ICICI Pru Lakshya Wealth Plan

1. Death Benefit

The paid-up Sum Assured on Death, accumulated Regular Additions nett of encashment if any, and contingent reversionary bonuses, if declared, will be paid upon death within the policy period.

Paid-up Sum Assured on Death = Sum Assured on Death X (12 X Premium Payment Term) / number of months for which premiums are paid.

All rights, benefits, and interests under the policy will be extinguished upon payment of this death benefit, which also marks the end of the policy.

2. Maturity Benefit

If you live to the end of the policy term, you will receive the paid-up Sum Assured on Maturity, paid-up GVBs, accrued Regular Additions net of encashment, if any, and any declared Contingent Reversionary Bonus.

Paid-up Sum Assured on Maturity = Paid-up Sum Assured on Maturity X (12 X Premium Payment Term) / Sum Assured on Maturity

Paid-up GVBs are calculated as follows: GVBs X (12 X Premium Payment Term)/number of months for which premiums are paid

All rights, benefits, and interests under the policy will be extinguished upon payment of this maturity benefit, and the policy will be terminated.

3. Loan Facility

After the policy gains surrender value, you can also apply for loans under it. You can get a loan for up to 80% of the surrender value. If the amount owed exceeds the surrender value and the policy is in a paid-up state, the company has the right to demand repayment of the loan with all applicable interest with three months’ notice. Failure to repay before the due date will result in foreclosure of the policy, termination of the policy, and extinction of all rights, benefits, and interests under the policy.

4. Free Look Period

You have 15 days from the date you acquire the policy to study it, and 30 days if the policy was obtained electronically or through distance marketing. If within this time you are dissatisfied with the terms and conditions of the policy, you may return the policy to us along with your cancellation justifications. After deducting any applicable taxes, a proportionate risk premium for the duration of the coverage, and any costs we incurred for medical tests, if any, the firm will return the premium we paid.

5. Tax Benefits

The policy’s tax benefits will follow the current Income Tax regulations. To determine if a tax benefit on premiums paid and benefits received is applicable, the company advises that you consult a specialist. Additional fees based on the current rates for goods and services tax will be applied. There may occasionally be changes made to the tax laws.

6. Grace Period

If the policyholder is unable to pay an instalment premium by the due date, a grace period of 15 days and 30 days, respectively, will be granted for the payment of the due installment premium for monthly frequency and any other frequency, respectively. In the grace period, the life insurance remains in effect. If a Life Assured passes away during the grace period, the Company will pay the Death Benefit following the Policy’s terms and conditions.

7. Survival Benefit

The accrued Regular Additions net of encashment (if any) and Contingent Reversionary Bonus, if declared, will be paid as a lump sum on ISD if the life assured survives until that date. Additionally, paid-up GI will be payable on each policy anniversary following ISD until the conclusion of the policy term or death, whichever occurs first, where paid-up GI is calculated as follows: Paid-up GI = GI X “number of months for which premiums are paid” / (12 X Premium Payment Term).