POSTED BY January 18, 2014 10:10 pm COMMENTS (4)ON
Firstly, I am a researcher in engineering and don’t know anything about investments or any such financial stuff. So, please refrain from too much financial jargon. Yesterday, I went to my bank branch and was trying to take a tax saver FD. The manager there then told me about ICICI systematic retirement solution. In the numerical example he illustrated, if I make a investment of one lac rupees per annum for five years and then lock the amount for another 5 years more, then from the eleventh year onwards, the bank will pay me 2.6Lacs per annum for my life time.
He told me that it is a combination of icici wealth builder plan and icici premium annuity plan. I will receiver the amount as long as I hold the principal amount with the bank. The plan seemed too good to be true. Can somebody explain if it is true at all?