The life-goals and aspirations of people evolve over a period. In the rapidly changing lifestyle, bigger goals like child's education, wedding, owning an asset, financial liquidity, and provisions for a contented retired life need a financial strategy to balance protection and savings in tune with the emerging trends. The ICICI Pru Lakshya Wealth helps the individual to adapt to achieve the milestones and give room to the family to realize their dreams. The ICICI Pru Lakshya Wealth Policy is a conventional participating life insurance product with in-built flexibility, and enough features loaded to meet the financial needs while protecting throughout the policy term.
The following are the eligibility criteria of the policy.
|Policy Tenure||Limited Pay 5 and 7: 12, 15, 20, 25, and 30 years Limited Pay 10 and 12 : 15, 20, 25, and 30 years|
|Premium Paying Term(PPT)||Limited Pay: 5, 7, 10, and 12 years|
|Premium Paying Mode||Limited Pay: Yearly, Half-yearly, or Monthly|
|Entry Age||Minimum: 0 years Maximum: 70 years minus the Policy Term (Depends on the PPT and the Policy Term)|
|Maturity Age||18 -70 years|
|Grace Period||30 days; 15 days for monthly mode of payment|
|Sum Assured (on death)||Higher of (10 X Annualized Premium or PPT X Annualized Premium)|
|Liquidity||Loan facility is available under this policy once policy acquires surrender value.|
According to the ICICI Pru Lakshya Wealth Reviews, the policy delivers a host of advantages that helps wealth grow and ensures capital safety.
On death within the policy term, the nominee is paid Death Sum Assured inclusive of accrued additions, provided the ICICI Pru Lakshya Wealth Policy status is active.
On survival, the Maturity Sum Assured is paid at the end of the policy term. It includes the accrued regular additions and Guaranteed Value Benefits (GVB). The policy terminates on payment of the above-described benefits.
They are designed to enhance the maturity benefits by adding on accounts of the 4S-Start early, Stay More, Save More, and SHE or women policyholders.
The premium paid and the benefits received during a financial year enjoys tax-exemption under Sections 80C and 10(10D) of the Income Tax Act, 1961.
*Tax benefit is subject to changes in tax laws
The ICICI Pru Lakshya Wealth premium payment option is Limited Pay only. Accordingly, the sample indicative, annual premium payable based on PPT and the policy term is:
Limited Pay 5:
Limited Pay 7:
Limited Pay 10/12:
*Standard T&C Apply
The online ICICI Pru Lakshya Wealth purchase option is open to the applicant. As a first step, the applicant can check the premium amount with a suitable plan model using the ICICI Pru Lakshya Wealth calculator. The other steps are simple:
In case of death by suicide of the policyholder within 12 months of the commencement of the policy or its revival, the liability of the insurer is restricted to 80% of the paid premium or the policy Surrender Value as on the insured's death date( whichever is greater).