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 LIFE
TIME
Life is about
changes. Some you expect - marriage, children, retirement…and some
you don’t - sickness, disability, and death. We, at ICICI
Prudential, believe that life should not have to be about fear of
the unexpected and that you should be in control so as to overcome
them. To be in total control of life’s situations you need total
flexibility.
A Policy that
meets your changing needs over a Lifetime
Your need for
insurance is important, to protect your family but you also have an
equal need to invest your money for greater returns. How do you
strike a balance between these competing needs?
Welcome to a new
horizon in financial planning. LifeTime gives you the
flexibility and control in meeting your protection and investment
needs. With this plan you have the freedom to direct your investment
to get the benefit of market linked returns and choose the level of
protection. And because you’re in charge you can accommodate your
changing needs.
But that’s not
all. You can do all this too:
Vary the amount of
insurance protection vis- ý-vis
investment while maintaining the same premium
Enhance insurance
protection by adding Accident & Disability Benefit, Accident
Benefit, Major Surgical Assistance, Critical Illness benefits at a
nominal extra premium
Top up your investment with
a lump sum payment at any time
Switch between our choice
of plans – Maximiser (Growth), Balancer (Balanced) and Protector
(Income).
Enjoy tax benefits on the
premium paid
A once in a
LifeTime financial Solution for complete peace of mind.
How do you
start?
You can open an
account with a Minimum Premium of
Rs 18,000/- p.a. for annual
mode.
Rs 9,000/- per
half year for half-yearly mode
Rs 1,500/- per month for monthly
mode
How does the
plan work?
You can choose a
specified level of protection according to your need. Part of the premium paid will be used
to pay for the death benefit and the rest is invested in plan of
your choice. Entry into the plan will be based on the Unit Value
applicable on the date of policy issue. The amount of premium
towards death benefit decreases with the increase in the value of
the units.
How do you
benefit?
Death
Benefit: In case of
the unfortunate event of death, your near and dear ones are spared
an uncertain future. The nominee/s will receive the death benefit
chosen (less any withdrawals) or value of the units, whichever is
higher. 1
Withdrawal
Benefit: There is no
maturity date. Anytime after 3 years of commencement (provided you
have paid premium for 3 full years) you can make withdrawals through
partial or complete surrender of units.2
What are your
flexibility options?
a. Can you
choose the kind of returns you want?
Yes, you can. By choosing between our
Growth Plan, Income Plan or Balanced Plan.
Maximiser
(Growth) Plan: If
high growth is your priority this is the plan for you. You can enjoy
long-term capital appreciation from a portfolio that is invested
primarily in equity and equity-related securities.
Protector
(Income) Plan: If
on the other hand your priority is steady returns, you can opt for
the Income Plan. Here you can accumulate a steady income at a low
risk across a medium to long term period.
Balancer (Balanced)
Plan: If you
prefer a balance of growth and steady returns choose our Balanced
Plan. This would ensure that your portfolio is invested in equity
and equity-linked securities as well as in fixed income
securities.
Potential Risk/Reward
Graph
b. But, what if you
want to change your investment option later?
If at a later stage your financial priorities change, you can
switch between the various plan options, and we also let you do this
absolutely free once a year.
c. What
if you have more investible funds at the year-end than you had
calculated?
You can top up your investment (minimum
Rs 10,000) at any time when you have surplus funds.
d. What if you feel
the need to increase your protection?
At various stages of your life your
liabilities may increase - marriage, children, a new home, children
going off for higher studies…LifeTime lets you increase your death
benefit without any underwriting during special events3
or every third year upto 3 times. This increases @ 25% of original
death benefit or Rs. 1,00,000 whichever is lower each time. You can
also increase your protection at other times or for higher levels
subject to underwriting rules.
e. And, what if you
want to decrease the death benefits?
Over time your liabilities may decrease
too, as various loans get paid off, your children become independent
and so on. So, if you want to decrease your death benefits you can
do that too, at any time.4
f. What if you are
unable to pay the premiums?
If after at least 3 years payments are
made and you are unable to pay the subsequent premiums, the cover
under the policy will continue and the premiums towards the life
cover and riders will be debited from the unit
fund.5
g. Can you get any
add-ons?
We
ensure that you are prepared for any eventuality, with a choice of
riders along with the death benefits.
How is unit
value calculated?
Unit value is
calculated bi-weekly on a forward pricing basis every Tuesday and
Friday
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Unit
Value = |
Market/ Fair Value of the relevant Plan’s Investments
plus Current Assets less Current Liabilities and
Provisions
Number of Units outstanding
under the relevant Plan |
What tax benefits will you
get?
Tax benefits are available under Sec 88 and Section
10 (10D), as per the prevailing Income Tax laws.
What are the limits
or conditions applicable?
Age
at entry
Minimum age at entry: 0
years (completed years)
Maximum age at
entry: 60 years (completed years)
What are the
charges?
-
The initial administrative charges in the 1st
year would be 20% of the premium, for premium amounts less than
Rs.50,000/-. For premiums equal to or more than Rs.50,000/-,
it is 18% of the premium. In the 2nd year, the charges are
7.5% of the premium. From 3rd year onwards 4% of premium
will go towards charges.
-
Other Charges: Annual administrative charges
of 1.25% of net assets for each of the funds - Protector (Income),
Maximiser (Growth) & Balancer (Balanced). Annual investment
charge of 0.25% per annum of the net assets for Protector funds
and 1% per annum of net assets for Maximiser & Balancer
options.
Note: In case the unit value is inadequate to
cover charges, the policy will terminate.
Free Look period
Under the free
look period, you now have the flexibility to review your policy. If,
during this period, you wish to return your policy after reviewing
the terms and conditions, you may do the same, by returning the
original policy certificate, the policy document and a letter
stating the reasons for the return. Please note that these
must reach our Customer Service Desk (
to reach Customer Service Desk) within 45 days from the date of
receipt of the policy at your end.
We shall
refund the premium paid by you, after deducting certain charges.
These charges include a proportionate risk premium for the period of
cover, the stamp duty on the policy and/ or any expenses borne by
the Company on the medical examination.
In case of a market linked policy, your units will
be repurchased by us at the unit value determined on the Valuation
Date following the date of cancellation after deducting the charges
mentioned above.
For more FREE queries and detailed information, do call
our ICICI Pru Advisor. That way, you can learn how best to cover
your life! Phone at
Chennai : 9884001588
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