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Thread: Life stage Assurance - need advice

  1. #1
    NewBie
    Join Date
    May 2012
    Location
    Mumbai
    Posts
    2

    Cool Life stage Assurance - need advice

    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?



  2. #2
    PW Stalwart Manish_Kumar's Avatar
    Join Date
    Apr 2009
    Location
    Patna
    Posts
    268

    Default

    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?
    Everyone has a scheme of getting rich.. Which never works.

  3. #3
    Administrator
    Join Date
    Apr 2009
    Location
    Chennai
    Posts
    255

    Default

    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
    You will pick up maximum wrong numbers when on roaming.

  4. #4
    Administrator
    Join Date
    Apr 2009
    Location
    Chennai
    Posts
    255

    Default

    Also always pay your premium when the market is low, so that you will get more units.
    You will pick up maximum wrong numbers when on roaming.


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