Hey Sreekanth
An ICICI Lifetime super pension plan of mine matured end of last month. i was under the wrong impression (misled by call centre and also a manager) that i will get the market value of the amount after the maturity. now i am told i cannot claim but the maturity valueof 4.50 lakhs. i can opt for getting an annual pension of 4.5% and after my lifetime my nominee with get this 4.50 lakhs.
i do understand out of pressure of known people we get into such blunders. neverthless it was 10 years ago and i did not repeat this again and my last such policy was this.
the person at icici desk is willing to help me get back 4,00,000 if i take the ICICI PRU FUTURE PERFECT for the balance 50,000...i think that will go on for 5 years or something
let me know ur thoughts on this ICICI PRU FUTURE PERFECT Scheme pls..
4 Answers
Hi,
Yes, once a Pension plan matures, the policy holder has to take an Annuity plan to get periodic pension.
Your nominee will get certain corpus - this is known as 'return of purchase price'.
ICICI PRU FUTURE PERFECT is just any other Traditional life insurance plan.
They are just trying to sell you an another un-wanted policy to you, which you may ignore buying it.
Suggest you to just accept the pension annuity and do not buy any new plan (like ICICI PRU FUTURE PERFECT).
By the by I am unable to find a product brochure for ICICI Lifetime super pension plan on net (as this is a old plan).
But read that there is an Option to withdraw the policy maturity money systematically over a period of 5 years on maturity of the policy. So, you may cross-check on this.
I think this plan has been classified as an ULIP pension plan.
Thanks Sreekanth. this is a plan i was forced into ten years ago. while i have not yet submitted, i have already signed the papers opting for the 'return of purchase price option' to my nominee. i will also check out the periodical withdrawal, if any route otherwise stick to annuity.
i was told annuity will fetch 4.5%, i felt if i can get it out and put it in a 5 yr post office TD, i will get 7% alteast...
I can understand!
Kindly check out the availability of periodical withdrawal option. Else, accept annuity plan, no other choice!
Do note that annuity (pension) amount is a taxable income.
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