ICICI Life Time Super pension plan - what is to be done in this situation?

[Hemant]

I am 29 years old and I had previously taken ICICI Life Time Super pension plan under flexi growth option with a sum assured of 264,000 with monthly paying premium of Rs. 1000. Now, I want to stop the ICICI Life Time Super and I want to take a SBI life term policy for 25 yrs but when I had contacted ICICI Pru they said that I can't stop or reduce or increase the policy, I feel cheated, could you please help - what is to be done in this situation?

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[Krypton]

The surrender value will vary with number of years elapsed. That is, if you withdraw from this policy after completion of 3 yrs, you will get 96% of the Fund Value. similarly, if you withdraw after 4th and 5th year, the fund value payable will be 98% and 100% respectively.
To withdraw the money, you need to fill up a form, and submit it along with few documents like photo id proof, canceled cheque of the bank in which you want the amount back to your nearest branch and you should receive the amount in maximum of 15 days. However, if you have not paid the premium for 3 yrs you can only cancel your policy, and in that case, you get a very little part of your invested money back so I would suggest that if you have not paid the premium for first three years, continue with the policy, if you are not in such a crunch.

[Krypton]

For term insurance try online term plans, they are the cheapest option.

[Hemant]

The surrender value will vary with number of years elapsed. That is, if you withdraw from this policy after completion of 3 yrs, you will get 96% of the Fund Value. similarly, if you withdraw after 4th and 5th year, the fund value payable will be 98% and 100% respectively.
To withdraw the money, you need to fill up a form, and submit it along with few documents like photo id proof, canceled cheque of the bank in which you want the amount back to your nearest branch and you should receive the amount in maximum of 15 days. However, if you have not paid the premium for 3 yrs you can only cancel your policy, and in that case, you get a very little part of your invested money back so I would suggest that if you have not paid the premium for first three years, continue with the policy, if you are not in such a crunch.

Krypton - I am not asking about surrender. Just wants to stop this policy and take what ever I get after maturity. And buy term for risk coverage.

[Madhura]

Hemant - You can check with ICICI Pru whether they provide premium holidays with the above policy. Take premium holidays and get the return after complete term.