Kindly read carefully before investing in any pension plan,
I am sharing following fact of ICICI pension plan I purchased and can not sell.
My policy start date: 31/03/2010
Primium paid: 100000
BSE index was 17527 on that day.
On 21/02/2011 BSE index was 18438
My fund value was: 96000
Policy admin charge for the year was Rs. 9900/-
My concern is I do not have any insurance cover under the policy, hence, no question of mortality charge is there. Market
index has been increased by 1000 points. In spite of these, my fund value in a year is dropped by Rs. 4000/-.
I do not understand what type of fund management these fund managers are carrying out at ICICI . For managing a fund of Rs.
1 lac, they are charging Rs. 10, 000 per year and at the end of year book a loss of Rs. 4000/- in a rising maket.
I feel pity for me as I can not get rid of such type of poor fund management due to absurd exit policy described below.
ICICI Pru Life Stage Pension Ad acquiresurrender value after payment first full year premium, however surrender value is
payable after completion of 3 policy years.
The Surrender Value where three full years’ premiums have not been paid will be 30% of the Fund Value.
Applicable Surrender Values after payment of three full years’ premium and three policy years have elapsed:
No. of Completed Policy yearsSurrender Value(As% of Fund Value)
3 90%
4 95%
5 100%
Fund mangers of ICICI can keep you f c king till full 5 years. You have to enjoy because you can not avoid.
Janak Patel
9998011312