Hello Friends,
I am not sure if this question has been asked on this forum before as I couldn't find any link. So am asking...
What is the impact of new IRDA norms on the existing ULIPs?
I will tell my case:-
I took ICICI LifeTime ULIP policy in Jan 2006 (for 30 years term) and since then -
1. it has given me overall 12% returns (considering that I have always been in Maximizer fund and there was big recession time during 2008-2009)
2. the major chunk of premium allocation charges which are higher in initial 2-3 years have already been paid.
3. the life insurance is very less (2lacs only) but the mortality charges are decreasing every year and is less than Rs.100 per year now.
4. FMC charges were 2.25% as per old ULIP guidelines.
My question is what impact will the new IRDA guidelines have on my fund?
Will the FMC charges be changed as per new IRDA rules?
Will the mortality charges increase?
Will the life cover be increased by ICICI as per new IRDA rules?
I am completely clueless and even ICICI people are not giving me clear answer so I thought of asking it here.
Please help!
I am not sure if this question has been asked on this forum before as I couldn't find any link. So am asking...
What is the impact of new IRDA norms on the existing ULIPs?
I will tell my case:-
I took ICICI LifeTime ULIP policy in Jan 2006 (for 30 years term) and since then -
1. it has given me overall 12% returns (considering that I have always been in Maximizer fund and there was big recession time during 2008-2009)
2. the major chunk of premium allocation charges which are higher in initial 2-3 years have already been paid.
3. the life insurance is very less (2lacs only) but the mortality charges are decreasing every year and is less than Rs.100 per year now.
4. FMC charges were 2.25% as per old ULIP guidelines.
My question is what impact will the new IRDA guidelines have on my fund?
Will the FMC charges be changed as per new IRDA rules?
Will the mortality charges increase?
Will the life cover be increased by ICICI as per new IRDA rules?
I am completely clueless and even ICICI people are not giving me clear answer so I thought of asking it here.
Please help!