Life Time Premier from ICICI Prudential Life Insurance
ICICI Prudential Life Time Premier is a unit linked insurance plan (ULIP) with Double Benefits, such that if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured as well as the Fund Value as Death Benefit.
Key Features of ICICI Pru Life Time Premier
- Double benefit ULIP – sum assured on death and fund value on maturity to nominee
- Loyalty Units are added to the fund every five years, starting from the 10th policy year
- Option to increase or decrease the Sum Assured anytime during the Policy Term
- Choice of 8 Investment Funds and 2 Portfolio Strategies
- Option of Automatic Transfer Strategy using which one can systematically invest in the equity funds
Benefits you get from ICICI Pru Life Time Premier
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured plus Fund Value subject to Minimum Death Benefit
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in ICICI Pru Life Time Premier
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
For age <=45 years, SA = Higher of (10 × AP) and (0.5 × PT × AP)
For age > 45 years,
SA= Higher of (7 × AP) and (0.25 × PT × AP)
|
According to maximum Sum Assured multiple.
|
|
Policy Term (in years)
|
10 years
|
30 years
|
|
Premium Payment Term (in years)
|
5 years
|
Equal to Policy Term
|
|
Entry Age of Policyholder
|
7 years
|
65 years
|
|
Age at Maturity
|
18 years
|
75 years
|
|
Regular Pay premium (in Rs.)
|
Rs 18,000 p.a.
|
No Limit
|
|
Limited Pay premium (in Rs.)
|
Rs 50,000 p.a.
|
No Limit
|
|
Payment modes
|
Only Yearly
|
Sample illustration of premium amount in ICICI Pru Life Time Premier
Premium = Rs.50,000
Age = 30 years
Policy Term = 10 years and 15 years
Premium Paying Term = Regular Pay
Sum Assured = Rs 5,00,000
Total Investment = Rs. 50,000 x 10 years = Rs. 5,00,000 and Rs 50,000 x 15 years = Rs 7,50,000
Additional Features and Benefits of ICICI Pru Life Time Premier
Riders – There are no riders available in this policy
Investment Fund Options
There are 8 Investment Funds available
1. Opportunities Fund
2. Multi Cap Growth Fund
3. Bluechip Fund
4. Multi Cap Balanced Fund
5. Income Fund
6. Money Market Fund
7. Return Guarantee Fund
8. Dynamic P/E Fund
And 2 Portfolio Strategies available
1. Fixed Portfolio Strategy
2. Trigger Portfolio Strategy
Top-up - The minimum and maximum amount for Top-up is Rs 2,000 and sum assured automatically increases either by 125% or 500% of the top up premium amount. Top Up can be done anytime except during the last 5 years of the Policy Term and each Top-up Premium also has a Lock In Period of 5 years.
Switching - The minimum amount that you can switch is Rs 10,000. First 6 switches are free. Switching from a non-guaranteed NAV Option to Guaranteed NAV Option is not allowed.
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. One Partial Withdrawal is allowed in each policy year up to a maximum of 20% of the existing Fund Value. The partial withdrawals are free of cost but the minimum is Rs 2,000
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy - There is no loan available under this plan.
Alternate ULIPs from different insurance companies
AEGON Religare iMaximize Plan
Aviva Sachin Extra Cover Advantage
Bajaj Allianz iGain 3
Other ULIPs from ICICI Prudential Life Insurance
ICICI Prudential Elite Wealth
ICICI Prudential Pinnacle Super
ICICI Prudential Wealth Plus
ICICI Pru LifeStage Wealth II
ICICI Pru LifeLink Wealth SP
