ICICI Pru Life - Guaranteed Income for Tomorrow (Long Term)

Minimum Annual Premium : Rs.30,000
Maximum Annual Premium : Unlimited

If the person whose life is covered by this policy (known as the Life Assured) passes away, during the term of the policy, the insurance cover amount will be paid out as a lump sum to the person specified (known as the Claimant) in the policy.
Life Insurance Benefit is highest of:
a. 10 X Annualized Premium
b. 105% of Total Premiums Paid up to the date of death
c. Annual Guaranteed Income X Death Benefit factor for Guaranteed Income
Where,
- Annualized Premium means the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any
- Total Premiums Paid means the total of all premiums received, excluding any extra premium, any rider premium and taxes.
Death Benefit factors, applicable at the inception of the policy, are guaranteed throughout the policy term and do not change for existing business. The Death Benefit factors are derived such that there is a smooth progression of Death Benefit towards Maturity Benefit. Any change in Death Benefit factors will be subject to prior approval from IRDAI.

If you are not satisfied with the terms and conditions of the policy, please return the policy document to the Company with reasons for cancellation within
- 15 days from the date you received it, if your policy is not purchased through Distance marketing
- 30 days from the date you received it, in case of electronic policies or if your policy is purchased through Distance marketing
On cancellation of the policy during the free look period, we will return the premium subject to the deduction of:
a. Stamp duty under the policy,
b. Expenses borne by the Company on medical examination, if any
c. Proportionate risk premium for the period of cover

You can take a policy loan after your policy acquires a surrender value. Loan amount up to 80% of the surrender value can be availed.
a. For other than in-force and fully paid-up policies, if the outstanding loan amount including interest exceeds the surrender value, the policy will be foreclosed after giving intimation and reasonable opportunity to the policyholder to continue the policy.
b. In the event of failure to repay by the required date, the policy will be foreclosed, the policy will terminate, and all rights, benefits and interests under the policy will stand extinguished. An in-force and fully paid-up policy will not be foreclosed.
c. Loans may be granted on proof of title to the Policy.
d. The policy shall be assigned conditionally to and be held by us as security for repayment of the loan and interest thereon.
e. Before any Benefits are paid out, loan outstanding together with the interest thereon will be deducted and the balance amount will be payable.
f. Applicable interest rate will be equal to 1.50% plus the prevailing yield on 10 year Government Securities. The yield on 10 year Government Securities will be sourced from www.bloomberg.com. The loan interest rate for May 2022 is 8.82% p.a. compounded half-yearly. The basis for computing loan interest will be reviewed from time to time and may be revised subject to the prior approval of the IRDAI.
g. The loan interest rate will be reviewed on the 15th day of every month by the company based on the 10-year G-Sec yield of one day prior to such review.

It is recommended that you continue with your policy to avail all benefits. However, at any stage after payment of first two full years' premium, if you are not able to continue your policy, a surrender value will be payable.
On policy surrender, you will get higher of the following:
- Guaranteed Surrender Value (GSV)
- Special Surrender Value (SSV)
The Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV) will be calculated as follows:
For Income plan option:
GSV = GSV factor for premiums X total premiums paid, less GI paid, if any with a minimum of zero.
SSV for policies surrendering before premium payment of four full policy years will be GSV. SSV for policies surrendering after premium payment of four full policy years will be as follows:
SSV = SSV factor for GI X Paid-up GI
For Income with 110% ROP option:
GSV = GSV factor for premiums X total premiums paid, less GI paid, if any with a minimum of zero.
SSV for policies surrendering before premium payment of four full policy years will be GSV. SSV for policies surrendering after premium payment of four full policy years will be as follows:
SSV = SSV factor for GI X Paid-up GI + SSV factor for Maturity Benefit X Paid-up Maturity Benefit