ICICI Pru Lakshya Lifelong Income
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ICICI Pru Lakshya Lifelong Income

ICICI Pru Lakshya Lifelong Income is a savings and protection oriented life product that is designed to fulfill your financial needs. This is a whole life policy, which is ideal for those who wish to receive regular income till 99 years of age.

Let’s explore more about the plan:


Premium Payment Option


Premium Payment Term (PPT) in years 




Max Age at Entry (in years)




Policy Term (PT) in years

99 - Age at entry

Minimum Annual Premium


Sum Assured on Death

Higher of (10 times Annualised Premium or PPT X Annualised Premium)

**Last Updated on 15-12-2020

Coverage of ICICI Pru Lakshya Lifelong Income

The plan offers the following coverage:



Income Benefit




Payout Facility

3 options available-

  • Lumpsum
  • Income
  • Lifelong Income

Grace Period

15 & 30 days

Free-Look Period

15 & 30 days

Death Benefit


Maturity Benefit


Surrender Benefit

Available on payment of at least 2 full years’ premiums.

Loan Facility

Avail loan amount of up to 80% of the surrender value

Survival Benefit


Tax Benefits


**Last Updated on 15-12-2020

What are the features & benefits of ICICI Pru Lakshya Lifelong Income?

To secure your family’s future, the plan offers several benefits and features. Read along to explore more:

  • Guaranteed Value Benefit: The plan allows the policyholders to increase their savings with the following guaranteed value benefits
    1. Start early, and start your savings today.
    2. Save more, and pay a higher premium amount for high benefits.
    3. Stay more, and increase your cover with long term savings and protection.
    4. SHE, is exclusively to promote savings by women.
  • Regular Income: Receive a guaranteed income and cash bonus every year from the income start date until the end of 99 years of age.
  • Regular Additions: Avail of bonuses in the form of regular additions till the start date of your income.
  • Life Cover: Cover your life throughout the policy term till the age of 99 years to secure yourself and your family's future.
  • Death Benefit: In an unfortunate event of the policyholder’s demise, the plan offers a death benefit to his/her nominee, which is calculated by the below formula:

    Death Benefit = Higher of (A, B)

    where A = Sum Assured on Death + Bonuses

    & B = 105% of Total Premiums paid as on the date of death

    One can opt for death benefits in installments (over a chosen period) instead of a lump sum.

  • Maturity Benefit: In the event of survival till maturity, and on the payment of all the due premiums, a policyholder will receive the following-

    Maturity Benefit = Sum Assured on Maturity + Terminal bonus (if declared).

  • Survival Benefit: In the event of survival of the life assured till the income start date (that is the 5th policy anniversary after the premium payment term), the accrued regular additions net of encashment is paid as a lump sum.
  • Tax Benefits: One can avail of tax benefits by paying regular premiums under 80D of the Income Tax Act, 1961.
  • Loans: Once the policy acquires the surrender value, you can avail of a loan against the policy. The amount availed can be up to 80% of the surrender value.
  • Grace Period: If one can’t pay the premiums on time, (s)he will get a grace period of 15 days for monthly payments and 30 days for other methods of payment.

How does the ICICI Pru Lakshya Lifelong Income Plan work?

Rahul, a 35-year-old private employee, wants to secure his family's future and decided to invest in the ICICI Pru Lakshya Lifelong plan. Rahul invests Rs.2 lakhs for 10 years with a policy term of 64 years.

Below is the simple illustration that will help you to understand the process better:

  • Age at entry: 35 years
  • Policy Term: 64 years
  • Premium Payment Term: 10 years
  • Annual Premium: Rs. 2,00,000

This is the yearly benefit-

Benefits @8%: Rs 2,31,220 p.a. Till 99 years

Benefit @4%: Rs 95,220 p.a. Till 99 years

This is the lump sum benefit- 

Benefits @8%: Rs 26,31,220

Benefit @4%: Rs 20,95,220

iciciprulife example

How to Buy ICICI Pru Lakshya Lifelong Income Plan?

Follow the below steps to purchase the ICICI Pru Lakshya Lifelong Income Plan.

  • Visit the official website of ICICI Prudential, and click on the ‘Meet Advisor’.
  • Fill the form with basic personal details and click on ‘Submit’.
  • Once done, one of the company’s representatives will get in touch with you and explain the buying process of the plan to you.

You can also buy this plan from the nearest branch of ICICI Prudential.

How To File a Claim for ICICI Pru Lakshya Lifelong Income?

Reporting a claim for Lakshya Lifelong Income is an easy process. Just follow the below-listed steps-

Inform the company-

One can contact for support via any of the following channels:

  1. You can visit the claims section of ICICI Prudential Life Insurance and fill out the form with the necessary details.
  2. Call the 24x7 ClaimCare Number - 1860 266 7766.
  3. Email for claim settlement at claimsupport@iciciprulife.com
  4. Visit your nearest ICICI Prudential Life Insurance branch.

Documents required for filing claims-

The company may ask you to submit the following documents-

  • Claimant Statement Form.
  • Death Certificate of the policyholder (Death Claims).
  • Medical/Hospitalization Documents (Certifying the diagnosis as COVID-19).
  • Claimant's current address proof, photo identity proof and cancelled cheque /copy of bank passbook.
  • Others requested by the company.

Final decision-

Once all the verification is complete and ICICI is satisfied with the given documents, it will settle the claim and transfer the amount to the registered bank account.


1. Do I have the option to choose my premium paying frequency?

Yes, you can choose your premium payment frequency out of annual, half-yearly, or monthly intervals.

2. How can I revive my policy?

One can revive his/her policy within 5 years from the due date of the first unpaid premium and before the termination date of the policy.

3. What’s the minimum age to avail of this plan?

As per the plan’s brochure, the minimum entry age is 0 years.

Last updated on 15-12-2020