INTERVIEW QUESTIONS INSURANCE UNIT LINKED INSURANCE PLANS (ULIP) DETAILS

Question: Is there a time limit for partial withdrawal of money from an insurance policy?

Answer: Recent IRDA regulations now facilitate you as an insurance policy holder an added opportunity to partially withdraw funds from the invested amount. In a unit linked policy, you can partially redeem up to 20% of the fund value while in non linked policy you can get a maximum of up to 80% of the surrender value. As far as time limit is concerned partial withdrawal is allowed only after completion of 5 policy years. Each insurance company has set a minimum limit for partial withdrawals varying from policy to policy so check with your insurance service provider for the exact time limit.

Recent IRDA regulations now facilitate you as an insurance policy holder an added opportunity to partially withdraw funds from the invested amount. In a unit linked policy, you can partially redeem up to 20% of the fund value while in non linked policy you can get a maximum of up to 80% of the surrender value. As far as time limit is concerned partial withdrawal is allowed only after completion of 5 policy years. Each insurance company has set a minimum limit for partial withdrawals varying from policy to policy so check with your insurance service provider for the exact time limit. Source: CoolInterview.com

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