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ICICI Pru Lakshya Lifelong Income

As individuals, our life-stage, life-style and future aspirations determine our financial needs of protection and savings. These could include life cover to protect the family due to increasing uncertainties in life, saving for bigger goals like child’s education/wedding, saving for additional income or retirement income. With the world around us changing rapidly, it is of paramount importance to plan well for achieving these financial goals.Read More

With these distinct needs in mind, we are happy to introduce ICICI Pru Lakshya, a protection and savings oriented conventional participating life product to fulfill your financial needs.Read Less

FEATURES

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Regular Income: Guaranteed1 Income and Cash Bonus1 every year after Income Start Date2 till the age of 99 years.

Life Cover: Life cover throughout the policy term till the age of 99 years to secure your family’s future.

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Guaranteed1 Capital Protection: Get Guaranteed1 Capital protection in the form of ‘Sum Assured on Maturity’3

Regular Additions: Enjoy bonuses in the form of Regular Additions4 every year to grow your wealth till the Income start date.

Liquidity: Liquidity5 benefits during the policy term to help you in case of financial emergencies.

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Tax Benefits: Get Tax Benefits6 on premiums paid and benefits received as per prevailing tax laws.

PLAN BENEFITS

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    Maturity Benefit

    • Applicable on receipt of all due premiums and on survival till maturity

    • Maturity Benefit = Sum Assured on Maturity + Terminal bonus, if declared

          -  Sum Assured on Maturity= Annualised Premium X Premium Payment Term

          -  Terminal Bonus if declared by the Company will be payable at policy maturity or on death.

    Survival Benefit

    i. On survival of the life assured till the Income Start Date (ISD)2 which is fifth policy anniversary after the Premium Payment Term, the accrued Regular Additions net of encashment if any, till that date shall be payable as a lump sum.

    ii. After the Income Start Date, on every policy anniversary, till the end of the policy term or death whichever is earlier, the following is payable.

    -  Guaranteed Income (GI)1

    -  Cash Bonus (if declared)1

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    Death Benefit

    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

    • Sum Assured on Death = Higher of (10 X Annualised Premium or Premium Payment Term X Annualised Premium)

    • On payment of Death Benefit, all policy benefits will cease.

ELIGIBILITY

Eligibility

  • Click on Know More for Eligibility

Know More

Documentation

  • Annual Income proof
  • Medical Reports (if required)
  • Photo ID proof

Bajaj Allianz life guaranteed pension goal

FREQUENTLY ASKED QUESTIONS

1. What do you mean by guaranteed1 income?

Guaranteed1 income is based on your sum assured on maturity (SAM) and is set at the time of policy inception. Higher premium is eligible for higher guaranteed1 income. This benefit is payable at the end of every policy year after income start date till the end of the policy term or death, whichever is earlier.

2. What is income start date (ISD)2? What regular income will I receive?

Income Start Date (ISD)2 is 5th policy anniversary after premium payment term on which the accrued regular additions net of encashment if any, till that date shall be payable as a lump sum, thereafter at the end of every policy year, till the end of the policy term or death whichever is earlier. Guaranteed Income (GI)1 and Cash Bonus (if declared) is payable during this period.

3. What do you mean by sum assured on maturity?

Sum Assured on maturity = total contribution throughout the policy term. The premiums you pay during the policy term is protected with this benefit.

4. What is the death benefits under this plan?

In case of death of the Life Assured during the policy term, the nominee will receive the higher of:

-          Sum Assured on death including Bonuses

-          105% of Total Premiums paid as on the date of death

             All policy benefits will cease, on payment of Death Benefit

5. Is there any tax benefits?

Tax benefits under the policy are subject to conditions u/s 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. Applicable taxes will be charged extra as per prevailing rates.

More FAQs

Disclaimer

1The GI will be set at policy inception. Guaranteed Income and Cash Bonus is a proportion of the Sum Assured on Maturity.

2Income Start Date (ISD) is fifth policy anniversary after the Premium Payment Term.

3Sum Assured on Maturity is equal to your total contribution throughout the policy term.

4Bonus may be declared annually from the first year as ‘Regular Additions’ and will be a percentage of the ‘Sum Assured on Maturity’. Terminal Bonus may be declared by the Company and will be payable at policy maturity or on death.

5You can avail loans under this policy after the policy acquires surrender value. Loan amount of up to 80% of the Surrender Value can be availed. You have an option to en-cash regular addition after 2 full years’ premium payment.

6Tax benefits under the policy will be as per the prevailing Income Tax laws. Goods and Services tax will be charged extra, as per applicable rates. The tax laws are subject to amendments from time to time.

*Bonuses consist of accrued Regular Additions net of encashment (if any), Interim Regular Addition and Terminal Bonus, if declared, before ISD. Bonuses consist of Interim Cash Bonus and Terminal Bonus, if declared, after ISD.Read More

The plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance. IDFC FIRST Bank Limited having its registered office at KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai – 600031, Contact details: 18004194332, is authorized by the Insurance Regulatory and Development Authority of India to act as a Corporate Agent of ICICI Prudential Life Insurance Company Ltd for procuring or soliciting life insurance business under license number CA0106. The purchase of Insurance products by IDFC FIRST Bank’s customers is purely on voluntary and not linked to availing of any other services from the bank.

© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837.
Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. ICICI Pru Lakshya Lifelong Income. A Non Linked Participating Life Insurance Plan. UIN: 105N179V01, ADVT No.: W/II/3771/2021-22.
BEWARE OF SUSPICIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

IRDAI CAUTIONS PUBLIC AGAINST SPURIOUS CALLS AND FICTITIOUS OFFERSRead Less

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