- About Coverfox
ICICI Pru LifeTime Classic is a newly launched non-participating unit linked plan by ICICI Prudential Life Insurance. It offers complete financial protection for the life assured’s family through life insurance and gives the individual the potential to create wealth and save for the future. The plan offers four portfolio strategies that can be selected as per the personal investment needs of the policyholder/investor.
About ICICI Prudential Life Insurance - ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The company commenced its operations in fiscal year 2001, and has been among the top players in India’s life insurance industry. Its Assets Under Management, as on 31st March 2019, were Rs. 1,604.10 billion.
(Note - All the information contained in this page has been sourced from the official website of ICICI Prudential Life Insurance.)
The features of ICICI Pru LifeTime Classic are as under:
On death: On the demise of the life assured during the policy period, the below benefits shall be paid to the nominee:
In case of One Pay policies Death Benefit = A or B or C, whichever is highest
In case of Limited Pay and Regular Pay policies For age at entry less than 50 years Death Benefit = (A+B) or C, whichever is higher
For age at entry greater than or equal to 50 years Death Benefit = A or B or C, whichever is highest
Where, A = Sum Assured, including Top-up Sum Assured, if any (reduced by partial withdrawals, if any) B = Fund Value, including Top-up Fund Value (if any) C = Minimum Death Benefit
Minimum death benefit shall be 105% of the overall premiums paid, including Top-up premiums (if any). On maturity: On the policy's maturity, the life assured will receive the fund value, including the Top-up Fund Value, if any. There is the option to receive the Maturity Benefit as a lump sum or as a structured pay-out through settlement option.
|Age at entry||Age at maturity|
|Minimum entry age:||0||18 years|
|Maximum entry age:||Single Pay: 75 years||Single Pay: 80 years|
|Pay||Limited Pay/ Regular Pay: 65 Years||Limited Pay/Regular Pay: 75 years|
|Premium Payment Term||Premium Payment Option||Premium Payment Term|
|Single Pay||Single premium|
|Limited Pay||5 years to 10 years|
|Regular Pay||Same as policy term|
To avail a unit linked insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are usually acceptable include:
ID Proof - PAN card, Passport, Voter ID card, etc.
Address Proof - Passport, Driving License, Voter ID card, etc
ICICI Pru LifeTime Classic is a newly-launched ULIP that i) Offers potential to grow money, ii) Provides life cover and iii) Gives tax benefits. The policyholder/investor can choose to park money in nine different funds (from debt, equity and balanced.
Suicide Clause: If the life assured - sane or insane - commits suicide within a year from the date of the policy’s inception or from the date of policy revival, the Fund Value, (including Top- up Fund Value, if any) as available on the date of demise, shall be payable
With ICICI Pru LifeTime Classic, policyholders can benefit from life insurance cover as well as wealth creation. There is a choice of four portfolio strategies, in accordance with one’s investment styles to accomplish financial goals. Tax deduction can be claimed under Section 80C of the Income Tax Act, 1961, for the premiums paid, and the proceeds are completely tax-free under Section 10(10D) of the Act.
What is the minimum premium under ICICI Pru LifeTime Classic?
The minimum premium payable under Single Pay option is Rs. 50,000, and under Limited Pay and Regular Pay is Rs. 30,000.
What are the premium payment modes under ICICI Pru LifeTime Classic?
The premium payment modes available are Single, Yearly, Half-Yearly and Monthly.
What is the free-look period under ICICI Pru LifeTime Classic?
If an individual is not satisfied with the policy’s terms and conditions, he or she can return the policy document for cancellation within:
What are the rewards under ICICI Pru LifeTime Classic?
Loyalty additions and wealth boosters get added to one’s investment