Query on closure of Bharati AXA Pension Plan

POSTED BY uss1003 ON April 2, 2015 6:27 pm ONE COMMENT


I have taken Future Secure Pension from bharati AXA in 2009 and completed 6 years. The current fund(GROW MONEY PENSION PLUS ) value is at Rs.18.50. Currently I am paying Rs.99999/- per annum as premium.

My advisor from Bharati is advising to me close this policy citing below reasons-

1. As per new IRDA norms, 10% tax will be levied on all policy withdrawals, but for now they reduced it for 2.5% certain period.

2. Advising me take other policy which give more returns.

My questions are —

1) Should I continue the policy till maturity date(15 years)?
2) Or, close the policy and invest 1 lac in MF’s for every year?
3) Closure proceedings from divert to close my loans(Gold Loan and Home Loan)?

Please advise.

Sarma US

One reply on this article “Query on closure of Bharati AXA Pension Plan”

  1. Dear Mr. Sharma,

    Please read your existing policy document carefully before stopping the premium payment. Don’t trust any insurance agent. Do your home-work and take help of experts in subject matter who has good knowledge of insurance. Check for the surrender value in case of premature closure of policy. Find out existing fund value. Majority of investors investing in Unit linked Life Insurance or Pension Plan does not even get there premium amount invested back due to high charges in initial years. Think before you invest in new insurance product or take help of expert.

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