My reason for wanting to get to you urgently is because there is about to be a major change in the ULIP rules by the Insurance Authority - I R D A and I thought it important to inform all M@M Members.
ICICI Prudential still is the No. 1 Private Sector Insurance player and is leading the next two ( Nos. 2 & 3 ) by double their gross Insurance Business.
This lead is all because ICICIPruLife had a flagship Plan called "LIFETIME" which many others tried to follow in their own ways but just could not beat.
In LifeTime the client/insured -
1. Needs to pay premium for a minimum of only 3 years but could obtain insurance cover for a life period upto age of 70 years.
2. Could choose his insurance cover from 5 to over 125 times his annual premium (depending upon its sustainability)
3. Could choose the lowest available cover but have an extremely high growth in returns on investment. Past Performance at over 22 to 40 %.
4. After the 3rd year it works like a very Special Open Ended Investment Bank Account. Meaning you can withdraw either all or part of its funds and can also deposit whenever you have surplus funds. Absolutely TAX-FREE.
5. NOTHING - I repeat, nothing could beat this LifeTime Insurance Plan.
And so as we all can see this plan was being used mainly for INVESTMENT during the past 66 months.
To help the other Insurance companies & stabilize ULIP, IRDA is forced to change the rules of all ULIP products making them compulsorily INSURANCE oriented and NOT MAINLY FOR INVESTMENT .
Should any member wish to know the minimum amount of return available to you, kindly email me your date of birth, name & contact number.
Further details in full also follow below.
IRDA is changing the rules of ULIP schemes in Insurance with effect from 1- 07- 2006.
It will now be, not only tougher to get an insurance company to issue you a policy under ULIP, but the returns in investment in these schemes will Not be as attractive as before and Strictly Insurance Oriented.
The Main reason for this change, we feel, is that Private Insurance Companies (especially ones like ICICI_Prudential) were attracting huge crowds and customers to their Flagship ULIP schemes which got the insured customers Heavy Returns and a Constant Insurance Protection [Open Ended] from just THREE or more years of premium payments.
With such ULIP schemes in force, only a very few (ignorant of ULIP) opted for the regular Term or Endowment schemes.
Insurance companies having a weaker or shaky ULIP scheme and unable to cope with dynamic aggressiveness of Top Private players were undergoing a constant and regular decline in policy sales & beginning to lose the market grip.
Also the main focus of those investing were mainly on High Returns and less on Insurance.
The Govt., in this Insurance industry, is therefore ensuring that investment of funds is mainly allocated to Insurance and less on pure investment for high returns, now making it difficult for Private players and High Level Moneyed Clients to invest in these ULIP schemes. Majority of investors will now be compelled to turn back to the old or outdated Term & Endowment schemes for Insurance covers and IT rebate..
The Major New ULIP rules proposed & worth noting are :
1.) that minimum premium paying term is raised to FIVE years.
2.) to attract IT rebate, the Sum Assured = 50% Annual Prem. X
(70 minus Age at Entry)
OR
the Sum Assured = Annual Prem. X 5
The Insurance Co. will have to issue the policy with the Higher of the above two.
(this leaves little of your balance funds for further investment & hence lower returns)
The last 10 days left = A chance to beat the arrival of the new rules. It is important to login your applications on or before 29th June 2006.
ICICI-Prudential’s "LIFE TIME" that gets you an enormous return on your investment or can cover you for over 125 times your annual premium* (conditions/age apply) are being urgently sought after by all Smart Investors.
Should YOU be one of these smart ones, please call me Immediately for a FREE No Obligations Offer.
HURRY ! Time is running out.
I would be great if all M2M members invest in this plan before the changes come into effect on 30th June 06.
Minimum Investment is Rs. 1500/- per month or Rs.18000/- yearly.
Wish You All The Best