Protection and savings are the cardinal principles guiding an individual's financial strategy to cope with the rapidly changing world. The ICICI Pru Lakshya Lifelong Income delivers benefits in a delicate balance of the two to help individuals evolve with the lifestyle changes prompting the financial planning contours. The ICICI Pru Lakshya Lifelong Income Policy is a conventional participating life insurance product. Apart from the built-in twin advantages, it offers excellent options and the flexibility to tailor the policy to match specific requirements; to achieve life goals of the child/s education, wedding, creating an asset, enhancing supplementary income resources, or ensuring a comfortable retired life.
Let’s take a look at the eligibility criteria of ICICI Pru Lakshya Lifelong Income Plan.
|Policy Tenure||99 years minus the age at entry|
|Premium Paying Term||
|Premium Paying Mode||Limited Pay in Yearly, Half-yearly, or Monthly installments|
|Entry Age||Minimum: 0 Years Maximum:
|Maturity Age||Maximum 99 years.|
|Grace Period||15 days for monthly mode of payment and 30 days for other modes of payment from the premium due date|
|Sum Assured||Higher of the 10 times of the Annualized Premium or PPT X Annualized Premium.|
|Liquidity||A loan facility is available under this policy.|
The benefits delivered are fully customizable to help achieve life milestones and goals comfortably.
The Death Sum Assured, including other guaranteed additions, is payable to the nominee on the Insured's death, provided the ICICI Pru Lakshya Lifelong Income Policy status is active. The benefit can be received in lump sum or installments, as per the nominee's choice.
The benefit is payable to the Insured on survival at the end of the policy term. It includes the Sum Insured on Maturity, Guaranteed Value Benefits, Regular Additions, and Terminal Bonus if declared.
It is a lump sum amount payable on survival until the Income Start Date (ISD), the fifth policy anniversary, after the Premium Payment Term. The amount comprises of the Guaranteed Income plus the Cash Bonus every policy anniversary, till the end of the policy term or death, whichever is earlier.
The premium paid and the benefit receipts during the financial year, if any, are exempted from paying tax under Sections 80C and 10(10D) of the Income Tax Act, 1961.
*Tax benefit is subject to changes in tax laws
The sample minimum indicative ICICI Pru Lakshya Lifelong Income premium payable is Rs.30,000.
*Standard T&C Apply
The only copies of documents accepted to buy ICICI Pru Lakshya Lifelong Income plan are Official Valid Documents (OVD) of the following:
The most convenient procedure to buy the online ICICI Pru Lakshya Lifelong Income is at the insurer portal. Before purchasing proper, the applicant can do some premium calculations using the ICICI Pru Lakshya Lifelong Income calculator to model a suitable plan. The steps that may be followed are:
Exclusion awareness is essential for the impact it has on the claim settlement experience. Suicidal death within 12 months of the inception of the policy or revival limits the insurer liability. Accordingly, 80% of the total premium paid till the incident date, or the surrender value, whichever is higher, is payable.