What to do with ICICI Pru Guaranteed Savings Insurance Plan ?

POSTED BY vivek415 ON December 10, 2013 10:35 am COMMENTS (5)

Hi,

I have invested on Plan LifeStage RP and ICICI Pru Guaranteed Savings Insurance Plan On Apr 2009 and Dec 2009 respectively. Agent was a relative, and he said that for LifeStage RP just pay premium for three years, otherwise will pay penalty.

Life Stage RP, is equity linked and at the time I got this product BSE Index was hovering at 12K and when I paid other two premium BSE Index was at 16K and 18K. In Month May 2012 I inquired about net value of this fund and I came to know that its 68K, please note that I paid three installment (Net Rs 75K). Today when market is at 21K, net worth is still 77K. My question is why a equity linked fund is not performing even if Index grown lot. Is we are meant to pay huge salary of fund manager.

Coming to 2nd Policy,  ICICI Pru Guaranteed Savings Insurance Plan. This one still on, I do not know what is worth at present. Agent is saying will get min profit of about 13.5% compounding annually at the maturity but lot of forum says 6%. So in last three years I have paid 50,000*3 = 1.5L. Next premium to be paid on 22nd December. My question is should I surrender it? If yes how much I will get.

Its irony, lot of people say keep investment and insurance separate. I have one merged and one absolutely equity linked, still not performing. If any plan exist in market for benefit of Investor or all are same to loot.

Thanks,

Vivek

 

Policy Number:

LifeStage RP: 11788517

ICICI Pru Guaranteed Savings Insurance Plan: 14791406

5 replies on this article “What to do with ICICI Pru Guaranteed Savings Insurance Plan ?”

  1. ICICI Prudential says:

    Dear Sir(Vivek),

    We wish to inform you that the concern highlighted by you has been reviewed. Accordingly, a communication has been sent to your registered email address with the details of the resolution offered.

    In case of any further clarification, please contact us on our Customer Care number 1860 266 7766 or write to us at lifeline@iciciprulife.com.

    Regards,
    ICICI Prudential Life Insurance

  2. ashalanshu says:

    Dear Vivek, why did you chose to skip the questions posted by me for you? An insurance policy should be purchased for insurance only. Regarding the money calculation, why are you not calculating from the given formula or ask your relative to calculate it for you.

    Thanks

    Ashal

  3. vivek415 says:

    Hi Ahal,

    Here I wanted to say that I have invested in two policy and are very different. One was equity linked and it was when Index was down, still it does not perform. Its very irony that we are paying salary of someone and have no right to ask question. We should had right to fire entire team from their job on reason of lack of performance. And make sure that in future they should not eligible for any fund management.

    Second was on debt fund. If it was suppose to get 6% what was wrong in government bonds, why should I pay commissions and salary for their management. Anyway if you have any idea how much I will get if I surrender this on completion of lock-in period. Whenever I call my relative and his manager he starts telling formula but never says a number.

    Thanks,
    Vivek

  4. ICICI Prudential says:

    Dear Sir(Vivek),

    We are sorry to hear your concern. Our representative will get in touch with you in the next 4 hours to assist you with your concern.

    We appreciate your patience.

    Regards,
    ICICI Prudential Life Insurance

  5. ashalanshu says:

    Dear Vivek, if you are still in contact of your relative who is interested in only his own good and not yours’ what can we do for you? Just stop for a min. and answer few simple questions – How much life cover is there for you from these 2 policies? Are you happy with this life cover? Is it enough for your family’s financuial security in case of your untimely death? Please answer honestly.

    Thanks

    Ashal

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