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Thread: ICICI Life Insurance query

  1. #1
    PolicyWala NewBie
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    Default ICICI Life Insurance query

    I purchased an ICICI Life Stage Assure Pension policy with a premium of Rs 3L and for 15 year term. I live in another country and have another insurance policy with Citi Bank. The ICICI policy was made with an intention of investment and upon some pressure from ICICI. They suggested I can cancel after 3 years and get my premiums back. But befre paying 3rd instalment I realized that I forego 1st instalment if I cancel with 3 or 5 years. I am kind like cheated by agents. I need some advice how to save or recover my 1st instalment if I cancel after 3 years. Any other valuable suggestions are appreciated...Regards.




  2. #2
    PW Fan
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    It's part of the term and condition of the policy and you had agreed to it. Noway you can recover your 1st instalment.

  3. #3
    Administrator
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    with an intention of investment and upon some pressure from ICICI.
    Insurance is for risk cover and not for investment. Second it's a pension plan and none of the pension plan is only designed for 3 or 5 years. Why you gave cheque to ICICI? Even if somebody asked you to give cheque, you had 15 days free look period to read the policy and revise your decision.

    But befre paying 3rd instalment I realized that I forego 1st instalment if I cancel with 3 or 5 years.
    If you check the ICICI Life Stage Assure Pension brochure, Page 5, Premium Allocation Charge: First year's premium goes towards providing Guaranteed Maturity Additions and will not be allocated to the unit fund. Second year onwards premium allocation charges will be deducted from the premium amount at the time of premium payment & the balance amount would be used for allocation of units.
    Surrender Charges:
    Surrender of the policy the fund value will be returned to the customer, however; no Guaranteed Maturity Addition will be paid in case of a surrender.

    So what ICICI guys are saying is as per policy.
    You will pick up maximum wrong numbers when on roaming.

  4. #4
    PolicyWala NewBie
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    Thank you Madhura for the inputs. You got it rght. I recieved policy in mail to my international address at a later date. I remember I got the policy after a month or so. Honestly speaking I didn't understand this clause and I carried on agent's explanation. I realised that the ICICI withhold 1st instalment premium after talking to their customer service about the statment errors I recieved in mail (Ist premium did not reflected in the statement) but my question now is, Is it a wise decison to keep this policy active or surrender?. I am not an expert to foresee the performance of this policy. Are there any hidden catches such as Home loan or critical illness cover. I can ask customer service but I feel this forum is open to more experts.

  5. #5
    Administrator
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    Nobody can predict the future performance of any ULIP/Pension Plan. But be realistic and estimate 10% return on the amount invested every year.
    What do you mean by Home loan or critical illness cover?
    What is covered / what is not? can be checked only after reading the policy document. Please take some time and read it.

    If you want to surrender the policy -
    1- Surrendering in 3 years - 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. If you don’t want to keep paying premium, check with customer care of the insurer, if you can continue policy in 'premium holiday' mode.
    2- Buy adequate Life Insurance before surrendering old policy.
    3- Check Income tax provisions
    You will pick up maximum wrong numbers when on roaming.


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