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ICICI Pru LifeTime Classic is an online unit linked plan that offers potential to grow your money plus ensures financial protection for your family, in the event of your unfortunate demise. You have the option to invest your money in 9 different funds that suit your risk-return profile.BUY NOW
This policy offers following 9 investment funds and you have the option to invest in any one or combination of fund options.
You have the option to choose from following four investment strategies that help manage the funds and accomplish your financial goals.
LifeCycle based Portfolio Strategy 2: This investment strategy is designed on the basis of your age. The premium is invested in a manner that there is an ideal balance between equity and debt. With this investment strategy, you don’t need to actively manage your funds.
Fixed Portfolio Strategy: Under this investment strategy, you have the option to invest amongst 9 available investment funds and you can also switch from fund to another. By investing funds in the portfolio of your choice, you can get better returns over the policy term.
Under this investment option, you can choose Automatic Transfer Strategy (ATS) that provides you the flexibility to invest all or some part of investment in the Money Market Fund or Income Fund and transfer a fixed amount in regular monthly installments into Bluechip Fund, Maximiser V, Multi Cap Growth Fund, Maximise India Fund or Opportunities Fund.
Target Asset Allocation Strategy: Under this investment strategy, you can invest in 2 funds and the company maintains the allocation through the entire policy term by rebalancing it every quarter.
Trigger Portfolio Strategy 2: This investment strategy works on ‘Buy low - Sell high. The premium is allocated in 2 funds to take advantage of market swings.
You have the option to alter your portfolio strategy up to 4 times during a policy year.
In the event of death of the life assured while the policy is in-force, the Death Benefit payable is as follows:
For Single Pay policies, it is higher of Sum Assured including Top-up Sum Assured, Fund Value including Top-up Fund Value, or Minimum Death Benefit. For regular/limited pay policies (age at entry less than 50 years), it is higher of sum of Sum Assured including Top-up Sum Assured and Fund Value including Top-up Fund Value or Minimum Death Benefit. For age at entry 50 years & above, it is higher of Sum Assured including Top-up Sum Assured, Fund Value including Top-up Fund Value or Minimum Death Benefit.
The Minimum Death Benefit is 105% of the total premiums paid.
On survival of the life insured till the end of the policy term, the Total Fund Value including Top-up Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.
On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a period of 1 to 5 years, after the date of maturity. You also have the option to completely withdraw the fund value at any time during the settlement period.
No life cover is applicable during this settlement period. No Loyalty Additions or Wealth Boosters will be added during this period. Partial withdrawals and Switches are not allowed during this period. The fund management charge is only levied during the settlement period.
Loyalty Additions is allocated as extra units at the end of every policy year, as specified under the policy. Each Loyalty Addition is expressed as a percentage of the average of daily Fund values including Top-up Fund Value.
For 5 & 6 years PPT, the Loyalty Addition is 0.10% from the end of 6th year onwards. For 7 to 9 years PPT, it is 0.15%/0.30% at the end of 6th & 7th year/8th year onwards, respectively. For policies having PPT of 10 years and above, the Loyalty Addition is 0.15%/0.30% at the end of 6th & 7th year/8th year onwards, respectively. For Single Pay, it is 0.25% from the end of 6th year onwards.
The allocation of Loyalty Addition units is guaranteed and it cannot be revoked by the company.
Wealth Boosters is allocated as extra units at the end of every 5th policy year, starting from the end of the 10th policy year. It is a percentage of the average of Fund Values including Top-up Fund Value, as on the last business day of the last eight policy quarters.
For policies with 5 years to 9 years PPT, Wealth Boosters is 1%. For PPT of 10 years and above, it is 2%. For Single Pay, it is 1.50%.
Wealth Boosters is guaranteed and it cannot be revoked by the company.
Non-Negative Claw-Back Additions
Non-Negative Claw-Back Additions is applicable after the completion of 5 policy years, in order to comply with the reduction in yield.
Facility for Top-up Premium is available through the entire policy term, except during the last five years of the policy. The minimum top-up premium is Rs 2,000. The total top-up premium should not exceed the sum of basic premiums paid. The maximum number of top-ups allowed is upto 99 during the entire policy term.
You can switch among 9 available fund options to suit your changing investment needs, when opted for fixed portfolio strategy. The minimum amount allowed for switching is Rs 2,000.
Unlimited Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount is Rs 2,000. The maximum partial withdrawal amount is 20% of the fund value in a policy year.
Increase/Decrease of Sum Assured
You can increase or decrease the sum assured at any policy anniversary during the policy term and such alteration in sum assured is allowed in multiples of Rs 1000, subject to limits. Any Increase or decrease in Sum Assured does not result to change in the premium amount payable under the policy.
Bonuses are available in form of Loyalty Additions and Wealth Boosters.
No loan benefit can be availed under this plan.
Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. A fund management charge of 0.50% per annum of the Linked Discontinued Policy Fund is applicable. The proceeds after addition of interest subject to a minimum guaranteed interest rate as stipulated by IRDAI is payable after the end of the lock-in period.
Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.
|Age (as on last birthday)||0 Years||65 Years (limited/regular Pay), 75 Years (single Pay)|
|Age at Maturity||18 Years||75 Years (limited/regular Pay), 80 Years (single Pay)|
|Policy Tenure||Single Pay: 5 To 30 Years Limited & Regular Pay: 10, 15 To 25 Years||-|
|Premium Paying Term (PPT)||Single/Regular/Limited Pay (5 To 10 Years)||-|
|Premium Paying Mode||Single, Annually, Semi Annually & Monthly||No Limit|
|Basic Sum Assured||Single Pay- 1.25 Times The Single Premium Regular & Limited Pay- For Age At Entry Up To 44 Years- Higher Of (10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium) For Age At Entry 45 Years & Above- Higher Of (7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium)||Single Pay- 10 Times The Single Premium (0 To 38 Years), 1.25 Times The Single Premium (39 Years & Above) Regular & Limited Pay- Depending On Maximum Sum Assured Multiples|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
Accidental Death Benefit Rider can be opted, on payment of additional rider premium.
There are various charges involved under the policy such as premium allocation charge, policy administration charge, mortality charges, fund management charges, etc. However, the total cost you have to pay on annual basis is 2.04% per annum. This cost is computed after adjusting loyalty additions and wealth boosters.
Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.
Mr. Rahul aged 35 years wants to build a corpus amount, so his family can achieve their dreams. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for ICICI Pru LifeTime Classic with the policy term of 20 years (regular pay), monthly premium amount of Rs 3,000 and sum assured of Rs 3.6 Lacs.
Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund Value including Top-up Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.
Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of sum of Sum Assured including Top-up Sum Assured and Fund Value including Top-up Fund Value or Minimum Death Benefit.