Best Investment Plans
  • Guaranteed Tax Savings

    Under sec 80C & 10(10D)
  • Life Cover

    10 times of Annual Premium
  • Zero LTCG Tax

    Unlike 10% in Mutual Funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners

ICICI Pru LifeTime Classic

ICICI Pru Lifetime Classic Insurance Plan is protection plus savings and unit-linked insurance plan where the Policyholder also has investment options. The insured will be able to surrender or withdraw funds only after the 5policy year.

The Policyholder can choose from any of the four available portfolio strategies and enjoy the benefits of Loyalty Additions and Wealth Boosters. The premium amount, sum assured, and payment option can be chosen by the insured. In the event of the insured's unfortunate death, the family will get the death benefit under the ICICI Pru Lifetime Classic Insurance Plan. 

ICICI Pru Lifetime Classic Details:

Parameters 

Details 

Policy Tenure

Limited & Regular Pay

Age at entry

Premium Payment Term less than 7 years

Premium Payment Term more than 7 years

0 to 41

10, 15 to 25

10, 15 to 25

42 to 44

10,15 to 20

10, 15 to 20

45 to 46

10, 15

10, 15

47 to 55

10

10

56 to 65

-

10


For Single Pay: 5-30 years, depending on Sum Assured, policy term, and maturity age.

Premium Paying Term

Single pay: Single Premium

Limited Pay: 5 , 7 & 10 years

Regular Pay: Same as the policy term

Premium Paying Mode

Single, Half-yearly, Monthly, and Annually 

Entry Age

Min: 0 years

Max: 

  • Single Pay: 75 years
  • Limited Pay/Regular Pay: 65 years 

Maturity Age

Min: 18 years

Max:

  • Single Pay: 80 years
  • Limited Pay/Regular Pay: 75 years

Grace Period

30 Days (15 Days for Monthly Mode)

Sum Assured

Single Pay:

  • 0 to 38 years: 
    • Min: 1.25 X Single Premium
    • Max: 10 X Single Premium
  • >39 years:
    • Min: 1.25 X Single Premium
    • Max: 1.25 X Single Premium

Limited and Regular Pay:

  • Min: 7 X Annualized Premium
  • Max: As per maximum Sum Assured multiples, based on plan option and entry age.

Liquidity 

Loans cannot be availed under this policy.

Benefits of the ICICI Pru Lifetime Classic Plan

The following are the key benefits offered under ICICI Pru Lifetime Classic Plan:

Maturity Benefit: Upon the policy maturity, the Policyholder is eligible for the Fund Value along with any Top-up Fund Value. He can choose to get the maturity benefit as a single lump sum or installment payout through the Settlement option. The payments can be got monthly, quarterly, half-yearly, or yearly, over 5 years.  

Death Benefit: In the event of the insured's death within the policy period, the Death Benefit is payable to the nominee as a lump sum. This amount will be the higher of:

  • Fund Value plus any Top-up Fund Value or
  • 105% of the total paid premiums 

The policy will terminate, and all other benefits will cease to act after this payout.

Loyalty Additions and Wealth Booster: For single premium 5-year policies, the insurer will pay a loyalty addition of 0.25% of the average daily Fund Values, including the Top-up Fund Value at the end of the fifth policy year.

Wealth Boosters, calculated as a percentage of average Fund Value including Top-up Fund Value, are paid out on the last day of the last 8 policy quarters.   

Partial Withdrawal Benefit: Partial withdrawals are permitted once the policy completes five years and payment of all premiums irrespective of the portfolio strategy chosen. The least amount of each partial withdrawal is Rs. 2000.

Surrender Benefit: During the first five policy years, if the insured chooses to surrender the policy, the Fund Value along with any Top-up fund Value will be transferred to the DPF or the Discontinued Policy Fund after deduction of the Discontinuance Charges. The Surrender Benefit is payable to the insured or the nominee upon the expiry of the lock-in period, or the insured's death, whichever is earlier.

Tax Benefit: The ICICI Pru Lifetime Classic Plan provides tax benefits under Section Sec 10(10D) &80 C of the Income Tax Act, 1961*.

*Tax benefit is subject to changes in tax laws

The Premium for ICICI Pru Lifetime Classic Plan

ICICI Pru Lifetime Classic Insurance Plan premium values are different for various options. For the Single Pay option, the premium payable is Rs. 50,000. For the Limited and Regular Pay option, the premium payable is Rs. 30,000 P.A. The ICICI Pru Lifetime Classic Plan calculator can be used to determine various premium values.

Additional Riders for ICICI Pru Lifetime Classic Plan

There is an Accidental Death Benefit Rider that can be availed of.

Eligibility for ICICI Pru Lifetime Classic Plan

Entry Age: Minimum 0 years and Maximum 75 years for Single Pay and 65 years for Limited Pay/Regular Pay.

Maturity Age: Minimum 18 years and Maximum 80 years for Single Pay and 75 years for Limited/Regular Pay.

What are the documents required to buy this policy?

Identity proof, address proofs, and income proofs, such as PAN Card, AADHAR card, Driver's License, Passport or Voter ID, salary slips, and Income Tax returns

How to buy this plan online?

Given below are the steps to buying ICICI Pru LifeTime Classic Insurance online:

Step 1: The Policyholder must enter his necessary information to get the amount of the estimated return

Step 2: Based on the age and gender of the applicant, the ICICI Pru LifeTime Classic Insurance Calculator will determine the Life Cover, Premium, and Sum Assured he must have to pay.

Step 3: Then the Policyholder must choose how he is going to allocate funds across various categories. 

Step 4: Once the applicant confirms the policy amount and premium amount, he must fill in all his other details such as Date of Birth, Occupation, Age, Address, PAN Card, etc.

Step 5: He must then pay the estimated premium amount through any of the valid payment options.

Step 6: The policy will be issued upon confirmation and verification of the documents by the insurer. 

Exclusions of ICICI Pru Lifetime Classic Plan

The online ICICI Pru Lifetime Classic Plan Insurance reviews mention a suicide clause that states that: 

If the insured dies by suicide within a year from policy commencement or revival date, the nominee will receive the Fund Value, along with the Top-up Value as on the date of death. Any extra charges other than the Fund Management or guarantee charges will be added back to the fund value at that time.

FAQs

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 27 Reviews)
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ICICI Pru LifeTime Classic Reviews & Ratings

4.1 / 5 (Based on 27 Reviews)
(Showing Newest 25 reviews)
Dinesh
Abu_road, March 19, 2019
Quick claim
ICICI Prudential Ulip Plan saved my time and money. I thought it would make me do feverish exercise at the time of claim but it was not that. it provided me quick access to claim funds with quick documentation process.
Karan
Guwahati, October 10, 2016
Ulip Insurance Policy
My ulip insurance policy plan is very nice. It provides me the best service and benefits. I took it from icici prudential insurance company. Policy coverage is ~89% and claims are easy to get by getting help of the executives and staff members of the company.
Manan
Bhowali, August 24, 2016
Good
Ulip insurance plan i bought in low investment from icici prudential life insurance. Service provided by you guys is ultimate. The online renewal facility is the best way to reduce the paperwork which you provides. Policy coverage and claims are high with low premiums.
Tanisha
Firozabad, July 20, 2016
ICICI Insurance Plan
After long search i got ulip plan of icici prudential life insurance. The policy is nice and great returns in less investment. Policy coverage is ~90% and the claims are high which is easy to sanctioned. I purchase this policy for my whole family, really effective and protective plan.
Vibhuti
Jagadhri, July 11, 2016
ULIP Policy
My ulip plan is very good which has many benefits like low premiums and good returns. Policy coverage is good and claims are easy to sanctioned because of quick service provided by the staff members. Service is good and online service is easy to access by anybody.
Geetanjali
Bawal, June 29, 2016
Nice Policy
I purchase ulip insurance plan in low premiums. The policy coverage is good and claims are better. Internet service is good and easy to operate by anyone. It gives hassle free documentations and reduces paperwork.
Lokesh
Agartala, April 15, 2016
Wonderful Policy
The policy coverage is 95%, The claims are high and the claiming is easy because of the executives and the staff members service they provide. The benefits provided by you guys icici prudential ulip policy plans is fantastic. The premiums are less ~34 K and the returns are high ~Rs.40 L.
Vijay
Nilgiris, April 15, 2016
Great Benefits
From icici prudential life insurance i have taken a ulip policy plan for the tenure of 39 years in which we get lumps um amount after the maturity of the policy plan. Policy coverage is 89% of investment. Accident and natural death is inbuilt secure in this policy. Service is fast and on time which is facilitate from staff members.
Aman
Gwalior, April 15, 2016
Awesome
My ulip policy plan is from icici prudential life insurance and the policy is the awesome because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high approx. 93% and the premiums are low. Claims are 1.75 times of the investment. The service is fast and very quick. Good policy plan.
Varun
Udyapur, April 15, 2016
slow service issue
One of the most convenient insurance policies provider is icici prudential life insurance ulip policy plan so my investments will be safe. As far as I seen this company is coming generation to generation. Everybody is been benefited with its benefits. Customer service need to be improved as that is bit slow and never on time.
Govinda
Ratlam, April 15, 2016
Quality Investment
I have less idea about the insurance policies and now i purchase icici prudential ulip plan policy the policy is great. Premium for my plan is 35 K thrice per year and at the time of maturity the sum assured might be 48 L. They have daily update so i get numbers of mails from them.
Sanjay
Mithapur, April 15, 2016
Great Policy Plan
I have ulip plan from icici prudential life insurance. The plan works for me from last few year. Policy coverage is also good with claiming amount of Rs.41 L. Service provided by you is awesomely fabulous with fast interface. Good investment.
Tarun
Port_blair, April 15, 2016
Good Deal
My icici prudential ulip plan is good but the only thing is the service is bit slow rest all things are good. Like, policy coverage is 87% and claims are high but the investments are low. Service facilitate from executives and staff members are nice. Good future investment and saves tax too.
Bhavya
Maddur, April 15, 2016
Okay
I buy icici prudential ulip policy plan. The policy premium is good low and the paybacks are high. The policy coverage is 89% and the claims are high. Investment is 46 K per year and the returns are 1.25 times the sum assured. Services you provided by the executives and staff members is good. This policy plan work's for me.
Naveen
Surat, April 15, 2016
Satisfactory Plan
My icici prudential ulip policy plan is nice which have low premiums and the paybacks are high. The policy coverage is good ~91% and the claims are approx. 1.25 times the amount invested. The services is good and on time till date provided by the members. Good future investment which save taxes too. Nice policy.
Akash
Pratapgarh, April 15, 2016
Happy With Services
I purchase ulip policy plan from icici prudential life insurance. The policy coverage is high around 96% and the claims are huge. The policy premiums are low ~34 K and the recovery returning amount is 45 L. Services are good and on time too. Executives are doing there jobs very nicely. And the web services are also fantastic.
Ojasvi
Miraj, April 15, 2016
Fair Policy Plan
ICICI prudential ulip plans are the fantastic in terms and conditions. The premiums are low, the policy coverage is high 94% and the claims are easily sanctioned. The services are really fast and the staff members are responding with good behaviour. There is an inbuilt accidental death benefit feature. I like my policy plan.
Gagan
Badlapur, April 15, 2016
Nice Policy
I had ulip policy plan which i buy from icici prudential life insurance. The policy coverage is high 91% and the claims are good. The premiums are normal as the returns are huge with respect to investment. Policy plan which has fast service facilitate by company members. Responsive staff members on working hours. Fully satisfied.
Akhil
Srinagar, April 15, 2016
Fantastic
The policy coverage is 91%, The claims are high and the claiming is easy because of the executives and the staff members of the company. The services provided by you guys is very fast and on time. Good icici prudential ulip plan which i own. The premiums are less ~41 K and the returns are ~Rs.47 L.
Mayank
Jaswant_nagar, April 15, 2016
Power Plan
I purchase ulip policy plan from icici prudential life insurance. The policy coverage is high around 88% and the claims are huge. The policy premiums are low ~39 K and the recovery returning amount is 44 L. Services are good and on time too. Executives are doing there jobs very well and with nice behaviour too. And the web services are also fantastic. Superb future investment which reduces taxes.
Ratan
Darjeeling, April 15, 2016
Security for Future
Recently find the great policy plan that is ulip insurance policy plan and buy one from icici prudential life insurance. The policy coverage is high ~91% with very low premium. The service of all staff of your company is great with nice response. The return payback amount is around Rs 44 L at end of the policy.
Pramod
Kanpur, April 15, 2016
Very Good
Policy premiums are low and the claims are high. ICICI prudential ulip plan facilitate the people provide good response. One of my friend introduced this company for insurance. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives. I like it.
Rahul
Rohtak, April 15, 2016
Fantastic Policy
The icici prudential ulip plan policy i have and happy to own it. The policy coverage is 83% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better. Good Work.
Jayant
Katrasgarh, April 15, 2016
Fair Deal
My ulip policy plan is from icici prudential life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 87% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great job guys.
Omesh
Junagadh, April 15, 2016
Good Policy
I have ulip plan from icici prudential life insurance. The plan works for me. Policy coverage is also good i.e., 86% with claiming amount of Rs.44L. Service provided by you is awesome and fabulous with fast interface. Good future investment.
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