Monday, January 16, 2012

Why NOT to invest in ICICI Prudential Pinnacle Super ULIP?

Whenever I visit ICICI Bank, the dealing person tries to sell ICICI Prudential Pinnacle Super ULIP to me. Since, I've already taken term insurance plan, there is no point in investing in ULIP now. But their sales pitch was different. They claimed it to be the best plan for wealth creation in industry. This plan provides Guaranteed NAV. So, today I saw its official brochure and check out the plan. The ONLY thing which I observed was charges. 

Like any other ULIP, it has premium allocation charges, Policy admin charges, Mortality charges etc.

Premium Allocation charges: For 5 year pay, total premium allocation charges in 5 years is 20%, total policy administration charges is 15%. There are other charges also like mortality charges, fund management charges, investment guarantee charge and service tax on charges.

This article can go on and on. But I think the huge charges mentioned above will help you to take your investment decision.

You may verify the above details from the official brochure of this plan.

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