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Surrender Charges on ICICI Prudential Pinnacle Super
ICICI Prudential Pinnacle Super is an expensive ULIP. You will incur surrender charges to discontinue it before 5 years
The high expenses charged by the plan make it unattractive. ICICI Prudential Pinnacle Super is a unit linked policy which charges about 8 percent in costs, for the first policy year. The charges reduce a bit over the years but that is not a good reason to go with it, as higher charges during the initial years will influence returns from it.
If you surrender your policy at anytime before completion of five years, you will have to incur a surrender charge. The table of surrender charges is as below:
| |
| | | | Premium Discontinuance Charge | |
| |
| Year of Premium Discontinuance | | AP < R25,000 | | AP > R25,000 | |
| |
| 2 | | 15% of lower of (AP or FV), subject to a max. of R2000 | | 4% of lower of (AP or FV), subject to a max of R5000 | |
| |
| 3 | | 10% of lower of (AP or FV), subject to a max. of R1500 | | 3% of lower of (AP or FV), subject to a max of R4000 | |
| |
| 4 | | 5% of lower of (AP or FV), subject to a max. of R1000 | | 2% of lower of (AP or FV), subject to a max of R2000 | |
| |
| 5 | | Nil | | Nil | |
| |
| AP is Annual Premium; FV is Fund Value | |
| |
Continuing with a sub-optimal investment is not a good idea. To surrender, you need to visit the insurance company in person along with original policy bond, identity proof, address proof and cancelled cheque of the bank where you wish to receive your funds. Fill in the surrender form and submit it along with documents.
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