Best ULIP- ICICI Pru Lifestage wealth?

[palka]

@ blueninja: please try to identify the amount of lifecover you need. Ideally it should allow the dependents to maintain the lifestyle they are used to. it is best to go for a term plan to get the necessary cover. off course you can go for a traditional insurance plan if you want to help the agent to earn a fat commission. Also, you will earn about 4 - 5% on the premium amount in the form of bonuses etc.

in short: term plan for life cover. Investment should be completely seperate

enjoy

 

[Globalview9]

The choosing criteria in ULIPS are the past performance of funds & Charges. Since performance of ULIPs depends upon market performance, we will need to analyse charges which they will charges.

Eg. A person willing to invest Rs. 1 lacs per annuam for next 10 years.

first question? will his entire Rs. 10 lacs will be invested in funds? the obvious answer is No. Out of Rs. 10 lacs, he has to pay following chargse

1. Premium Allocation charges : 5% p.a. for ICICI Life link wealth as against 3.3% for LIC Endowment Plus
2. Policy Administration charges : Rs. 60 p.m. for first 3 months for ICICI Life link wealth as against Rs. 30 p.m. for first year and escalation @ 3% P.A. thereafter for LIC Endowment Plus
3. FMC charges : 0.75% to 1.35% depends upon scheme in ICICI Life link wealth as against 0.50% to 0.80% p.a. in LIC Endowment Plus
4. Mortality charges : depends upon age of person
5. Other charges

So you decide whether you still want to go with ICICI?

 

[arnirulz]

Some idea about charges:
Situation 1
Yrly premium Rs 20000
sum assured: Rs 100000
Policy admin charge (PAC): Rs 2640 (for first 5 yrs)
PAC as % of premium: 13%

Situation 2

Yrly premium Rs 20000
Sum assured: Rs 500000 ( assuming you want to have any meaningful life cover)
PAC: Rs 12000
PAC as % of Premium : 60%

Totally agree with whatever you views are. Just wanted to know the breakup of how you calculated the PAC. If you can explain that it would be great. Appreciate your time.

 

[palav85]

Hi,

I want to tell u one thing is that this policy is closed by company due to new IRDA guidelines.because new IRDA guidelines is better for the customers, if you want to this policy plz change ur mind, you also go to new policy "ICICI PRU LIFE STAGE WEALTH II" almost same features..
I am also attached the brochure of the policy or you download by www.iciciprulife.com, if you want any details , callme-9811153848 or [email protected]

thanks,
pallav

 

[arnirulz]

Hi,

I want to tell u one thing is that this policy is closed by company due to new IRDA guidelines.because new IRDA guidelines is better for the customers, if you want to this policy plz change ur mind, you also go to new policy "ICICI PRU LIFE STAGE WEALTH II" almost same features..
I am also attached the brochure of the policy or you download by www.iciciprulife.com, if you want any details , callme-9811153848 or [email protected]

thanks,
pallav

thanks for the info pallav. Actually I didn't realize that it was this plan only. However I am interested in the cost illustration like Palka gave earlier for this plan. Can someone help me with that?

 

[venkateshiyer]

Hi,
What I feel that life cover is very much important. You are not sure what will happen tomorrow. No doubt mutual funds are also good. But life cover is like having total protection to you and family.

In case of term insurance, you will not get anything on maturity in case of your survival. But in case something happens to you, then your family members will get in case of term insurance. What I feel is that when you are going for home loans, you can take a term insurance.

Otherwise in normal cases, it is better to go for life insurance and there are some good policies like Jeevan Saral, Jeevan Anand provided by LIC. Along with this you can also go for Mutual Funds.

This is my personal opinion.