Hi All,
I am Mohan regular reader of jagoinverstor Forum.
I took the below ULIP on Feb 2010 from ICICI
“ICICI Pru Assure Wealth-Super UIN 105L098V01”
I am paying 25000 on yearly basis,
Recently i called to ICICI Customer care to know about the fund value of mine…
But They said that they will take this entire first year premium (25000) as policy charges and they will invest in market only from second year onwards, but my agent didn\’t tell me all these things intially when i took my policy.
They told that after 3 years i can withdraw the 100% of my fund value that means what ever i paid 2nd year and 3rd year(25000 + 25000) they will be investing in market and at the end of 3rd year i can withdraw it i.e (50000 + interest appreciated), but actually I am paying 75000 to them at the end of 3rd year.
They told me that I have to pay premiums at least for 5 years and after wards I can stop the payment and policy will be inforce till 15th year and after 15 years they will be giving guaranteed addition of 100 – 120% of first annual premium + fun value.
They have informed that they will deduct 4% as policy charges from second year onwards till 5th year.
Incase if I want to cancel this policy now then they told me they will not pay anything.
Could anyone please help me shall I continue this policy… really I am looted by agent.
Please find my policy information below for your information:
ICICI Pru Assure Wealth-Super
Name of the Proposer : Mr. Mohan Kodavali
Policy No : 13381538
Policy Term (Years): Whole Life/ Open ended
Date of Commencement of Policy : 04/02/2010
Category : Non-Medical
Particulars SUM ASSURED ( Rs. ) 150,000.00
Premium Amount(Rs): 25000
Periodicity of premium payment shall be : Yearly
Service Tax and Education Cess extra, as applicable.
Benefits payable and charges applicable: As specified in the Policy document
“The policy shall be subject to and be governed by this schedule and the terms and conditions of the policy
document enclosed herewith including every endorsement by the Company and shall together forma single
contract.”
The Policy shall stand cancelled in the event of non-realisation of the First Premium Deposit by the Company.
Signed for and on behalf of the ICICI Prudential Life Insurance Company Limited, at Head Office, Mumbaion 09
February 2010(the issuance date).
Version U73: 1