According to our age, basic income should be vary . Every people should receive same basic income. All persons need extra income for their basic needs . While we are busy working it will be something that goes through our minds that it is the time to end and prepare for early retirement. There is no one who does not want to settle a life with our responsibilities in our lives so quickly .
Early retirement is a dream of many people ,especially those who work and live abroad .
The main reason is that they have a lot of un full filled dreams, thats all to achieve . For some people they want to move around the world . Some people want to be completed relaxed life.Here is a scheme that can help such people to enjoy their retirement life . Here we introduce you to ICICI Freedom SIP Plan . There are three steps in this scheme .
1)SIP(systematic investment plan)
you need to deposit a monthly amount into this scheme through SIP .
2)Switching time
You need to pick a minimum number of years in the SIP. After that it will change into switching time. Switching time is a 15 days period.
3) Systematic withdrawal plan
Then you change into a systematic withdrawal plan. We have a source scheme . You will SIP in that scheme. After about 8 years / 10 years switch and change into swp plan . That’s our target scheme .once you get into it you get monthly withdrawal from this one. This scheme works in this manner. Age and investment amount are not important to this scheme. This does not mean you have to invest a large amount. The minimum investment for this scheme will be Rs1000/Rs 2000 .you can join this scheme from small amount to contribute.
Freedom SAP
- The first thing to do is choose the SIP amount. That would be according to our scheme .
- Tenure is 8 year /10 year / 12 year / 15 year. Any tenure should be choose. We can never change this again. Selecting the year. It can never be customised.
- If you can’t continue in 5 years later, you won’t get a switch portion and swp portion .
- You can’t get the regular withdrawal with all that is cancelled . They will be cancel and converted into SAP investments of the normal Mutual Fund. Therefore how many years you commit will have to pay it off without hesitation. Only then the benefit of the scheme is available .
How to work
If you have to monthly invested Rs 10000
monthly
SIPamount /SAP tenure/monthly swp/multiplies
10,000 8 year 10,000 1.0 x 10,000 10 year 15000 1.5 x 10,000 12 year 20000 2.0 x 10,000 15 year 30000 3.0 x
- Do not take the source scheme as a target scheme .
- If you invested 10000 for 15 years, you will get 30000 per month.
- You must choose scheme selection or target scheme.
- If the different schemes is not selected, when filling the form, they will be selected by default.
- ICICI banks presidential balance advance fund chooses to default by not selecting the target ,when filling the form.
- If the tenure is not filled the by default will be 12 years.
- Rs 30000 is the maximum amount that can take in swp.
- There is no compulsion to withdraw 30,000 per month. This is not a pension scheme. You are taking the profits from what you invested.
- Take only enough money when withdrawing.
Insurance coverage
- SI plus insurance coverage is optional with this scheme.
- Age should be between 18 and 50 years ,when joined .
- There are no restrictions for those who only want the freedom plan .
- For first year, you get the 10 times coverage of first monthly payment.
- Get 50 percentage of monthly investment in the second year.
- After the third year, you will get a hundred times.
- No insurance after SIP .
- No insurance coverage more than 50 lakhs.
Important notes
- You don’t need a minimum amount to join this scheme.
- Once you join this scheme, you have to pay without hesitation.
- There is no benefit, if you not paid the amount correctly.
- If you withdraw amount or redeem the growth amount should cancel the swp.
- Read the documents and select the scheme.