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How is Life Time of ICICI pru life?

 
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Has anybody studied this Life-Time plan properly from icici prdential life? Is it really good? What other good investment options are there in market? I don't understand shares much though....

- Manish
 
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Surprising. Even I was thinking about it.
 
Pradeep bhatt
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Manish,

What will happen to life cover if I dont pay premimums after 3 years?
 
Manish Hatwalne
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AFAIK, life cover continues as long as you keep amount invested.
Hey, I want somebody to tell me more, instead of asking!

- Manish
 
Pradeep bhatt
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Originally posted by Manish Hatwalne:
AFAIK, life cover continues as long as you keep amount invested.
Hey, I want somebody to tell me more, instead of asking!

- Manish



Call their helpline or meet their broker/agent. please share the details.I am also planning to meet someone from ICICI.
 
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I would prefer LIC over other insurance companies.
 
Pradeep bhatt
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ULIP are always risky but when one thinks of long term it may give good returns. :roll:
 
Chetan Parekh
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I don't know the technical jargons of Insurance domain, but I have taken 2 policies that return me some amount after each 5 years and on maturity also it gives money.

My Big B is LIC agent and he manages all this for me.
 
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This might be of help to you.
an article about insurance
[ November 29, 2005: Message edited by: Arun Prasath ]
 
Manish Hatwalne
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Life-Time actually is more of an investment plan, it is linked with insurance only to ensure that the returns are tax free.

I have already spoken to their representative, but I wanted 'beyond marketing' information. The picture they portray is too good to be true. So trying to get some realistic information.

- Manish
 
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Although I am no authority on insurence I would still like to share what I have gathered from various resources. It is advisable that people should treat insurence as insurence and look for other avenues (rather than ULIP) for investments! If you want to get a Life Insurence go for some term insurence policy and if you want to invest for tax saving, pick a good tax saving mutual fund like HDFC TaxSaver, SBI Magnum TaxGain etc. Thats because ULIP will cost you more than a tax saving mutual fund.

You can go to www.sify.com --> walletwatch --> ask the expert section where you can ask experts about insurence/Mutual Funds and Stocks!
[ November 30, 2005: Message edited by: Preeti Jain ]
 
Manish Hatwalne
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Thanks!!! I have read about it as well when experts say that insurance should be insurance & invetment is investment. However, this plan did look as sth which can give you both benefits...so considering.

- Manish
 
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The scheme does look good. 5 times life cover, 3 year lock-in-period, option to withdraw 90% of the amount at the end of 3 years & the biggest plus - amount at maturity is tax-free. There is also the option to vary the premium amount paid.

The Equity Fund has been doing well over the past 3 years. Since the IRDA prohibits investment in mid-caps, 100% of the funds are invested in blue-chips across capital goods, software, oil & gas, telecom companies, all booming sectors, which is good. The net returns average out at around 20%. Past returns average at 27%. However the administration charges for the first year is steep at 20%. The scheme works well if funds stay invested for atleast 5 years. Am not sure of the entry/exit load though.

However based on your risk apetite, you could invest proportionately in Equity & Balanced Fund.

And if you fail to pay your premium, you are given a grace period of one month, failing which the policy lapses. Which means the cover becomes ineffective, also you forfeit the premia that you have already paid.

Tax saving mutual funds - is the amount received on maturity tax-free? Is accrued annual interest taxable? Any idea?
 
Pradeep bhatt
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Tax saving mutual funds - is the amount received on maturity tax-free?



Yes it is tax free.There is a lock in period of 3 years.
 
Pradeep bhatt
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The scheme does look good. 5 times life cover, 3 year lock-in-period, option to withdraw 90% of the amount at the end of 3 years & the biggest plus - amount at maturity is tax-free. There is also the option to vary the premium amount paid.



It is possible that you lose all your money. Stock market will do good in 2006 but 2007 may not be good.

There are 2 schemes Lifetime and lifetime 2.which one is good?Also is there a medical test ?
 
Manish Hatwalne
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I don't know which one is better, compare features from their marketing literaure. Also, I do not know about the medical tests, but all this information should be available on their site.

- Manish
 
Manish Hatwalne
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Here is the site link --
http://www.iciciprulife.com/index.jsp

- Manish
 
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A second vote for cheap term insurance and a separate investment strategy. I"m in the industry and we make MUCH more money on whole life, but, um, you don't.
 
Pradeep bhatt
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Originally posted by Manish Hatwalne:
I don't know which one is better, compare features from their marketing literaure. Also, I do not know about the medical tests, but all this information should be available on their site.

- Manish



What have you decided?
 
Manish Hatwalne
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I have postponed till next financial year. I better invest in mutual funds for now.

- Manish
 
Manish Hatwalne
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Originally posted by Stan James:
A second vote for cheap term insurance and a separate investment strategy. I"m in the industry and we make MUCH more money on whole life, but, um, you don't.



The problem with that are the taxation laws ---
With term insurance, survival benefits are nil. And Capital gain is taxable, tax rebate on mutual funds investments & share market is short term, in the long run ROI may not be great. It's pretty difficult to predict what will happen 15 years from now.

- Manish
 
Manish Hatwalne
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Originally posted by varsha. namboodri:
The scheme does look good. 5 times life cover, 3 year lock-in-period, option to withdraw 90% of the amount at the end of 3 years & the biggest plus - amount at maturity is tax-free. There is also the option to vary the premium amount paid.

The Equity Fund has been doing well over the past 3 years. Since the IRDA prohibits investment in mid-caps, 100% of the funds are invested in blue-chips across capital goods, software, oil & gas, telecom companies, all booming sectors, which is good. The net returns average out at around 20%. Past returns average at 27%. However the administration charges for the first year is steep at 20%. The scheme works well if funds stay invested for atleast 5 years. Am not sure of the entry/exit load though.

However based on your risk apetite, you could invest proportionately in Equity & Balanced Fund.

And if you fail to pay your premium, you are given a grace period of one month, failing which the policy lapses. Which means the cover becomes ineffective, also you forfeit the premia that you have already paid.

Tax saving mutual funds - is the amount received on maturity tax-free? Is accrued annual interest taxable? Any idea?



You seem to know lot about finances and related stuff, are you from banking/finance sector by any chance?

- Manish
 
varsha. namboodri
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Basic Finance Stuff !!! Good Newspapers should be enough to tell one about all this.
 
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