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Investment Plans 1017 views December 8, 2020
ICICI Prudential Life Insurance Company Ltd. introduces ICICI Pru Lakshya Lifelong Income Plan that provides protection and savings-oriented conventional investment plan to meet your financial needs. With this life insurance, you will receive a regular income till the age of 99 years. If you do survive till the policy term, a survival benefit becomes payable. And if you die during the policy term, the death benefit is going to be paid to your nominee. Keep reading to know these benefits in detail!
Table of Contents
On death, the company will pay the higher of the following, provided the policy is in force and the due premiums have been paid till the date of death.
Sum Assured on Death can be Higher of the following:
Death Benefit Bonuses consist of accrued Regular Additions, Interim Regular Additions, and Terminal Bonus if declared, before the Income Start Date (ISD). Otherwise, the bonus will consist of Interim Cash Bonus and Terminal Bonus after ISD.
If all due premiums are paid and you survive till maturity, you will receive the following as a Maturity Benefit from this investment plan.
Maturity Benefit = Sum Assured on Maturity + Terminal Bonus (if declared)
Sum Assured on Maturity = Annualized Premium X Premium Payment Term.
If you survive till the ISD that is the 5th policy year after the Premium Payment Term, the accrued Regular Additions becomes payable to you in a lump sum. After the ISD, every year till the end of the policy term or death (whichever is earlier), the following will be payable.
When you discontinue the ICICI Pru Lakshya Lifelong Income Plan premium payment before the premium payment term, and if the policy acquires a surrender value, your policy becomes Reduced Paid-Up by default. After that, the payable benefits will be changed. Have a look at them below:
If you die during the ISD, the paid-up Sum Assured on Death, accrued Regular Additions net of encashment (if any) plus contingent reversionary bonuses (if declared) will be payable. Your Paid-up Sum Assured on Death is equal to the Sum Assured on Death multiplied by the number of months for which premiums have been paid and gets divided by 12 times the Premium Payment Term. When you die after ISD, only Sum Assured on Death will be payable.
If the policy is in a reduced paid-up status, and the life assured survives till the end of the policy term, the Paid-up Sum Assured at Maturity becomes payable. A Paid-up Sum Assured on Maturity is equal to Sum Assured on Maturity multiplied by the number of months for which you have paid the premiums divided by 12 times the Premium Payment Term.
If you survive till ISD, the accrued Regular Additions and Contingent Reversionary Bonus, if declared, will be payable to you in a lump-sum on ISD. After that, every policy year, a paid-up Guaranteed Income (GI) will be payable till the end of the policy term or death (whichever is the first).
Note- ICICI Pru Lakshya Lifelong Income Plan will terminate once death or maturity benefits are paid in full.
For a Reduced Paid-Up revival, you need to pay the due premiums together with the interest charged by the company. When the revival is done, the paid-up Sum Assured on Death, paid-up Sum Assured on Maturity, and paid-up GIs will be restored respectively. And any applicable Regular Additions or Contingent Reversionary Bonus attached to the policy will be reversed.
If you commit suicide within 12 months from the date of policy risk commencement or revival, the nominee will be entitled to 10% of the total paid premium till the date of death or the surrender value, whichever is higher.
A maximum of 15 days is available to you, where you can read the terms and conditions of this investment plan and return the same without any hassle. If your ICICI Pru Lakshya Lifelong Income Plan is obtained through distance marketing such as short messaging service (SMS), e-mail, internet, television (DTH), direct post, newspaper and magazine inserts, the free look period can extend to a maximum of 30 days.
For cancellation during the free look period, the company refunds the paid premium after deducting Stamp duty charges, proportionate risk premium, and medical tests fee (if any).
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