I was really concerns as the amount put on this was 3lakh by me around a year
earlier which is now just 1.45Lakh so thought of find

more if I should be investing
further year so did some study and found some of the shocking information which
I never been introduced by ICICI adviser( as they want to sell their product to get commission only)
with the following terms and now felt as if I was cheated badly so please advise
How could this account can be closed and terms.

          

1. 100% allocation is there, but there is 0.5% monthly charges called policy administration charges, which amounts to 6% annually. Apart from that there are 2.25% charges called Fund management charges. If that was not all, there was a fine-print mentioning that these can be increased. Policy Admin charges can be increased by 0.5% for each premium band and fund mgmt charges can be increased to a max of 3.5%.
2. The lock-in of 3 years is there, but the term of the policy is 10 years. If you withdraw after 3 years, there are surrender charges. And after 10 years, there is annuity based income
3. According to the brochure, the annuity or the fund withdrawn would be treated as normal income and the investor has to pay tax on that.