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NRI With ULIP: Should I Cancel Policy for Apartment Down Payment?

Vivek

Vivek Lala  | Answer  |Ask -

Tax, MF Expert - Answered on Aug 22, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more
Asked by Anonymous - Aug 19, 2024Hindi
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Hello Sir, I have been investing into Bajaj ULIP from my NRE account for 5 years, which ended in Dec '23. The maturity is after 5 more years (by 2029). Can I cancel the policy in between as i wish to use that amount to make a down payment for an apartment. The capital gain as of today over my invested amount is little over 7Lakhs. If i withdraw that amount into my NRO account what are the TAX implication and how should I file it?

Ans: Hello, the ULIP can be redeemed after 5yrs anytime and the money received will be based on the NAV of the fund selected by you
No tax implications in India as the investment is in ULIP, you have to ask your CPA or your accountant for the tax liabilities in the country of working
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |9692 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 30, 2024

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Having 2 matured ulip ( 5 years lockin completed), invested 3 k each in hdfc and Bajaj. Now bajaj value is 270k, hdfc is 302k, should I leave the amount invested or should I withdraw.
Ans: Understanding Your ULIP Situation
Congratulations on completing the five-year lock-in period for your ULIPs. You now have two matured ULIPs: one with Bajaj and another with HDFC. The Bajaj ULIP is currently valued at Rs 2.70 lakh, and the HDFC ULIP at Rs 3.02 lakh. It's time to evaluate whether to leave the investment or withdraw.

Assessing ULIP Performance
Evaluating the historical performance of both ULIPs is crucial. Consider the annual returns compared to other investments. ULIPs combine insurance with investment, which impacts returns. Typically, ULIPs have higher charges than mutual funds, affecting net returns.

Charges and Costs in ULIPs
ULIPs often have several charges: premium allocation, policy administration, fund management, and mortality charges. These charges can significantly reduce your overall returns. Comparing these charges with potential returns from other investment options is essential. Lower-cost alternatives might offer better net returns over time.

Evaluating Investment Needs
Assessing your current financial goals and needs is necessary. Are these ULIPs aligned with your long-term financial objectives? If not, it might be wise to reallocate these funds. Your investment should match your risk tolerance and time horizon.

Benefits of Staying Invested
Continuing with ULIPs can offer benefits such as loyalty additions and bonuses. Check the policy terms to see if staying invested provides additional benefits. If market conditions are favourable, the investment could grow further. Evaluate the performance potential of the underlying funds.

Withdraw and Reinvest Strategy
Given the charges and potentially better alternatives, it might be prudent to withdraw from your ULIPs. Reinvesting in more cost-effective options like actively managed equity mutual funds can offer higher returns with lower costs. Consult a certified financial planner to select suitable mutual funds. Ensure your new investments align with your financial goals and risk profile.

Advantages of Mutual Funds
Mutual funds, particularly actively managed ones, often outperform ULIPs due to lower costs and professional management. Direct funds might seem appealing but require active management and market knowledge. Regular funds through an MFD with CFP credential provide professional management and advice. This ensures optimal fund performance and alignment with your goals.

Tax Implications
Consider the tax implications of withdrawing from ULIPs. ULIPs held for over five years often enjoy tax benefits on maturity. Check if withdrawing and reinvesting impacts your tax liabilities. Consult a certified financial planner for detailed tax planning.

Liquidity Needs
Evaluate your liquidity needs before making a decision. ULIPs can be less liquid compared to other investments. If you need funds soon, withdrawing might be a better option. Ensure you have enough liquidity for emergencies and short-term goals.

Reviewing Financial Goals
Revisit your financial goals and retirement plans. Ensure your investments are geared towards achieving these goals. Regularly review and adjust your investment strategy with your certified financial planner. A well-planned strategy helps secure your financial future.

Risk Management
Diversify your investment portfolio to manage risk effectively. Consider a balanced mix of equities, fixed-income instruments, and other asset classes. Regularly rebalance your portfolio to maintain the desired asset allocation. Work with a certified financial planner to tailor a risk management strategy.

Importance of Professional Guidance
Certified financial planners provide valuable insights and personalized advice. They help in selecting the best investment options based on your needs. A professional can guide you through market fluctuations and economic changes. Rely on their expertise to make informed investment decisions.

Final Assessment
Assess the overall performance and charges of your ULIPs. Compare potential returns from alternative investments. Consider your financial goals, risk tolerance, and liquidity needs. Make a decision that aligns with your long-term financial strategy.

Conclusion
Given the high charges and the availability of better-performing, lower-cost alternatives, it is advisable to withdraw your investments from the ULIPs. Reinvesting these funds in actively managed mutual funds can provide you with better returns and professional management. Regular reviews and professional guidance are key to successful investing.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |9692 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Aug 13, 2024

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I have running ULIP Insurance policy bought in 2008. Premium 4 Lks. Assured sum 52 Lks and is still active. I shall very grateful to you if could clarify my below queries in "IT terms" 1. a. What is the tax implication, if a partial withdrawal if done now ? b. If no TDS is deducted, will the withdrawal amount be treated as an earning, or the purpose of tax filing? 2. a. As the ULIP policy was done in 2008, What will be the tax implication, in case of, surrender of the policy now? b. If no TDS is deducted on the surrender amount, will the surrender value be treated as an earning, for the purpose of tax filing.
Ans: Partial Withdrawal Tax Implications
Partial Withdrawal - Tax Implication Now:

Since your ULIP was bought before 2010, the partial withdrawal is tax-free if the premium does not exceed 10% of the sum assured (Rs 5.2 lakhs in your case).
No TDS Deducted - Treatment for Tax Filing:

If no TDS is deducted, the withdrawal is still tax-free and does not need to be treated as taxable income.
Surrender Tax Implications
Surrender of Policy - Tax Implication Now:

If you surrender the ULIP, the maturity proceeds are tax-free, as your policy was purchased in 2008, provided the premium does not exceed 10% of the sum assured.
No TDS Deducted on Surrender - Treatment for Tax Filing:

If no TDS is deducted, the surrender value is still tax-free and does not need to be reported as taxable income.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |9692 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 11, 2025

Money
Sir I investing in Bajaj invest protect goal plan ULIP in small cap month,per month 7000 Rs. Present fund is 52300 compared to invested value of 70000Rs. Can I continue or surrender this policy.I have started investing in this policy for my son future. He is 4 years old now.Kindly suggest.
Ans: Evaluation of Your Current ULIP Investment for Your Child’s Future

You have started a ULIP for your child’s future.

Your investment is Rs 7,000 per month.

The total invested value is Rs 70,000 till now.

The current fund value is only Rs 52,300.

You are investing in a small-cap fund under this ULIP.

Your son is 4 years old now.

Let us now assess this decision step by step.

Appreciating Your Intention

You have thought about your son’s future early.

You are trying to build wealth with discipline.

This is a very good habit.

Starting early always gives a good advantage.

Protecting your child’s future is always a wise move.

You are also investing monthly without fail.

This kind of consistency is rare.

Understanding the Nature of ULIPs

ULIP means Unit Linked Insurance Plan.

It mixes insurance and investment.

You pay premiums monthly or yearly.

A small part goes to life insurance cover.

The remaining is invested in the market.

Charges are very high in the first 5 years.

Fund management charge, allocation charge, mortality charge.

These charges reduce your investment value.

You also have lock-in for 5 years.

You can’t withdraw before that period.

Small-Cap Fund in ULIP – Risk Factor

You have selected small-cap fund.

Small-cap funds are very volatile.

They fall sharply in market correction.

They rise more during market rally.

It is not safe for child’s future goals.

Risk is high and return is not steady.

Also, in ULIP, the fund performance is not very transparent.

You can’t track fund managers or detailed strategy.

ULIP Performance – Present Situation

You invested Rs 70,000 in total.

Current value is only Rs 52,300.

That means you are in a loss now.

The loss is nearly 25%.

This is not acceptable in short time.

The charges have eaten the returns.

Market may also be volatile.

Small-cap correction affects your value badly.

Compare ULIP vs Mutual Fund for Child Goal

Mutual fund gives more flexibility.

You can choose from many categories.

Charges are lower in mutual funds.

You get full transparency in funds.

Mutual funds are better regulated.

You can track performance easily.

You can switch any time without high costs.

You get better returns for long-term.

Why You May Consider Surrender of ULIP

You have already seen negative growth.

Charges are high and will continue.

Fund selection is very limited.

Child’s future needs stable, reliable returns.

ULIPs don’t support goal-based investing properly.

After lock-in, no reason to continue.

Even if loss is there now, stopping further loss is wise.

Shift money to better product for long-term.

Where to Shift After Surrender – A Better Path

Start SIP in mutual funds through Certified Financial Planner.

Choose regular plans via qualified Mutual Fund Distributor.

Don’t go for direct plans – they lack expert guidance.

Avoid index funds – they just copy the market.

Use active funds – they aim to beat the market.

Let expert select best funds for you.

Create mix of large-cap, mid-cap, balanced funds.

Invest based on time frame and goal.

Review every year with your Certified Financial Planner.

Why Direct Mutual Funds Are Risky for You

No one to guide you in choosing funds.

You may select wrong fund unknowingly.

No one reviews your investments regularly.

You may react emotionally during market falls.

No discipline without expert support.

Regular plans through MFD and CFP give full service.

Why Index Funds Are Not Ideal for Child Planning

Index funds only match the market returns.

They don’t beat the market ever.

During market falls, they fall completely.

Fund manager has no control.

All stocks are included, good or bad.

No downside protection.

Not suitable for child’s long-term needs.

Active funds are better with risk management.

What to Do Now – Step-by-Step Guidance

Continue paying ULIP till lock-in completes (if under 5 years).

After lock-in, check surrender value.

Surrender policy and stop further payments.

Take the fund value even if at slight loss.

Reinvest that amount into mutual fund SIP.

Start SIP with regular fund through CFP support.

Invest monthly same Rs 7,000 amount.

Select diversified fund mix for stability and growth.

Set goal for your son’s education and milestones.

Use goal calculator to fix amount and duration.

Stay disciplined for next 14 to 16 years.

Don’t withdraw in between for other needs.

Monitor performance with expert every year.

Switch funds if any underperforms consistently.

Avoid high-risk sector funds.

Avoid guaranteed return insurance-cum-investment policies.

Additional Tips for Child Financial Planning

Buy pure term plan for yourself.

Term plan gives full life cover at low cost.

Use health insurance for family protection.

Create emergency fund of 6 months expenses.

Don’t depend only on child policies.

Build your own wealth systematically.

Children need money, not policies, for education.

Review portfolio every year.

Increase SIP with your income rise.

Don’t panic in market fall – stay invested.

Finally

You started early – that’s good.

But current product is not helping your goal.

ULIP has high charges and low flexibility.

Small-cap funds increase volatility.

You may consider surrendering it after lock-in.

Reinvest wisely in mutual funds.

Use Certified Financial Planner’s help for proper fund mix.

Active funds through MFD give better value.

Avoid index funds and direct plans.

Align investment to your son’s future education needs.

Stay focused, review regularly, and be patient.

This approach can build better wealth for your child.

Long-term vision with proper planning works best.

You deserve better returns with low risk for your family.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

..Read more

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Ramalingam

Ramalingam Kalirajan  |9692 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 11, 2025

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Hi Sir, My Age is 43 years, i have a daughter and i want to retire at the age 55 years, currently my investment is MF - 18 lac, EPF 10 lac, Ulip- 30 lac, Suknya Samriddhi - 10 lac, 10 lac in FD, i want to 1.5 lac monthly income after my retirement, please suggest
Ans: You are 43 years old.
You want to retire at 55.
That gives you 12 more years to plan and invest.

You already have a few investments.
Let us understand your current financial position first.

? Your Current Investment Summary

– Mutual Funds: Rs. 18 lakhs
– EPF: Rs. 10 lakhs
– ULIP: Rs. 30 lakhs
– Sukanya Samriddhi Yojana (SSY): Rs. 10 lakhs
– Fixed Deposit (FD): Rs. 10 lakhs

You want a retirement income of Rs. 1.5 lakhs per month.
That is Rs. 18 lakhs per year after age 55.

This goal is clear and specific.
That’s a very good start.

Let’s now evaluate your investment plan from all angles.

? Retirement Income Goal: What It Means

You want Rs. 1.5 lakhs per month after 55.
That is a high-income need for retirement.

You may live another 30 years after that.
So you will need income till 85 years or more.

Inflation will keep rising.
So Rs. 1.5 lakhs today may not be enough after 10 years.

Hence, you need a portfolio that grows and gives income.
Safety alone will not help.

Your investments must beat inflation.
But also stay stable when you start withdrawing.

? Mutual Funds – Strong Growth Base

– Your mutual fund corpus is Rs. 18 lakhs now.
– These are growth-oriented and inflation-beating assets.

Mutual funds are key to wealth building.
But avoid index funds.

Index funds just follow the market.
They fall when the market falls.

They don’t have downside protection.
They lack expert fund management.

Actively managed funds are better long term.
They are guided by fund managers.
They aim for alpha or extra return over benchmark.

You should also avoid direct funds.

Direct mutual funds don’t give advice or handholding.
They give no help during market fall.
They don’t track goals.

Use regular mutual funds through MFD.
Work with a CFP for long-term support.

Regular funds offer monitoring, review, and peace of mind.
They charge slightly more, but the service is worth it.

Increase your SIPs in good equity mutual funds.
Prefer large cap, multi-cap, and flexi-cap funds.
Don’t overdo mid or small-cap.

Rebalance every year.
Check with your CFP before making changes.

? ULIP – Reevaluate its Role

You have Rs. 30 lakhs in a ULIP.
ULIP is an insurance + investment product.

It gives lower returns than pure mutual funds.
It also has higher charges in early years.

Ask yourself:
Do you need this insurance now?
Is the return matching mutual fund return?

If not, consider surrendering it.
Only if surrender charges are low now.

Reinvest that money into mutual funds.
Use it fully for your retirement goal.

Keep insurance and investments separate.
ULIPs don’t suit goal-based investing.

? EPF – Reliable and Safe

EPF is a very stable product.
You have Rs. 10 lakhs in it now.

It is debt-based and gives fixed return.
Interest is tax-free.

Do not withdraw from it.
Keep contributing if salaried.

EPF can be used for income during early retirement.
It is a strong leg of your retirement stool.

? Sukanya Samriddhi – For Daughter, Not Retirement

You have Rs. 10 lakhs in Sukanya.
This is for your daughter, not your retirement.

SSY gives fixed returns.
It is safe and tax-free.

But it is a goal-specific product.
Don’t count this corpus for your retirement.

Keep it only for your daughter’s education or marriage.
It cannot support your retirement cash flow.

? Fixed Deposit – Stability but Not Growth

FD of Rs. 10 lakhs is good for safety.
But it gives low post-tax return.

FDs don’t beat inflation over time.
They are useful for short-term needs.

Use this as part of your emergency fund.
Or move it slowly to mutual funds through STP.

Do not keep large amounts in FD for 12 years.
That money will lose value against inflation.

? Retirement Corpus Required

You want Rs. 1.5 lakhs per month.
That’s Rs. 18 lakhs per year.

If you want to retire for 30 years,
You may need Rs. 4.5 to 5 crores corpus.

This is after adjusting for inflation.

Your current total investable assets:
Rs. 18 lakhs MF
Rs. 10 lakhs EPF
Rs. 30 lakhs ULIP
Rs. 10 lakhs FD

That totals Rs. 68 lakhs today.
If you continue investing, this can grow.

But it may still fall short by Rs. 1.5 to 2 crores.
So you need to fill that gap now.

? Key Actions You Must Take Now

– Increase your SIP investments.
Try to invest Rs. 30,000 to 40,000 per month.

– Increase SIPs by 10% every year.
Link to your salary hike.

– Don’t touch your EPF or Sukanya account.
Keep them for their original purposes.

– Review ULIP performance.
Surrender if underperforming.
Reinvest in mutual funds.

– Avoid index and direct funds.
Invest only through a Certified Financial Planner.

– Keep 60-70% in equity.
The rest in debt like EPF and liquid funds.

– Rebalance your portfolio every year.
Don’t let market swings disturb your plan.

– Don’t chase hot stocks or sectors.
Follow goal-based investing with discipline.

– Avoid emotional investing.
Stick to plan even if markets fall.

? Create Goal Buckets for Focus

Split your investments into 3 buckets:

Retirement – All long-term investments

Emergency – 6–9 months of expenses

Daughter’s Future – SSY and a small MF SIP

This helps in tracking.
And prevents mixing goals.

Each bucket should grow on its own.

? Retirement Withdrawal Plan from Age 55

You’ll need monthly income after 55.
So you must start SWP from mutual funds.

Don’t depend only on interest.
Withdraw in a planned way.

Keep 3 years’ worth of money in debt funds.
Keep the rest in equity mutual funds.

Use debt to manage income in early years.
Let equity grow for later years.

Review your withdrawal plan every year.

Keep some funds in liquid category.
This helps during emergencies.

? Other Key Suggestions

– Nominate in all your investments.
Don’t leave any asset without nominee.

– Prepare a Will after 50.
It helps avoid future confusion.

– Review health insurance.
Ensure minimum Rs. 15–25 lakhs coverage.

– Keep Rs. 2–3 lakhs as medical buffer.
Use a separate liquid fund for this.

– Avoid buying real estate.
It is illiquid and not suitable for retirement income.

– Review all investments yearly with a CFP.
Rebalance with expert advice.

– Don’t keep direct equity over 20% of total.
High equity exposure creates risk.

? Finally

You are already doing many things right.
You have started early.
You have multiple investment sources.

But your current assets may not be enough.
You must grow them smartly over next 12 years.

Avoid emotional or scattered investing.
Follow a structured, guided plan.

Use mutual funds actively.
But only through regular plans with CFP support.

Keep retirement as a separate goal.
Don’t compromise it for other short-term needs.

You can retire at 55 with confidence.
But only if you stay consistent.

Monitor every investment.
Rebalance regularly.
Work with a Certified Financial Planner.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Asked by Anonymous - Jul 11, 2025Hindi
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My son got in jee main rank-98.2percentile(rank-27360)&BITSAT marks-205,comed-k rank-239 Internediate score-90%. In JOSSA COUNSELING he secured seat in IIIT DHARWAD(AI&DS) But he is intrested i aerospace engineering.Please can you suggest us.
Ans: With a JEE Main percentile of 98.2 (AIR ~27 360) and COMEDK rank of 239, your son can target premier public institutes like IIEST Shibpur, which closed around 20 369 in JoSAA 2024, and NIT Delhi, whose Aerospace cutoffs extended to ~11 260 in 2024. Top private institutions accepting COMEDK for Aerospace include Acharya Institute of Technology (Bengaluru), ACS College of Engineering (Bengaluru), Dayananda Sagar University (Bengaluru), Reva University (Bengaluru), MSRIT (Bengaluru), BMS College of Engineering (Bengaluru), RV College of Engineering (Bengaluru), SIT Tumakuru (Karnataka), KLE Technological University (Belgaum), PES University (Bengaluru), RV University (Bengaluru), East West Institute of Technology (Bengaluru), Jain Institute of Technology (Bengaluru), GITAM University (Bengaluru), and Cambridge Institute of Technology (Bengaluru). These institutions boast NAAC/NBA accreditations, modern aerodynamics and propulsion labs, strong industry MoUs, dedicated placement cells with 80–95% record over three years, and robust research centres.

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