Dear Basu Sir,
I have purchased ICICI Pru Wealth Builder-II in year October, 2015 and its next due date was on Oct-2016. But I didn’t pay the premium because this is not suitable for me in terms of premium amount as it is very high and i got only Rs.5 Lacs coverage in it and it is running in locking period of 5 year from Oct 2015. Now can I switch it to another plan? Please guide me!
This is the ULIP Plan. Also, as per policy wordings, it is clear that you are not eligible to surrender or withdraw money until you complete 5 years-“This is a unit linked insurance plan. In this policy, the investment risk in investment portfolio is borne by the Policyholder. Unit linked Insurance products do not offer any liquidity during the first five years of the contract. The Policyholder will not be able to surrender/withdraw the monies invested in unit linked insurance products completely or partially till the end of the fifth year.”.
Hence, you have to wait for 5 years completion. You are not allowed to switch to another plan. But you can buy the new plan with the same insurer.