New ULIP guidelines- part II(correction)


kindly substitute the following lines in the part of the last para of the above article.

“Taking the above guidelines, the maximum insurance companies charge for surrender cases is 3%. So for Rs. 3,00,000, the surrender charges at the maximum will be Rs.9,000/-.So the net value of the fund will be Rs.3,30,000–9000= 321000/-. So for the remaining two years, the insurance company has to pay 3.5% interest per annum to the insured who surrendered the policy. So the insured person will get Rs.22470 as interest for the remaining 2 years and the total amount receivable will be Rs. 3,21,000/- plus 22470= 343470/- which will be payable after lock in period of 5 years.”

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