2Reversionary bonuses may be declared every financial year and will accrue to the policy if it is premium paying or fully paid. Reversionary bonus once declared is guaranteed and will be paid out at maturity or on earlier death. Contingent reversionary bonus may be declared every financial year and will accrue only when a policy is made paid-up or a fully paid policy is surrendered. Contingent reversionary bonus, if any, will be paid on maturity, surrender or earlier death. A terminal bonus may also be payable at maturity or on earlier death.
3You can take loans under this policy after the policy acquires a surrender value. Loans of up to 80% of the surrender value can be availed. The Company shall be entitled to call for repayment of the loan with all due interest by giving three months' notice if the amount outstanding is greater than the surrender value and if the policy is in paid-up state. In the event of failure to repay by the required date, the policy will be foreclosed
Tax benefits are subject to conditions of section 80C, 80CCC, 80D, 10(10D) and 10(10A) of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.
#Includes Reversionary bonuses which may be declared every financial year and will accrue to the policy if it is premium paying or fully paid. Reversionary bonus once declared is guaranteed and will be paid out at maturity or on earlier death. A terminal bonus if any, may also be payable at maturity or on earlier death. If the policy offers guaranteed returns, then these will be clearly marked “guaranteed”. Since the policy offers variable returns, the given illustration shows two different rates of assumed future investment returns. The returns shown above are not guaranteed and they are not the upper or lower limits of what you might get back, as the maturity value of policy depends on a number of factors including future investment performance.
Guaranteed benefits are payable subject to all due premiums being paid. Guaranteed Cash Benefit is payable at the beginning of each policy month during the payout term in case the cash benefit mode is monthly and at the beginning of each policy year during the payout term in case the cash benefit mode is annual. GCB is a percentage of the Guaranteed Maturity Benefit (GMB) and depends on cash benefit mode, for monthly mode GCB will be 1% of GMB and for yearly mode it will be 11.5% of GMB.
is the Sum Assured on Maturity and will be calculated, at inception, based on your premium, premium payment option, premium payment mode, Sum Assured, cash benefit mode, age and gender. GMB and premium payment option chosen at policy inception cannot be changed. Guaranteed Maturity Benefit (GMB) is payable along with vested reversionary bonuses (RB) plus terminal bonus, if any on maturity.
You can see the value of Guaranteed Benefits year-wise, as you proceed to fill up the application form.
#Guaranteed benefits are available only if all premiums are paid as per the premium payment term & the policy is inforce till the completion of entire policy term
^ This amount has been rounded to the nearest decimal place.
Base Premium | 1,10,315 |
---|---|
Applicable Taxes | 1,10,315 |
Total Premium | 1,10,315 |
On Maturity | Estimated Tax Free Income | Estimated Tax Benefit |
---|---|---|
9,68,975 | 1,10,315 | |
TOtal | 1,10,315 |
Policy Year | Annual Premium | Tax Saved |
---|---|---|
01 | 62,175 | 12,360 |
02 | 61,088 | 12,360 |
03 | 61,088 | 12,360 |
04 | 61,088 | 12,360 |
05 | 61,088 | 12,360 |
06 | 61,088 | 12,360 |
07 | 61,088 | 12,360 |
08 | 61,088 | 12,360 |
09 | 61,088 | 12,360 |
10 | 61,088 | 12,360 |
TOtal | 1,23,600 |
On Maturity | Estimated Tax Free Income | Estimated Tax Benefit |
---|---|---|
9,68,975 | 73,544 | |
TOtal | 73,544 |
Policy Year | Annual Premium | Tax Saved |
---|---|---|
01 | 62,175 | 6,180 |
02 | 61,088 | 6,180 |
03 | 61,088 | 6,180 |
04 | 61,088 | 6,180 |
05 | 61,088 | 6,180 |
06 | 61,088 | 6,180 |
07 | 61,088 | 6,180 |
08 | 61,088 | 6,180 |
09 | 61,088 | 6,180 |
10 | 61,088 | 6,180 |
TOtal | 61,800 |
On Maturity | Estimated Tax Free Income | Estimated Tax Benefit |
---|---|---|
9,68,975 | 36,772 | |
TOtal | 36,772 |
Policy Year | Annual Premium | Tax Saved |
---|---|---|
01 | 62,175 | 0 |
02 | 61,088 | 0 |
03 | 61,088 | 0 |
04 | 61,088 | 0 |
05 | 61,088 | 0 |
06 | 61,088 | 0 |
07 | 61,088 | 0 |
08 | 61,088 | 0 |
09 | 61,088 | 0 |
10 | 61,088 | 0 |
TOtal | 0 |
On Maturity | Estimated Tax Free Income | Estimated Tax Benefit |
---|---|---|
9,68,975 | 0 | |
TOtal | 0 |
Tax amount is calculated by applying tax rate on premium paid or Rs.1,50,000 or 10% of Sum Assured whichever is lower.
The quantum of Income tax benefits mentioned in the illustration is based on rate of tax which is currently prescribed as per current Finance Act. The rate used for calculation of the income tax benefits is inclusive of the applicable cess. This rate is subject to change as per the provisions of the Finance Acts for the future years, as a result of which the quantum of tax benefits illustrated may either reduce or increase in future. Tax benefits are subject to conditions specified under section 80C and 10(10D) of the Income Tax Act, 1961 and are subject to amendments from time to time.
It is always advisable for a customer to take an independent view from his tax experts. ICICI Prudential Life Insurance Company Limited will not be responsible in cases where any tax benefits as stated above are denied to the policyholder