I had taken a term insurance of 1.5Cr from ICICI prulife last year after reading your blogs.
But long before (about 10yrs ago) I had taken some traditional policies like LIC jeevan anand, HDFC ULIP, SBI Lifelong Pension – Plan 2, mostly on advice of some agents who visit offices. I would like to take your advice whether to continue these or stop. Like HDFC ULIP has the option of stoping the premium, but the policy will continue till the tenure, they will deduct the life coverage amount from the accumulated amount.
Can I send you the details of the policies either by email or here in this portal. I am now 43 yrs and willing to pay consultancy charges, whatever you charge.
You just share the below details. No charges for such consultancy.
- Product Name
- Start date
- Term of the policy
- How long you paid the premium.
I have compiles the info for all my existing policies. I have tried to give as much information as possible, to make good decision.
Please find the details below.
My age is 43 years. Primium of all the below policies have paid till date.
1.SBI Life – Life long Pension plan -2
Date of commencement – Mar 18, 2004
Target Personal Pension Account Balance(PPA) – 3,94,586/-
Total Installment /yr = 10400/-
Installment contribution payble for PPA – 10,000/-
Primium payble for life cover – 400/-
Policy term – 21 yrs
Life cover ( sum assured ) – 2 Lakhs
Final Data of Validity of life cover – Mar 18, 2025
Vesting Date – March 18, 2025
Due date of last installment – Mar 18. 2024
2. HDFC Life – Unit linked Endowerment policy
Date of commencement – 11 Jan, 2008
Installment Primium – 1500/- per month
Death Benefits – Sum assured – 7.2 Lakhs
Maturity Benefits – Unitied fund value
Expiry/Maturity Date – 11 Jan 2028
Final Primium Due – 11 Dec 2027
Term – 20 yrs
Growth fund – 95-100% Equity
Balanceed fund – 30-60% Equity, rest debt —> My plan has this option
Defensive fund – 15-30% Equity, rest debt
Secure Managed fund – 100 % high credit quality debt instruments
Equity Managed Fund – 60% to 100% Equity
Current Status ( as on 15th Feb 2018)
-Out of 1500/- primium paid per month, Rs.200/- is for mortality + service charges , Rest is used to buy the units of Balanceed fund
– Current Fund value – 2.44 Lakhs
– Primium paid till date – 1.83 Lakhs( out of which 1,50,571/- is used for investment in balance fund and rest is deducted as mortality and other charges)
– As per HDFC life customer care, policy primium can be stoped , but the policy will be valid till maturity. The mortality and other changes will be deducted from accumulated value. Even out of current Fund value of 2.44 Lakhs, I can withdraw 2.26Lakh and rest 18,000/- has to be kept which will be used for deduction of mortality charges till maturity.
3. POSTAL LIFE INSURANCE – SURAKSHA ( WHOLE LIFE ASSURANCE)
Date of commencement – 06 Sep, 2001
Age at entry – 28
Term – WLA/ 60
Primium amount – 525/ per month
Sum assured – 3 Lakhs
Last primium due – Aug 2033
4. LIC – Jeevan Anand (plan 149)
Date of commencement – 28 May, 2006
Primium paying term – 20yrs
Sum assured – 5 Lakhs
Instalment Premium – 27938/- per year
Date of last primium – 28 May 2025
5. ICICI – ICICI Pru iProtect Smart
Sum assured – 1.5 Crore
Primium installment – 23400/- + Service tax + cell as applicable = 26910.00 ( for last year)
Primium paying term/ Policy term – 24 yrs
Primium payment frequency – Yearly
Date of commencement – 19 Jun , 2016
Date of last primium – 19 Jun , 2039
Date of maturity – 19 Jun , 2040
Critical illness benifit – NA
Accidental Death Benefit – NA
Thank you very much Basu.
I am to going do as per your advise this weekend.
However can you please explain bit more about the rational behind your thoughts.
It will help :
a) to understand better about the finacial aspects of the decision.
b) I am sure many others in this forum are in similar situation. It will give them an insight into taking a wise decision.