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POSTED BY ON October 4, 2012 4:18 pm COMMENTS (8)
I have taken ICICI Pru Guaranteed Savings Insurance Plan in 2011 for 10 years premium of 50K/year. Now, I am receiving calls from ICICI PruLife to change the plan to Guaranteed Retirement Plan through ICICI PruLife Fund Management. As per them, the benefits will be better than the previous. Can you please suggest on this?
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Hi, I had purchase ICICI Pru Guaranteed Savings Insurance Plan having policy no-16742585 , I wanted to surrender this policy but when i called to customer representative then they said that i will get only 1 year premium as return though i have paid for nearly 90k till 4 years, around 23k per year premium.
1) Can you please let me know even i have paid premium till 90k in 4 yesr, then why i will not get even premium amount ? Is any way that i can get atleast my premiium which i have paid, forget amount returns.
2) Is it possible to change this policy to other policy with short duration and get my money back?
Kindly check the policy wordings in the agreement, you must have got at the start. Whatever is mentioned in that will happen.
Dear Arindam,
The advice given to you is not in right spirit. We thank you for bringing this to our notice. To help us investigate this further, we request you to share the details of the representative who contacted you.
We appreciate your co-operation.
Warm Regards,
Life Insurance Help
ICICI Prudential Life Insurance
Dear LifeInsuranceHelp,
Let me clarify my conversation with ICICI PruLife representative:
1. There is some amount / interest from the premium goes to my account adviser (I am unaware of this)
2. To stop this, ICICI PruLife has the dedicated fund management manager and that assures to get good return.
3. Also, the premium will be same (50K/year for 10 years), but to get a secure and high return, my current policy needs to be switched to ICICI PruLife retirement plan.
4. The scheme is limited for 24 hours to avail, else the file will be rejected (though I have never communicated to ICICI PruLife for this)
5. When I declined to go ahead, I was advised that my current plan (ICICI Pru Guaranteed Savings Insurance Plan) is not healthy but I want to take the risk, it’s my decision.
Arindam
The agent from whom you bought this plan , will get his commission till the time you pay your premiums , thats the standard thing .
Dear Arindam,
Surrendering your old policy to buy new one is not recommended. Could you please provide us with your policy number so that we can get in touch with you? We would like to identify the ICICI representative who made this suggestion, to understand the basis for his recommendation.
Thanking you in anticipation,
Life Insurance Help
ICICI Prudential Life Insurance
And after 2 years, they will call up again to tell you that they have another better plan.
Start learning on your own, because it is your own money and hence your responsibility.
First of all these insurances are jsut crap. I think you should consider surendering this insurance and instead focus on Mutual funds both equity and debt. If you are really conservative then invest in PPF which gives better return then the insurances.
Dont listen to the bank people.