This is a non unit-linked insurance plan which offers limited premium paying option. Compare Endowment Policies. Show premiums. Death Benefit — In case of death of the Life Insured, the nominee receives the total of all premiums paid till date compounded at the rate of 5 percent per annum. In addition to this, the policy will also offer Guaranteed Regular Additions and Maturity Addition which is calculated as a percentage of the sum assured. Income Tax Benefit — Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 10D.
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But now wanted to convert the policy to paid-up, as three premiums are paid. I was under the impression that in this case I will be eligible for Reduced Sum assured after policy tenure 15 yrs , as mentioned in the brochure. This is not clearly mentioned in the policy documents whereas the paid-up thing is mentioned.
This was even told to me during policy selling that one can even decide to keep it paid-up, after paying three yearly premiums. I am feeling being cheated here but not finding a way ahead.
Can anyone clarify if the policy terms actually imply that policy will lapse, even after being made paid-up. As simple as that. Dear Ashal, So do you also confirm that even if we have paid annual premiums for three years, we cannot keep it as paid-up till the end of policy term?? Also, here moot point is that I am not being allowed to exercise a choice which is otherwise mentioned clearly in the brochure. Can you not get more than the paid up value?
Your policy will acquire a surrender value on payment of premium for at least 3 policy years. We regret the inconvenience caused. We request you to help us with your contact and policy details to assist you. Post receipt of the requirement, our representative will get in touch with you within 48 hours. Also, I have already discussed this multiple times with ICICPru helpline but this is what was communicated to me — policy will lapse.
Can you elaborate here whether or not it is factually correct that policy will lapse even incase of premiums being made for three policy years. Sorry for the inconvenience caused. Your email address will not be published. This site uses Akismet to reduce spam. Learn how your comment data is processed. January 29, at am. March 3, at pm. March 3, at am. March 2, at pm. March 1, at am. February 28, at pm. Leave a Reply Cancel reply Your email address will not be published.
ICICI Guaranteed Savings Insurance Plan Review
The ICICI Pru Guaranteed Savings Insurance plan is an endowment life insurance plan, and it gives you life insurance cover plus a certain amount at the maturity of the plan. This plan falls under Section 80C tax saving schemes which means the premium payable will be applicable for deduction from your taxable salary under section 80C. I find that the easiest way to explain how this plan works is to take an example of one option with certain figures and go through it. First thing to keep in mind is that in this option you have to pay premiums for the first 7 years, but you get the money at the time of maturity which is at the end of the 15th year.
ICICI Pru Guaranteed Savings insurance Plan
But now wanted to convert the policy to paid-up, as three premiums are paid. I was under the impression that in this case I will be eligible for Reduced Sum assured after policy tenure 15 yrs , as mentioned in the brochure. This is not clearly mentioned in the policy documents whereas the paid-up thing is mentioned. This was even told to me during policy selling that one can even decide to keep it paid-up, after paying three yearly premiums. I am feeling being cheated here but not finding a way ahead.
Please share. A direct Yes — No type answer is already given by dear Karthik. An overview about what I understood was that I was to invest a certain lumpsum amount of money annually for 7 year period and then I would be getting the maturity amount at the end of 15 years… The point that Karthik Sr has mentioned is they are giving half the interest rate rather than full on the amount invested by me. Please correct if I am wrong as I have come across this thing for the first time and would also appreciate some information about G-Secs. Dear Natesh, your understanding is correct.
To know more about the illnesses covered, please refer the sales brochure. For offline Signature refer to Offline Signature Brochure. This section helps you understand the amount of money that you could invest in either equity or debt as per your risk preference. The key benefits of SIP to policy holders are rupee cost averaging and also it inculcates disciplined approach towards financial savings rather than ad hoc investment decisions.