Readers' Corner: Life Insurance

Since life insurance is long-term contact, it is difficult for policyholder to change renewal date

Is there any provision to withdraw money partially from the Ulip like it can be done in a mutual fund? Can I withdraw some money to meet an emergency but keep the Ulip policy going by paying premiums later on?

Yes, even in Ulips the insured is allowed to make partial withdrawals to meet emergency requirements. You can withdraw minimum Rs 5,000 after completion of five years of investing in the policy. You can keep the policy active by ensuring that certain amount is retained in the fund. In case you make any partial withdrawal in an emergency