ICICI Pru Lakshya Wealth plan is a participating life insurance plan, which helps you to fulfil your financial dreams and protect your family against unexpected events.
Entry Age | 3 years to 70 minus policy term |
Maturity Age | 18-70 years |
Premium Payment Frequency | Annual, Half-yearly, Monthly |
Premium Payment Term | 5/7/10/12 years |
Sum Assured | Higher of (10 times Annualised Premium or PPT X Annualised Premium) |
**Last Updated on 14-12-2020
The values may change as per the chosen plan option
The plan comes with a list of fruitful features. Let's take a look at them.
Like every other plan, ICICI Lakshya delivers useful benefits. Let's take a look at them.
1. Death Benefit
If the policyholder dies during the policy term and all premiums are paid, the payment will be made as follows.
Death Benefit = Higher (A, B)
A = Sum Assured on Death + Accrued regular additions net of encashment + interim regular addition (if any) + terminal bonus (if any)
B = 105% of the premium paid till the date of death.
Sum Assured on Death = Higher of (10 X Annualised Premium or PPT X Annualised Premium)
The policy is terminated after the Death Benefit is paid to the nominee.
2. Maturity Benefit
Maturity benefit includes guaranteed benefits and bonuses.
Maturity benefit= Sum Assured on Maturity + applicable Guaranteed Value Benefits + accrued regular additions net of encashment (if any) + terminal bonus (if any).
There are two options to grab maturity benefits under the Wealth Plan.
3. Loan Facility
After obtaining the policy surrender value, an insured can take a loan up to 80% of the surrender value.
4.Tax Benefits
By paying regular premiums, you can enjoy tax benefits under the Income Tax Act, 1961.
Vinay is a 30-year-old private employee. He wants to secure his family's future. He decides to invest in the ICICI Pru Lakshya Wealth plan. Vinay invests Rs. 2 lakhs for ten years, and he chooses a policy term for 20 years.
Check the below table for detailed benefits
Maturity benefit
Sum assured on maturity | Rs.20,00,000 |
GVB | Rs.5,30,000 |
Accrued Regular Additions | Rs.16,19,200 |
Terminal bonus | Rs.759,000 |
**Last Updated on 14-12-2020
If the policyholder survives till the end of the policy tenure, (s)he will get Rs.49,08,200 (at 8% ROI).
Death Benefit
If Vinay passes away at the end of the 11th policy year, his nominee will receive Rs. 28,90,560. The death/maturity benefits can be taken as an entire lump-sum or income.
Follow these steps to purchase an ICICI Pru Lakshya Wealth Plan.
You also have an opportunity to buy this plan from the nearest branch of ICICI Prudential.
To save time, ICICI Prudential has come up with a simple process to file a claim. Let's check it out.
Contact Address - ICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025.
Contact number- 1860 266 7766
1. What's the premium payment term under the Wealth variant?
The premium payment term is 10/12/15 years.
2. Do I get guaranteed surrender value under ICICI Pru Lakshya Plan?
Yes, you do. The guaranteed surrender value varies in both the plan variants. Please check the plan brochure for more details.
3. Can I change the policy and premium payment term in the middle of the plan?
No, that's not possible.
Last updated on 14-12-2020