Could you plz help me with an insurance policy.

#1
I had opted for ICICI Life stage pension ULIP three years back. It was a spur of the moment decision as the bank guy said I'd be getting back 14/unit assured NAV for the initial 10/unit NAV.

I paid three premiums, 50,000 annually, a total of 1,50,000. Presently the fund value is 1,59,000. I'm disgusted and want out of this.I checked with the bank and was told surrendering tomorrow would get me almost 1,47,000 (92 % of fund value after three years) excluding the surrender charges.

What is my best option? Should I use their Cover continuance option which means the policy will remain in force without any premiums and charges would be deducted out of the fund value.But wouldn't that be foolish cosnidering the fund made only a 9,000 benefit in three years?

If I keep paying the premiums till maturity :)annoyed: 2034) would there be any assured returns? Is that advisable?

Is there any better option or should I just go and surrender the policy tomorrow taking about 1,30,000 (92%-surrender charges) for the 1,50,000 I invested? :(

Please help guys, thanks
 
#2
Friend, you made a mistake taking ULIP - which is the biggest fraud perpetrated by the insurance industy.

Market trend is up, hopefully market may touch 20K soon and your fund value should go up - if you surrender at that time, you can get away with a smaller loss or no loss!!

Ideally you should get out. IMO there is no use holding onto this till maturity!!
 
#3
I know I made a mistake :( .
If I wait for the markets to rise they are going to deduct service charges for another year..:annoyed:
And if I continue paying the premium. I don't think I can surrender. It says 'Surrender not possible after vesting'. What do I do?
 
#4
Just one question - 8% surrender charge is on the insured amount or the fund value??

Because market trend is up right now, so your fund value should have gone up, i think!!
 
#5
8% of fund value. That means I would get about 1,45,000 foe the 1,50,000 I invested over these three years. The insured amount is 0, as its a pure investment plan.
 

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