I have been investing in Kotak Smart Advantage Plan (Ulip). for 3 years. I am losing heavily on it. I want to stop, but if I withdraw the money or stop investing, the first year's premium will be forfeited. I wasn't told this when I bought the plan. What can I do?

QuestionsCategory: QuestionsI have been investing in Kotak Smart Advantage Plan (Ulip). for 3 years. I am losing heavily on it. I want to stop, but if I withdraw the money or stop investing, the first year's premium will be forfeited. I wasn't told this when I bought the plan. What can I do?
Insurance Samadhan Staff asked 4 months ago
1 Answers
Insurance Samadhan Staff answered 4 months ago

If you read the product brochure or the illustration, it can be seen that the foreiture clause was documented by the insurance company. Unfortunately, such points are not explained very well by the company or understood by the investor.
Reading investment brouchure well In the current situation, you may not have much choice but to continue investing in this policy until maturity. If you surrender the policy, you may end up being charged a penalty, in this case the first years’ premium will be forfeited. Do be careful while investing in future.