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:
Eligibility:
Premium Payment Option | Limited | ||
Premium Payment Term (PPT) in years | 10 | 12 | 15 |
Max Age at Entry (in years) | 55 | 53 | 50 |
Policy Term (PT) in years | 99 - Age at entry | ||
Minimum Annual Premium | Rs.30,000 | ||
Sum Assured on Death | Higher of (10 times Annualised Premium or PPT X Annualised Premium) |
**Last Updated on 15-12-2020
The plan offers the following coverage:
Parameters | Coverage |
Income Benefit | Available |
Bonus | Available |
Payout Facility | 3 options available-
|
Grace Period | 15 & 30 days |
Free-Look Period | 15 & 30 days |
Death Benefit | Available |
Maturity Benefit | Available |
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 | Available |
Tax Benefits | Available |
**Last Updated on 15-12-2020
To secure your family’s future, the plan offers several benefits and features. Read along to explore more:
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 = Sum Assured on Maturity + Terminal bonus (if declared).
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:
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
Follow the below steps to purchase the ICICI Pru Lakshya Lifelong Income Plan.
You can also buy this plan from the nearest branch of ICICI Prudential.
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:
Documents required for filing claims-
The company may ask you to submit the following documents-
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