POSTED BY December 3, 2010 9:04 am COMMENTS (10)ON
I am a regular reader of your blog and this blog is helping me to improve my financial planning and awareness. Recently I decided to surrender my ICICI Forever life pension policy as I figured out the the pension a the vesting time will be nowhere near the prmised illustration, So I have decided to get the surrender value from ICICI and the surrender value they quote is way below what I calculated. Could you check the mail send by me to ICICI and let me know if my cacluation is correct and also advise if it is wise to surrender this policy a this point of time.
My mail to ICICI below illustratinf the calculation of surrender value
I had a look at the insurance offer letter and surrender value according to the offer letter is
35% of premiums paid excluding the first premiums and any extra premiums + guarenteed additions + accrued bonus. So as per the mail received from you and Madhavan Balakrishnan (Exec director ICICI LIC Co.Ltd) about the one time celebratory bonus. I have made excel sheet to calculate the surrender value which is Rs. 81516.79. Please see that attached and let me know your explanations.
|Date||Premium||Guaranteed additions||Vested Bonus|
|One time Celebratory bonus||3483.05|
|Sum of premuims excluding first year premium||62076|
|35% of premiums excluding first premium||21726.6|
|Sum of guarenteed additions||33930.28|
|Sum of accrued bomus||25859.91|
Dear MR Sajit Varghese Zachariah,
We refer to your email dated 1st December, 2010.
The Surrender Value is equal to 35% of all premiums – Frist year premium + Cash value of all accrued bonuses.
Hence the calculated surrender value as on 2nd December, 2010 is Rs. 38, 296.41/-.
Please contact us for further clarifications, if any.
Customer Service Manager
ICICI Prudential Life Insurance Co. Ltd.
Want to BUY a new policy? click here
ICICI Prudential has been recognized as India’s Most Customer Responsive Insurance Company for the 3rd time by Avaya Global Connect Awards 2010
ICICI Prudential Forever Life(RP) UIN 105N001V01 Policy Number 00543102
© 2010, ICICI Prudential Life Insurance Co. Ltd.
Insurance is a subject matter of solicitation
Subject: Re: Re: Benefit Illustrations Call ID # 28575488 Date Sent: 01-December-2010 Time Sent: 09:20:00 AM Sender ID: firstname.lastname@example.org Message Text: Thanks Mr. Santosh.
I would like to know what would be the surrender value for my policy as of
Thanks for the details.
On Tue, Nov 30, 2010 at 2:30 PM, ICICI Prudential Life Insurance Co. Ltd <
> Dear Mr. Sajit Varghese Zachariah,
> We refer to your email dated 28th November, 2010.
> We would like to inform that the Guranteed Bonus accured for your policy
> are as follows:
> Date Amount
> 31st March, 2004 Rs. 8050/-
> 31st March, 2005 Rs. 8331.75/-
> 31st March, 2006 Rs. 8623.36/-
> 31st March, 2007 Rs. 8925.17/-
> Further, the Revisionary bonus accrued for your policy are as follows:
> Date Amount
> 31st March, 2008 Rs. 7917.90/-
> 31st March, 2009 Rs. 6796.20/-
> 31st March, 2010 Rs. 7662.72/-
> Please contact us for further clarifications, if any.
> Yours Sincerely,
> Santosh Kesari
> Customer Service Manager
> ICICI Prudential Life Insurance Co. Ltd.
> ICICI Prudential has been recognized as India’s Most Customer Responsive
> Insurance Company for the 3rd time by Avaya Global Connect Awards 2010
> ICICI Prudential Forever Life(RP) UIN 105N001V01 Policy Number 00543102
> © 2010, ICICI Prudential Life Insurance Co. Ltd.
> Insurance is a subject matter of solicitation
> Want to BUY a new policy? click here
> —————Original Message——————
> Thanks for sending the illustrations but I want to see the actual
> guaranteed additions and bonuses accrued in my policy so far.. Please note
> that I want to see the *actual* performance of the policy and not an
> arbitrary 10% or 6% illustration. Please send that to me ASAP. If the there
> are no bonuses accrued after paying premium from 2003 , I don”t thing the
> policy will not return me anything at the vesting time. So please send me
> the details ASAP.
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