“I’ve done a lot of movies, but my favorite was ‘Blind Faith.’” – Courtney B. Vance
As an investor in the future of my son, I had bought ICICI Pru Smart Kid Policy. Aim was to build the corpus fund for schooling, education, better life and securing his future in my absence.
I was stuck with ICICI Pru Smart Kid Policy. No one told me at the time of selling but around 17% to 20% of the premium was deducted as the policy administration charges.
By the time, I received the documents after the “Free Look up Period”. I can’t remember and I am not sure if it was deliberate. I confronted the sales team; they said charges are for the lifetime of the policy but collected in the first three years.
Paying lump sum yearly premium was difficult hence; I asked to change the premium payment frequency to monthly. ICICI Prudential Life Insurance accepted the request but premiums were not collected due to an internal error.
ICICI Pru Smart Kid policy had a three-year lock in period. I had paid two years premium. I had paid lifetime admin charges for the policy. Premium from third year were not getting deducted. I was stuck with the policy.
I had no choice but to stay invested. This was the time when world wide economic markets had crashed. It was a good time to invest. Monthly premiums or SIP in ULIPs is done exactly to take advantage in such situations. But as an investor I lost the opportunity. Thanks to my investment partner ICICI Prudential Life Insurance.
Broken Insurance Promises 