I have Hdfc Endowment Supreme Suvidha ULIP plan with me. The yearly premium is Rs 50,000 and I purchased this policy in 2010, due to financial issue, I could not pay the 2nd year premium but now I have sufficient fund to pay the premium and revive the policy. The policy term is 12yr and Sum assured is Rs. 250000.
I want to know if it is the good policy to hold as I had to buy the
policy as a condition for opening a locker at HDFC bank. If no, the
please suggest the alternative for me.
Please help me in my decision.
Personally, I am totally against any ULIPs. Please understand that
insurance is to cover your risk and ulip exposes you to risk since ulip
is unit linked insurance plan. These units are derived from the nav of
the investment made in equities (stockmarket).
If you want insurance, buy a pure term plan. If you want to invest, buy a
decent equity mutual fund, gold etf, fd, tax free bonds etc. Don't mix
both. If HDFC will not give you locker without this plan, I suggest that
you get a locker from nationalized bank.