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  • 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

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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:



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



56 to 65



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


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

Maturity Age

Min: 18 years


  • 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.


Loans cannot be availed under this policy.

People Also Read: ICICI Prudential Nifty Midcap 150 Index Fund

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.


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 10 reviews)
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.
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.
Bhowali, August 24, 2016
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.
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.
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.
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.
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.
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.
Gwalior, April 15, 2016
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.
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.

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