ICICI Life Time Super Pension

[rsinha]

I have invested Rs 2 lakh in ICICI Prudential's Lifetime Super Pension Plan over the last 10 years. Please suggest when is the best time to surrender this policy, till date return is approx 3.15 lac.

[Rahul]

Product Brochure : ICICI Life Time Super Pension (http://customer.iciciprulife.com/public/Brochures/LifeTime%20Super%20Pension.pdf)

If you surrender, you will get:
Surrender Value = Fund Value* – Surrender Charges

*100% of the fund value will be paid as you have completed 10 years.

Please note that the life insurance cover provided by ICICI policy will end with its surrender.

Documents you need to submit for policy surrender:
1- Policy surrender form
2- Original Policy bond
3- Self-attested copy of your ID proof and Original for verification
4- Any cancelled cheque or bank attested bank statement or bank attested passbook copy for fund transfer

Check tax provisions after surrender - Link (http://www.policywala.com/surrendering-your-insurance-policy-check-income-tax-provisions/)

[Rahul]

You can also opt for “Cover Continuance”, this feature was available in this plan, where you were allowed to continue with the policy. Your money remains invested in your choice of fund option and the mortality charges will be deducted to maintain the life cover.

Life cover continues even after you surrender the policy or stop paying policy premiums.