Have you took premium holiday from the ICICI Pru life?
So you just wanted to surrender the above policy. And wants to return the premium, for this please get in touch with the customer care of ICICI Pru Life. The other scheme you can enter only when you receive money from ICICI Pru Life.
* SAFE
Self Appointed Financial Expert
No, I have just stopped paying the premium. I just wanted to exchange the current value of my policy with any other ICICI Product.Originally Posted by Expert
Old ULIP Guidelines by IRDA -
Premium Holiday: If the policyholder stops paying premium instalments after paying premiums for three years, the risk premiums and the applicable charges can be adjusted from the balance in the account value, till such time as the balance in the account reduces to one year's premium. This would help policyholders who are unable to pay premiums owing to a temporary disruption in income because of change in employment, or any other sudden drop in income. The premium holiday option ensures continued insurance protection by transferring the risk premium and charges due from the account value, which is built up over a period. But the policy would lapse and this benefit would not be available if premium payments are stopped within three years.
Withdrawals from ULIPs: Earlier, withdrawals from ULIPs were possible even within a year of issue. Depending on the option selected, they were reduced from the sum assured, resulting in dilution of death benefits to the nominees. Now, withdrawals will be allowed only after three years. The new guidelines provide that except for withdrawals made during the two years immediately preceding death, no other withdrawals can be reduced from the sum assured. But once the customer is past the age of 60, all withdrawals can be reduced from the sum assured.
* SAFE
Self Appointed Financial Expert
Dear Bhairav,
If I'm not wrong, there is no option as such in ICICI Pru Life to exchange your policy. So, you can do any of the following things:
1) Surrender your present policy and buy a new one (but this will result in a loss since you will receive a lesser fund value than what you invested in the policy).
2) Hold on this policy for a few more years. The fund value will increase over a period of time. Remember - The fund value in ULIPs for the initial few years is always lesser than what you have invested in the policy. ULIPs are always a good option for a longer time frame, IMO atleast 10 years.
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