ICICI Pru LifeTime Maxima Review
LifeTime Maxima is yet another ULIP plan from ICICI Pru Life Insurance. This is one of the very many wealth creation plans that ICICI Prudential boasts of. This policy or plan helps you well protected of your gains made via the equity markets even in case of market volatility or downward trend. This is apart from the insurance cover that you get along with this ULIP insurance plan. The option of investment is left with the investors in ICICI Prudential Life Time Maxima plan.
This plan was launched on December 17, 2009. Although this is one of the recent ULIP policy from ICICI Pru Life it has done relatively well compared with the latest NAV it has achieved at around 10.3 as of May 3, 2010. Although it has to be mentioned that it was also not a great jump or improvement in NAV compared with how the markets have fared all these months since the inception of this policy.
Benefits of LifeTime Maxima:
- The options to choose between two portfolio strategies namely trigger portfolio strategy and fixed portfolio strategy.
- Partial withdrawal can be made every 3 years after the sixth year of the policy.
- Additional allocation can be made after the sixth year of the policy onwards and thus getting 100% allocation to the fund from the premium being paid.
- Maturity benefit will be the fund value with the availability to choose settlement option.
- Sum assured plus the fund value in case of death benefit.
Features of ICICI Prudential LifeTime Maxima:
- Policy Term: 10/15/20/25/30 years.
- Minimum entry age is 0/65 years and maximum maturity age is 18/75 years.
- Minimum sum assured: 5 X annual premium
- Minimum Premium: Rs. 24,000 per year.
- Premium Frequency: Monthly, Half yearly and yearly.
- Tax benefits for the entire premium amount paid.
Top-Up:
There is an option of being able to top-up premiums with this LifeTime Maxima Plan and the minimum amount to do so is Rs. 2000.
You have the option of switching between funs under fixed portfolio strategy, among the seven existing funds under this plan. The 7 funds options available are Multi-cap growth fund, opportunities fund, Bluechip fund, Multi-cap balanced fund, Income Fund, Money Market fund, and return guarantee fund. The option to choose between funds is solely left to the investors and thus they can decide on which one to choose depending up on their risk versus benefit ratio of their liking.
You can decide on the Change in Portfolio Strategy or CIPS once during every policy year and this can be done for free and while the not-used CIPS will be carried forward to the next year.
The ICICI Pru LifeTime Maxima brochure can be downloaded from here to get to know more details about this ULIP Plan.
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Comments
Dear Sir,
I Have Invested amount of Rs. 40,000/- p.a. in ICICI Prudential lifetime maxima plan.
I have paid for two years now market is very low and I have loss amount of 20,000/- pls guide me should I Pay next premium or If I dont pay I can withdraw my money after complition of three years locking period
Thanks
Regards
Nilesh Joshi
LIC or the Life Insurance Corporation of India is an entirely government owned entity and enjoys the position of being India’s largest insurance company apart from being nation’s biggest investor. LIC was incorporated in 1956 and has been functioning pretty consistently.