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I have joined ICICI life stage assurance pension in 2009, I have paid Rs.150,000 and going pay another 50,000 by next month. My current opening balance shows 98,000. Should I continue this plan? Currently fund is in 60% growth and 40% protection.
Please advice?
Why you had bought this pension plan?
Did your plan was to invest in this plan for only 3 years?
If you surrender or stop this plan, do you have any other plan for your pension?
Please remember that ULIPs are structured in such a way that they are beneficial ONLY if invest for more than 8-10 years.
You are planning to exit from your ULIP after just 3 years..right. This would make it very costly as you have already paid high front-end charges to the insurer. Post 3 years the charges are less and therefore you build up units at a lower cost.
As per ICICI Pru website. Surrender values are available to you after deducting surrender charges. In your case if you pay the three full years - the Surrender Value will be 30% of the Fund Value.
To me it's looks like a good policy, the charges are low -
1- Premium Allocation Charge - 0%
2- Fund Management Change (FMC) - 0.75% p.a. to 1.35% p.a.
3- Policy Administration Charge - 1.0% per month
Also always pay your premium when the market is low, so that you will get more units.