Question: I have taken a Birla Sunlife Insurance Dream Plan two years back with a enhanced sum insurance of Rs 2,500,000. Should I continue with the policy or take a Term Plan for that which has a low premium? Kindly suggest the company also. Thanks

                
Answer: Birla Sun Life Insurance Dream Plan is a long-term ULIP with a minimum tenure of 5 years; the plan comes with a guaranteed return on your savings.  However, in order to be eligible for the 100% guaranteed amount, an investor must regularly pay for at least 5 years. Therefore, we suggest you stay put in the policy for at least until the lock-in period to avail its full benefits.

                 
For your primary insurance needs, we suggest you also go for a pure term life cover. You may consider AEGON Religare's iTerm and/or ICICI Prudential's iProtect for this purpose; these two plans are the cheapest available term insurance policies and can be purchased online too.

                                  
Click here to check out how much life cover you require.

Warm Regards,

Expert @ InvestmentYogi