8 replies on this article “Surrender Policy – ICICI Prulife – LifeTimeSuper – FlexiGrowth”

1. shashank kashettiwar says:

   August 24, 2012 at 11:28 pm

   @ Karthik, : I liked your first comment. But why do you say their funds under perform the benchmarks? On the contrary funds older than 3 yrs seem to be performing above benchmark.

   @Shreedhar : Do you have any other equity investments apart from this plan. What is your premium and what cover you opted for? Did you opt for waiver of premium rider with this plan?

   Any savings type of insurance policy is not a bad investment across the board.

   Five years back their were not many cheap term insurance plans also.

   If you can get WOP rider it could still be a very good investment.

   Shashank

   Reply
   1. Karthik says:

      August 25, 2012 at 12:33 pm

      thanks Shashank..
      in my ULIP, all the equity funds seem to be underperforming. so, I switched to Income and Money market funds, which are good with the benchmark.

      Reply
      1. Sreedhar Reddy G says:

         August 27, 2012 at 11:06 am

         Thanks Karthik and shashank.

         My premimum : 3000 per month (10 years)

         Sum Assured : 2,00,000

         Not sure about WOP rider? please suggest me.

         Reply
2. Ashal Jauhari says:

   August 24, 2012 at 6:14 pm

   Dear Sreedhar, the return to you is 1.48% CAGR.

   Thanks

   Ashal

   Reply
3. Sreedhar Reddy G says:

   August 24, 2012 at 4:59 pm

   Thank you Karthik.

   I would like to know

   i) Is there any benchmark defined for ULIPs to know whether it is doing well or not?

   ii) Is there hidden charges when we surrender the policy after 5 years?

   iii) Is there any way or formula to know whether we are getting good returns or not?

   For example: Paying premium every month 3000/- for 5 years. The total would be 1,80,000/- if the fund value is 1,90,000. How much return we are getting?

   thanks,
   Sreedhar.

   Reply
4. Karthik says:

   August 24, 2012 at 1:34 pm

   Do you think, if you surrender the policy at 2.30 PM to the bank (cut off time being 3.00 pm), you get the same day NAV? They usually take some time to relax, and then feed your surrender request to their computers.

   When you are happy with the market on any day, switch all the funds to Debt/Money market funds.

   Then, go to the bank and surrender the policy, let them take their own time to give you back the money.

   Finally, it doesn’t make much NAV difference if surrender request is delayed by a day. So, don’t worry about the time to visit the branch.

   Reply
   1. Sreedhar Reddy G says:

      August 24, 2012 at 4:59 pm

      Thank you Karthik.
      I would like to know
      i) Is there any benchmark defined for ULIPs to know whether it is doing well or not?
      ii) Is there hidden charges when we surrender the policy after 5 years?
      iii) Is there any way or formula to know whether we are getting good returns or not?
      For example: Paying premium every month 3000/- for 5 years. The total would be 1,80,000/- if the fund value is 1,90,000. How much return we are getting?
      thanks,
      Sreedhar.

      Reply
      1. Karthik says:

         August 24, 2012 at 8:52 pm

         Hi Sreedhar,

         1) Check your fund performance again benchmark from the below link https://www.iciciprulife.com/public/Fund-Performance/Ensure.htm
         (its something good from ICICI, though most of their ULIP funds underperform their benchmarks)
         2) I am not sure about any hidden charge for surrender. Please read the policy document
         3) Ashal has answered -> 1.48% CAGR (lots of your money gone as Premium allocation charge, Policy maintenance charge, Mortality charge. were you aware of all these charges before you opted for the policy?)

         Reply

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