Anyone opted for ICICI ATP plan

S

sky

Disciple
Hi,
I am holding 2 ICICI Prodential policies (LifeTime and Pension). Since they were not performing well (required manual switch of funds) I was thinking to stop paying premium and continue the policy. But I got call from one ICICI Pru RM. He proposed ATP (Automatic Transfer Plan) where switch happens automatically and they take care of funds by taking my login credentials which in turn increase the returns. He said I can stop both policies and make a new contract of ATP.

Does anyone here using ATP mode? How is their experience with that?
 
Is it a ulip plan & the person said nav is low? If so stay away. Those plans have high initial costs and you need to invest long term to get benefits from them. The guy selling you the plan will probably get around 25%+ commission.

Don't trust these icici direct relationship manager's. Most of them only care for commissions, not of people investing their hard earned money.
 
Using login credentials? That is mild way of saying limited Power of Attorney (yeah many people balk at the idea when those words are used) on your funds - granting them right to "play" (yup play) with your money.
 
Sanav3 said:
taking your login credentials does not sound right.
Not sure how effective it is..
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He said there is no harm in sharing credentials as they can only switch funds not withdraw.

6pack said:
Is it a ulip plan & the person said nav is low? If so stay away. Those plans have high initial costs and you need to invest long term to get benefits from them. The guy selling you the plan will probably get around 25%+ commission.
Don't trust these icici direct relationship manager's. Most of them only care for commissions, not of people investing their hard earned money.
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Yes, both policies are ULIP and he said NAV is low. He said to get good returns switching is required which is usually not done by people busy with theirs jobs. I also asked the admin/processing charges, he said its same like your old policies 3.5%. So there is no harm in stoping the old and get a new with improved service.
Even if I don't go with new ATP plan, what are the alternatives or how do I make good use of my policies?

honest1 said:
Golden rule, keep investments and insurance separate.
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Yes, I know that. That is only investment. I already have term plan. But poor investment is of no use. Better to make FD/RD in bank then these ULIPS
 
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