If we invest in ulip for 10 yrs period and unable to pay for 9 yrs then can we draw our 1st premium after 3yrs

Question

If we invest in ulip for 10 yrs period and unable to pay for 9 yrs then can we draw our 1st premium after 3yrs

Answer 1

no

if u paid premium only in first year u will get nothing

and uur policy will get laps

so pay premium 4 first three year in the  4th year u can get money      

this the rule 4 L.I .C

Answer 2

no way

as per irda rules all insurance of ulips

one has to necessarily pay three years premia

otherwise all ur money stands fofeited

if u r yet to start pl consult before u do

i have some better options for u

Answer 3

Yes it is possible, but not on all the companies. Only SBI Life Insurance offers this flexibility. In other co's if only 1 yr premium is paid and 2nd year you dont pay, the first year premium is lost. In Unit Plus II of SBI Life, there is a revival period of 3 years and surrender is possible even in the 2nd year also. If you want more details pls mail me at [e-mail].

Answer 4

Whic insurer are you talking about?

There are different rules for different ULIPs. A few closed ULIPs of LIC had the option of withdrawin the money anytime. Now IRDA has made it mandatory to pay the premium for at least 3 years. If you stop paying the premium before 3 years the surrender value will be NIL.