hello,

i invested in the ICICI Guaranteed Savings Insurance Plan and paid one premium so far. After looking at the various reviews it looks like the return from this plan is not even equal to a FD return. i am thinking of cancelling this policy but not sure in i get some part of the premium paid.

the details given by icici about cancelling the policy and the refund is not very clear. This is what is said in the brochure.

“On discontinuing the policy you will be entitled to a surrender value which is the higher of the Guaranteed Surrender Value (GSV) and Non Guaranteed Surrender Value (NGSV).

The GSV will be equal to 35% of the base policy premiums paid less the first year’s premium.

The NGSV will be equal to the present value of PUSA, discounted at the Gross Redemption Yield at the Review Date immediately preceding the date of surrender, plus 2% per annum. Paid-up Sum Assured (PUSA) = GMB X (Total number of premiums paid / Total number of premiums payable).”

can someone help to calculate the refund using the above mentioned details.

thank you