2 premiums. I am afraid if I surrender now, I will be heavily taxed. Since the fund value looks promising, what’s your thought on this.
Hrushikesh-It is mis-sold or MIS-BOUGHT? I think you too are responsible for this product buying. Buying blindfolded and later on repent on the same will not be use. Consider the expenses, they are high to any standard. Also, you already completed 3 years. Hence, suggest you to complete 5 years then come out of it as surrender charges after 5 years will be NIL.