My bank’s agent is running after me with a “ICICI retirement income solution” – Should I go for it ?

POSTED BY AtanuGupta ON May 14, 2014 3:17 pm COMMENTS (10)

My bank’s agent is running after me with a “ICICI retirement income solution” where I will have to pay 5000/- every month 5 years then from 12th year onwards I will be getting 80,000/- per year as an income.

I haven’t understood the plan very well and sounds fishy. So I go for it or just ignore?

Will appreciate your advise.

10 replies on this article “My bank’s agent is running after me with a “ICICI retirement income solution” – Should I go for it ?”

  1. TheZionView says:

    run in the opposite direction 🙂

  2. Ashwin Rao says:

    Hi Ashal / Others….

    On a similar note, there is another plan from Aviva (Aviva Family Income Builder) which says to invest for 12yrs and get double in the next 12yrs (investment starts form 50k/yr).

    Roughly calculated, this is similar to FD’s where we get double in 11yrs I believe, but without tax benefits. In this Aviva plan, we get tax benefits from both the investment and the maturity amount.

    So what would you suggest Ashal, is it good enough to invest ?

    Kind Regards,

  3. ashalanshu says:

    Dear Atanu, my pleasure. Please feel free to join my Facebook group. Asan ideas for wealth.



  4. AtanuGupta says:

    Thanks Ashal…

    Yes this answer of yous makes sense. 5K paying now and getting 6667/- after 12 years as monthly pension is nonsense. A inflation of even 8% would bring it down to around 2647 as monthly income…. ridiculous

    I will go for a big “NO” to that marathon running agent.

    Thanks buddy

  5. ashalanshu says:

    Dear Atanu, 80000 Rs. yly means roughly 6667 Rs. mly. Now do tell me paying 5K mly now and receiving 6667 Rs. mly after 12Y is a good option in simple math?



  6. AtanuGupta says:

    Thanks Ashal.

    But 5000/- won’t turn into 80,000/-.
    What the agent told me is that I will be getting 80000/- yearly not monthly.

    Please advise.

  7. ashalanshu says:

    Dear Atanu, in next 60 months, you ‘ll put in 3L Rs. only at 5K mly basis. Now from 12Y after wards, you ‘ll be getting 80K Rs. mly as per presentation made for you. In a very simple way of calculation, in 12Y, your 5000 Rs. ‘ll become 80000 Rs. and this ‘ll keep on happening for rest of your life.

    Now do tell me is it possible to make 16 times of your original amount in 12Y time frame? if the answer is yes, go purchase this plan. if the answer is no, say NO.



  8. Viren Phansalkar says:

    Sometime back, to a similar query

    Ashal: whose retirement plan are you buying? yours or your agents?

  9. Hemanth Chandra says:

    Please understand the plan…. Go to the ICICI website and go through the plan. Please don’t invest in any product, which you didn’t understand clearly.

  10. Raja says:

    Why dont you try to understand the plan first and then decide whether you want to go for it or not

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