Guaranteed Tax SavingsUnder sec 80C & 10(10D)
Life Cover10 times of Annual Premium
Zero LTCG TaxUnlike 10% in Mutual Funds
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
Limited & Regular Pay
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
Min: 0 years
Min: 18 years
30 Days (15 Days for Monthly Mode)
Limited and Regular Pay:
Loans cannot be availed under this policy.
People Also Read: ICICI Prudential Nifty Midcap 150 Index Fund
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:
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
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.
There is an Accidental Death Benefit Rider that can be availed of.
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.
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
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.
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.