India's 1st IRDAI Approved Insurance Web Aggregator

ICICI Prudential Whole Life Plan

  •  views
  •  views
This plan has been withdrawn by the insurance company and is no longer available for sale.

 

ICICI Prudential Whole Life Plan
 
ICICI Prudential Whole Life Plan is a simple Whole Life Plan. It is a Traditional Plan with Bonus facility.
 
How it works – In this plan, premium needs to be paid for the entire Premium Paying Term but the policy continues beyond that for the rest of the life of the person insured. At the end of the Premium Paying Term, there is a Savings Benefit of Sum Assured + vested Reversionary Bonus + Terminal Bonus, if any that is paid to the policyholder as Survival Benefit and the policy continues. Whenever the Life Insured dies, after the Premium Paying Term is over, a Death Benefit of the Sum Assured is paid to the nominee and the policy terminates.
 
However, if the Life Insured dies within the Premium paying Term, then the nominee would get two times the Sum Assured + vested reversionary bonuses, interim bonus and terminal bonus, if any, as Death Benefit and the policy would terminate immediately.
 
There are 3 additional benefits in this plan as well.
 
 
Key Features of ICICI Prudential Whole Life Policy
 
  • It is a Whole Life Plan with Bonus Facility
  • In this Plan, there is life cover of double Sum Assured along with vested reversionary bonuses, if any, during the premium paying term
  • This plan also offers regular bonus additions declared at the end of each financial year
  • At the end of the Premium Paying Term, there is a Savings Benefit of Sum Assured + vested reversionary bonuses and terminal bonus, if any that is paid to the policyholder
  • This plan offers additional life cover for the chosen Sum Assured after the premium paying term is over which continues for the whole life
  • There are 3 additional riders in this plan – Accident and Disability Benefit Rider, Critical Illness Rider and an Income Benefit Rider
  • This policy offers Large Sum Assured discount
 
 
Benefits you get from ICICI Prudential Whole Life Insurance Policy
 
Death Benefit – In case of death of the Life Insured
  • Within the Premium Term, the nominee would get two times the Sum Assured + vested reversionary bonuses, interim bonus and terminal bonus, if any, as Death Benefit and the policy would terminate
  • After the Premium Paying Term, the nominee would get the Sum Assured as Death Benefit and the policy would terminate.
 
Survival Benefit – On survival till the end of the Premium Paying Term, the Sum Assured + vested reversionary bonuses and terminal bonus, if any would be paid to the policyholder as Survival Benefit and the policy continues.
 
Maturity Benefit – Being a whole life plan, there is no Maturity Benefit in this plan.
 
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions & other restrictions in ICICI Prudential Whole Life Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
1,00,000
No Limit
Policy Term (in years)
Whole Life
Premium Payment Term (in years)
30
70
Entry Age of Life Insured (in years)
0
60
Age at end of Premium Paying Term (in years)
30
70
Premium (in Rs.)
6,000 p.a.
No Limit
Payment modes
Yearly, Half-Yearly and Monthly
 
 
Sample illustration of Premium Amount of ICICI Prudential Whole Life Plan
 

The below illustration is for a healthy male opting for a Sum Assured of Rs 1,00,000 for Premium Paying Term of 20 years.

 

ICICI Prudential Whole Life Plan Sample Premiums

 

 

Additional Features and Benefits of ICICI Pru Whole Life Plan
 
Riders – There are 3 additional riders in this plan:
  1. Accident and Disability Benefit Rider,
  2. Critical Illness Rider and
  3. Income Benefit Rider
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. If at least 3 years’ premiums have been paid, then the policy gets converted to a Paid Up Policy and continues for the reduced Sum Assured. The policy can also be revived within 2 years from the due date of the first unpaid premium and before the end of the premium paying term.
 
You want to surrender the policy – There is Surrender Value in this plan after completion of 3 policy years.
Guaranteed Surrender Value= 35% of all premiums paid till date – 1st years premium
 
You want a loan against your policy – Loan facility is available after the completion of three policy years up to 80% of the Surrender Value.




 

Leave a Comment

Important: Insurance is the subject matter of solicitation | © 2009-2021 MyInsuranceClub.com