ICICI Pru LifeTime Classic Plan

Listed below are the important features and benefits of ICICI Pru LifeTime Classic insurance plan. 

1. Death Benefit

If the life assured passes away while the policy is still in effect, the following Death Benefit is payable:

The greater the sum assured plus the top-up sum assured fund value plus top-up fund value, or minimum death benefit applies to single-pay policies. It is the greater of the sum of the amount assured including the top-up sum assured, the fund value including top-up fund value, or the minimum death benefit for regular/limited pay policies (age at entrance less than 50 years). It is the higher of the Sum Assured including Top-up Sum Assured, Fund Value including Top-up Fund Value, or Minimum Death Benefit for age at entry 50 years and over.

The Minimum Death Benefit is 105% of the total premiums paid.

2. Maturity Benefit

The Total Fund Value, including Top-up Fund Value, is payable at maturity if the life insured survives until the conclusion of the policy term. By choosing the “Settlement Option,” you can choose to get this benefit in a single payment or over time.

3. Loyalty Additions

According to the terms of the policy, Loyalty Additions are distributed as additional units after each policy year. Each Loyalty Addition is shown as a percentage of the daily fund values, including Top-up Fund Value, on average.

4. Premium Redirection

Only if you chose the Fixed Portfolio Strategy and provided that there are no funds in the DP Fund, is this functionality relevant. If you chose the Fixed Portfolio Strategy, you must specify the funds and the percentage of premiums that will be saved in the funds at the start of the policy. The split may be altered at no fee at the time that successive premiums are paid. This won’t be considered a switch. The Single Pay option is not eligible for this bonus.

5. Partial Withdrawal Benefit

Regardless of the portfolio strategy you choose, partial withdrawals are permitted after the first five policy years have passed and upon full payment of the first five policy years’ premiums. As long as the total number of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy year, you are permitted to make an unlimited number of partial withdrawals. Partial withdrawals are cost-free.

6. Increase / Decrease of Sum Assured

If all past-due premiums have been paid and there are no funds in the Discontinued Policy Fund, you can choose to change your Sum Assured at any policy anniversary throughout the policy term.

7. Surrender Benefit

After deducting any applicable discontinuance charges, the Fund Value, including Top-up Fund Value, if any, shall be transferred to the Discontinued Policy Fund during the first five policy years after receipt of your notification that you desire to cancel the policy (DP Fund). Upon your death or the conclusion of the lock-in term, whichever occurs first, you or your nominee, as the case may be, shall be entitled to collect the Discontinued Policy Fund Value. The lock-in period is currently five years from the start of the policy.

8. Policy Revival

Three years have passed since the first unpaid premium date to begin the resurrection phase. Revival will be determined by the current, by the Board authorized underwriting standards. The firm will collect all due and unpaid premiums from You if discontinued insurance is revived during the lock-in term, free of interest or other fees.

9. Tax Benefit

Tax benefits are offered by the ICICI Pru Lifetime Classic Plan under Sections 10(10D) and 80C of the Income Tax Act of 1961.