Whenever your RM or advisor calls or meet you and saying about ICICI Lakshya Life Long Income plan, then mostly projected part by them is, pay Rs. 1 lakh for 10 years and get Rs. 1.50 lakh in 15th year and from there till age 99 years get Rs. 1 lakh 15 thousands
It seems like good plan, but when we generated a quote for a 40 year old client. There is something more to understand. That is the non-projected part of ICICI Lakshya Life Long Income plan.
The company returns as said Rs.1,50,000.00 is what maximum ICICI going to pay and minimum is Rs.0 based on parameters like company performance etc.
And from 16th year, what the quote is showing is, the company paying the investor anywhere from Rs.47,000.00 to Rs.1,15,000.00 maximum per annum. The original pay can be anywhere between these amounts after 16 years.
However, ICICI have another product where there is no much confusion, it is clear what they Pay, the IRR calculated is decent.
So, we request our clients to take financial advisor view before opting for ICICI Lakshya Lifelong income plan.
Progrowth Capital Advisors 