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POSTED BY ON June 10, 2012 12:05 pm COMMENTS (10)
How is ICICI Pru LifeStage Wealth II Scheme? I am informed the following regarding the scheme:
I pay 5000 K every month for only 5 years. That is annual premium of 60000. And the policy cover is 25 years.
My sum assured would be 35 lac. I am told the policy kicks in the moment i enter the policy. Is it possible that after I pay the first 5000 and the event of my death occurs within a month. Would 35 lac be payed out to my nominee? Would such a high pay out possible for such a less partial premium payed?
I also told that the my premium would be invested and the end of the 25 years I would be getting based on the fund performances, I would get a return of around ~7lac..
So the advantage is I get a good sum assured as death benefit or a return on my investment on the completion of policy term.
Please advise. Or should I go for a term insurance.
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I have this same policy and was drawn into it because i didnt do proper research..
I have paid for 2 years and still need to pay for 3 more.. I would like to discontinue this but ICICI doesnt offer any provision to do so
Dear Prabhu,
If you wish to opt for a term insurance, you may consider ICICI Pru iCare, a term plan from ICICI Prudential Life Insurance which can easily be purchased online and allows you to get a cover of upto 1 crore without any medical tests. This makes it very easy and quick to get protected.
ICICI Prudential Life Insurance has a healthy claims record as cited in the following news articles http://bit.ly/HejDZA and http://bit.ly/HTbw7S
To find out more about this product and to see if it suits you, please visit http://bit.ly/IgvQDe
Consumers have chosen ICICI Pru iCare as Product of the Year 2012 in the Life Insurance Category based on survey of over 30,000 people by Nielsen.
Please understand that we only offer suggestions based on your requirements, however choosing a policy most appropriate for you remains at your discretion.
Warm Regards,
Life Insurance Help
ICICI Prudential Life Insurance
Thanks Ashal for taking time to answer my question. It really helped.
Hi Ashal,
My current age is 30, income of 12lac/annum. no loans yet.
I have two ULIPs from AVIVA life insurance(3 lac and 12 lac cover) and a TATA AIG Mahalife for 5Lac cover.
Thanks,
Prabhu.S
Dear Prabhu, some more queries – Married or not? Spouse’s income if any (if married)? Size of family? No. of dependents? Mly/Yly expenses?
Thanks
Ashal
Hi Ashal,
I am married and have a two weeks old daughter. My wife is on maternity leave and may take a sabbatical for a year. Our monthly expenditure on an average would be 20,000 till now
Dear Prabhu, please purchase a term cover of at least 1.25C if not more immediately. The yly prem. for your term cover ‘ll be anywhere from 12K to 20K depending upon the insurer & the plan selected by you as well as the term.
You are highly under insured. insure yourself as early as possible.
Once this Term cover is in running, you may stop this ULIP & may diver the saved prem. to pure investment instruments.
Thanks
Ashal
So, Ashal, this ICICI scheme is not good? Is what they say completely true, 35 lac for such low premium and as well as ROI at the end of the policy term?
Should I go for pure term insurance and forget the ICICI lifestage Wealth II ?
Please advise.
Dear Prabhu, please check the cost benefit analysis. you are paying 60K Rs. yly & yet the insured value is just 35L Rs. which is around 3 years’ income. Is it sufficient to your family in your absence?
On the other hand, if you opt for a 1.25C cover i.e. around 10 times of your yly income, the prem. is very cheap & you still have in your pocket 40 to 48K Rs. to invest elsewhere & earn return.
Thanks
Ashal
Dear Prabhu, May I know your current age, income, loan liabilities, other insurance covers (sum assured)?
Thanks
Ashal