Transcript Tax Benefits - ICICI Prudential Life Insurance

February 2011
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI
Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for
presentation to a prospect or general public at large.
We are always curious to know more about …
When will my son get
married?
How long will I
live?
OUR FUTURE
Will my daughter become a doctor or a
banker?
Will I be able to purchase my dream
house?
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
BECAUSE
The Future is …
Uncertain
Unknown
You may or may not
be there for your family
Unexpected
expenses may
eat into your
savings
Unpredictable
Your goals may remain
unfulfilled
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
But what if you could …
…do away with the uncertainty?
…protect your savings against unforeseen
events?
…secure your goals in the future?
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Introducing…
A goal based savings solution which secures your future
goals …
•Achieve your goals with lumpsum maturity benefit
•Grow your savings with regular bonus additions
•Safeguard against unforeseen events with life cover
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
ICICI Pru Future Secure
Invest regularly in ICICI Pru Future Secure
during your chosen policy term
Achieve your
goals!
30 yrs
50 yrs
Your savings increase with annual reversionary
bonuses
Unfortunate death during the term
SA + accrued reversionary
bonuses + Terminal Bonus
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
At the end of savings period
SA + accrued reversionary
bonuses + Terminal
Bonus
Key Benefits
Maturity Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Death Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Riders
Tax
benefits
Accident and Disability Benefit Rider, Critical
Illness Rider and Income Benefit Rider
Get tax benefits under Section 80C & 10 (10D) of
Income Tax Act, 1961
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Key Benefits
Maturity Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Death Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Riders
Tax
benefits
Accident and Disability Benefit Rider, Critical
Illness Rider and Income Benefit Rider
Get tax benefits under Section 80C & 10 (10D) of
Income Tax Act, 1961
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Maturity Benefit
Pay regularly for a fixed term
30 yrs
35 yrs
40 yrs
45 yrs
Annual reversionary bonus additions
increase your maturity benefit
Sum Assured + Accrued
Reversionary Bonuses + Terminal
Bonus
ACHIEVE YOUR GOALS!!!
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
On
maturity
50 yrs
Maturity Benefit
Helps you build a savings kitty to meet your goals at
the end of the term
Sum Assured (SA)
Reversionary
bonus
Terminal bonus
Accrued
Reversionary
bonus
Terminal bonus
Declared
as a % of SA at end of every policy year
and added to the SA
Bonus once declared is guaranteed
Payable
on death or at the end of PPT
Terminal bonus is not guaranteed
*The rate of the bonus will depend upon
the performance of the participating fund
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
How is the reversionary bonus calculated?

It will be calculated basis simple interest method

Example: For a 35 year old, male, for SA of Rs. 1 lac, premium
paying term of 10 years,
annual premium is Rs. 13,443,
assuming bonus rates of 4% every year,
Year
Sum
Assured (Rs)
Bonus amount
(Rs) for the year
Sum Assured including bonus
additions
Year 1
1,00,000
4,000
1,04,000
Year 2
1,00,000
4,000
1,08,000
Year 3
1,00,000
4,000
1,12,000
Year 4
1,00,000
4,000
1,16,000
Year 5
1,00,000
4,000
1,20,000
Year 10
1,00,000
4,000
1,40,000
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Key Benefits
Maturity Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Death Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Riders
Tax
benefits
Accident and Disability Benefit Rider, Critical
Illness Rider and Income Benefit Rider
Get tax benefits under Section 80C & 10 (10D) of
Income Tax Act, 1961
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Death Benefit
In case of unfortunate demise during the
policy term
30 yrs
35 yrs
40 yrs
45 yrs
50 yrs
Nominee gets
Sum Assured + Accrued Reversionary
Bonuses + Terminal Bonus
To help your family achieve the GOALS!!!
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Key Benefits
Maturity Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Death Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Riders
Accident and Disability Benefit Rider, Critical
Illness Rider and Income Benefit Rider
Tax
benefits
Get tax benefits under Section 80C & 10 (10D) of
Income Tax Act, 1961
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Enhanced protection with riders

Critical illness rider
(Accelerated)
Protection against 9 critical illnesses
 Rider SA is equal to base policy SA
 Policy terminates after rider payout
 SA is payable only on survival for 28 days post
the diagnosis of a critical illness

Accidental &
Disability Benefit
Rider
Income Benefit
Rider
On death due to an accident rider SA payable
 Twice the SA will be payable, in case of
accidental death while traveling by mass
transport
 In case of total and permanent disability due to
an accident, 10% of the rider SA is paid out
every year for 10 years

On death, 10% of the rider SA will be paid out
every year for the remaining years of policy
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Key Benefits
Maturity Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Death Benefit
Sum Assured plus vested reversionary bonuses
and terminal bonus, if any
Riders
Tax
benefits
Accident and Disability Benefit Rider, Critical
Illness Rider and Income Benefit Rider
Get tax benefits under Section 80C & 10 (10D) of
Income Tax Act, 1961
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Tax Benefits
On premiums paid
Tax savings under Section 80 (C) of Income
Tax Act, 1961
On policy payouts
Tax free under Section 10 (10D) of Income Tax
Act, 1961
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Large Sum Assured discount
 Large
Sum Assured discounts on the premium*
Sum Assured (Rs.)
Rebate per thousand
SA
Less than 2 lac
Nil
2 lac to less than 3 lac
3.5
3 lac to less than 5 lac
4.7
5 lac to less than 10 lac
5.7
Greater than or equal to 10 lac
6.4
*excluding extra premium and premiums paid towards rider benefits, if any
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Modal loading

For premium paying frequency other than yearly, a modal
loading will be levied on the premium including any extra
premium
Mode
% of premium
Monthly
4.5%
Half yearly
2.5%
Yearly
Nil
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Boundary conditions
Min/ Max age at entry*
0 / 60 years
Min /Max maturity age*
18 / 70 years
Min /Max policy term
10/ 30 years
Min Sum Assured
Rs. 1,00,000
Modes of Premium
Payment
Yearly, Half yearly or Monthly
*Age completed birthday
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Loan against the policy


Loan can be availed after the completion of three
policy years provided premiums have been paid
for the first three policy years and the policy has
attained a Surrender Value
Loan of up to 80% of the Surrender Value can be
availed
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Surrender Value

The policy will acquire a Guaranteed Surrender Value (GSV) on
payment of premium for at least 3 policy years.

It will be equal to 35% of the base policy premiums paid less the
first year's premium. A discounted value of the bonuses allocated
will also be added.

The Non Guaranteed Surrender Value (NGSV) Surrender Value
payable will depend on Sum Assured, vested reversionary bonus,
policy term and the number of premiums paid.

Higher of GSV or NGSV would be payable

Any extra premiums paid and premiums paid towards riders shall
be excluded.
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Paid up policy

Once the policy has acquired a Surrender Value and no
future premiums are paid, the policy may continue as a 'Paidup' policy for a reduced Sum Assured (Paid-up Sum
Assured), as indicated below:
Paid-up SA = SA X (Total number of premiums paid /
Total number of premiums payable)

Bonuses already vested to the policy will be added to this
amount.

The policy will however not be eligible for any future
bonuses.
The rider benefits will cease to be payable in case of a paidThis material
is strictly
meant for circulation within the organization/ solely for training and/or
up
policy.
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate

agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Lapsation and policy revival

Failure to pay premiums for the first 3 years would result in the
policy becoming lapsed. No benefits would be payable under a
lapsed policy.

A lapsed policy may be revived subject to the following:
 Allowed within 2 years from the due date of the first unpaid
premium and before the end of the PPT
 Revival will be based on the revival norms then applicable
 The Policyholder furnishes, at his own expense,
satisfactory evidence of health of the Life Assured, as
required by the Company
 The arrears of premiums together with interest, at such rate
as the Company may declare from time to time, for late
payment of premiums are paid
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Thank you
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.
Thank you
This material is strictly meant for circulation within the organization/ solely for training and/or
education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate
agents or brokers and should not be further circulated or used for presentation to a prospect or
general public at large.