Should I continue with my ICICI Pru ULIP’s or switch ?

POSTED BY AVR ON January 4, 2014 7:14 pm COMMENTS (9)

Hello,

 I bought two ICICI Pru ulips, one in Dec’2008 and one in Oct’2009. Both of them I have paid 3 years and stopped paid premium. Both are 80-20 Equity and Bond ratio. The one bought in 2008, they invested in :

  • Flexi Growth Fund IV
  • Protector Fund IV.

 The one bought in 2009, they invested in

  •  Pension Flexi Growth
  • Pension Protector .

Should I continue with these Products or take switch? If I have to take a switch, which one you guys suggest.

Thanks

AVR.

9 replies on this article “Should I continue with my ICICI Pru ULIP’s or switch ?”

  1. ashalanshu says:

    Dear AVR, If I’m in your place, I w’d redeem my money to invest in pure investment instruments.

    Thanks

    Ashal

  2. AVR says:

    Dear Ashal,

    Thanks for your advise,
    My main purpose of being here is, I want advise on my existing ICICI ulips,
    I am working on future investments as you mentioned.
    however I am not able to decide on my existing ICICI ulips.
    I believe I shared enough information on my funds.

    What would be the best thing to do with those funds?

    Thanks,
    AVR.

  3. ashalanshu says:

    Dear AVR, please split your needs. Take adequate term cover for your insurance needs. for investment purpose,. please invest in pure investment instruments like PF, PPF, FDs, RDs, MFs, Bonds.

    Thanks

    Ashal

  4. AVR says:

    Dear Ashal,

    I have couple of LIC’s for life cover,
    Apologies, if I misread your query.

    Is it good to surrender and invest in other funds?
    Should I take switch?
    Should I continue to pay premium?

    Thanks,
    AVR.

  5. ashalanshu says:

    Dear Avr, in your case, what about your life cover if you opt to surrender these policies?

    Thanks

    Ashal

  6. ashalanshu says:

    Dear AVR, please search your policy documents and come with more info, we ‘ll surely discuss at that time. Regarding these ULIPs, had you invested more prem. the story might be different today.

    Thanks

    Ashal

    1. AVR says:

      Hi Ashal/Team,

      Here are my policy details:
      1. Policy Name:LifeStage Pension
      Sum assured:0
      Premium:25000/-
      I have paid first 3 years.
      Last two years I am not paying.
      Status: Inforce

      2. Policy Name:LifeStage RP
      Sum assured:2,50,000
      Premium:25000/-
      I have paid first 3 years.
      Last 3 years I am not paying.
      Status: Inforce

      One of my friend used to work in ICICI, he asked me to take these policies.
      I did not inquired much about it and took it.

      As I said, after started following Jagoinvestor I got the online accounts and doing research. I am trying to understand these products and liking it. Planning invest into MF’s. still working on this.

      Should I continue to pay?
      If I have to take a switch, which products you suggest?
      I want your kind advise/suggestion on managing these products.

      Thanks,
      AVR.

  7. AVR says:

    Hi Ashal,

    Thanks for your response,
    I have paid 25K per annum for 3 years for both ulips, i.e so far I have paid 75K for each ulip, I have completed 3 yrs locking period.

    I don’t see these funds appreciating, if I calculate total money today, it is less than what I have paid. so stopped paying premiums.

    I have couple of LIC policies, one I took some 9 years ago, one 4 years ago, I am sorry I did not remember the name of the policies, I will get it shortly.

    First LIC policy, I have to pay for 15/16 years, then after completion of (16+5) 21 years I will get some lumsum, for this I am paying 25K for annum.

    Second LIC policy, I have to pay 100K for annum for 16 years, after every 4 yrs they will return 300K and after 16 years they will return 16 lakhs.

    I did not remember life sum assured but it’s reasonably good.

    Accidentally I happens to open “Jagoinvestor”, then I read some articles and posts, then only I realized what I have done. now I decided to reduce the damage.

    I really appreciate any advise and suggestions.

    Thanks,
    AVR.

  8. ashalanshu says:

    Dear AVR, what was the thinking at the time of purchasing the policies? Why are you not paying more prem. in these policies? What about your over all life sum assured from all policies?

    Thanks

    Ashal

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