80.00% 0.50% 2.00% 80.00% 0.50% 1.50% 0.25% , 60.00% 1.00% Commission. Percentage of people opting for. Renewal Expense. cash value on death

Transcription

1 Annexu re I Results of Financial Projections Profit Testing Assumptions Base Scenario 5 years 7 years 1 years Mortality Valuation rate Pricing rate Investment return Lapse I year Lapse II & III year Lapse subsequent years Inflation Initial Expense Renewal Expense Commission Other initial expenses as % of premium Percentage of people opting for cash value on death LIC % 7.85% 8.25% Nil 2.5% 1.% 4.5% %.25%, 6.% rated up by 3 7.6% % Nil 2.5% 1.% 4.5% %.5% 8.% years 7.85% 8.35% 8.75% Nil 2.5% 1.% 4.5% %.5% 8.% x A ICICI Prudential Life Insurance Company Ltd 12

2 Sample Profit Test Cash Flows and Profiles Revenue Account for a male, aged 5 at entry, five year term, single premium S6 Description Total Premium Int Office Taxabl Office Non * Death Benefl' Surrender Be Maturity Ben* Total Gross E Increase In M; Life Fund Tax Gross Transff Profit before Solv Margin and Reass Name PREM_1NC O_TAXBL_IN' O_UNCHG_ DEATH_OUT( SURR_OUTG( MATJDUTGO TOT_EXP INC_MATH_RI LIFEFUND.TAX GROSS_TRAf PROFIT May B S Revenue Accountfor a male, aged 5 at entry, seven years term, single premium 5, Description Premium Income <able Income Office NonJenefit Outgo benefit Outgo benefit Outgo oss Expenses atical Reserve Life Fund Tax Shareholders in and Reass Name May-1 PREM INCI TAXBL INC (JNCHG!ATH OUTGO iurr OUTGO MAT OUTGO TOT EXP C MATH RES LIFEFUND TAX 5ROSS TRAN PROFIT Revenue Accountfor a male, aged at entry, ten years term, single premium 2, Description Premium Income <able Income Office Non "Jenefrt Outgo ienefit Outgo Jenefit Outgo oss Expenses atical Reserve Life Fund Tax Shareholders Profit before Value Futui Disc Value of Transfers at Rate A Name May-1 PREM_INC)_TAXBLJNC O_UNCHG_:ATH_OUTGOiURR_OUTGO MAT_OUTGO..... TOT_EXP C_MATH_RES LIFEFUND_TAX JROSS_JRAN PROFIT DISC_PROI DISC_TRAN_A B S B ICICI Prudential Life Insurance Company Ltd 13

3 Profitability Base Case Discounted present value offuture profits at 17%, expressed as a percentage of the first year premium. Note: The profit figures shown below are the total of Shareholder's profit and Lifefund profit. SP 25 Term 5 Term 7 Term 1 SP 5 Term 5 Term 7 Term 1 SP 2 Term 5 Term 7 Term % % 2.5% 1.97% 2.39% 2.35% 2.32% 2.19% 2,13% % % % 2.24% 2.14% 2.5% 2.35% 2.23% 2.3% 2.25% 2.12% 2.32% 2.15% 2.24% 2 5 S % 2.12% 2.14% 2.4% 1.95% 2,4% 2.35% 2.3% 2.15% 2.37% 2.2% 2.2% Note: SH - Shareholder's profit LF - Lifefund profit 25 5 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Age SH LF SH LF SH LF Age SH LF SH LF SH %.5%.52%.52%.49%.47% 1.67% % 1.63% 1.56% 1.5.7%.65%.69%.68%.63% 1.7% 1,63% 1.66% 1.63% 1.56%.72%,64%.7.7% 1.55% 1.49% 1.5% 1.46% %.52%.55%.54%.5.49% 1.74% 1.68% % 1.% 1.56%.66%.6.65%.64%.58% 1.68% 1.% 1.65% %.73%.64%.7.69% ICICI Prudential Life Insurance Company Ltd LF 1.59% 1.52% 1.53% 1.48% Age Term 5 SH.52%.49% O.'5 b.5i%.48%.% LF 1.69% 1.63% 1.66% 1.64% 1.56% 1.5% 2 Term 7 SH.68%.63%.67%.66%.6% LF 1.72% 1.65% 1.68% 1.64% 1.56% Term 1 SH.75%.65%.72%.7% LF 1.% 1.55% 1.56% 1.5%

4 > 6.3 tnternal Rate of Return, Initial Strain and Payback //?/? to shareholder fund SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % 11 39% 2 397% 92% 38% 2 246% 95% 39% 23 9% 33% 282% 76% 32% 19 79% 33% % 37% 5 354% 87% 37% 5 229% 9% 37% 264% 36% 328% 84% 35% 218% 87% 36% 6 196% 8% N.A 6 233% 68% 6 166% 7% N.A 1% N.A 182% 135% N.A N.A Initial Strain Expressed as % of single premium, measured in monthi SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % 1.47% 3.19% 2.64% 1.7% 3.28% 2.87% 1.68% 3.29%.9% 1.72% 3.56% % 3.65% 1.4% 1.93% 3.66% % 3.36% % 5.94% 1.79% 3.%.88% 1.69% % % 1.% 1.87% 3.% 6 1.9% 1.27% 1.99% 6.98% 1.16% 2.2% % Payback period in months SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term ICICI Prudential Life Insurance Company Ltd 15

5 6.4 Premium Utilisation at Fund Earning Rate(Base case investment return) age_at_entry pol_term_y Prem_inc_pp % 2, death claims maturity claims surrenders expenses commission tax transfers to SH Life Fund disc_dtha disc_mata disc_surra disc_expa tot_comm disc_taxa disc_tran_a life fund % 85% 5% 4% 2% 3% 84% 5% 2% 3% 8% 5% 2% 8 6% 5% 2% 3% 5% 8% 6% 2% 2% 3% 12% 74% 6% 2% 3% 77% 8% 6% 3% 3% 8% 73% 8% 3% 3% 3% 15% 69% 8% 3% 3% Total 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% ICICI Prudential Life Insurance Company Ltd 16

6 Lapse Sensitivity Discounted present value offuture profits at 17%, expressed as a percentage of the first year premium. Note: The profitfigures shown below are the total ofshareholder's profit and Lifefund profit. Base Case Scenario SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % 2.39% % 2.35% 2.32% 2 2.2% 2.4% 2.37% % % 2.15% 2.12% 2.2% % % 2.3% 2.24% % 2.15% 2.32% 2.16% 2.24% 2.25% 2.14% 2.3% 2.2% 6 2.5% 2.19% % 2.12% 6 2.4% 2.15% Lapses Double SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % 2.67% 2.53% % 2.63% 2.58% 2 2.5% 2.7% 2.64% 2.4% 2.56% 2.37% 2.5% 2.52% % 2.46% 5 2.% 2.63% 2.46% % 2.58% 2.49% SO 2.47% 2.63% 2.53% 2.43% 2.59% 2.39% 2.53% 2.53% % 2.58% 2.44% % 2.46% % 2.39% % 2.43% 2.25% 2.33% 2.24% Lapses Halve SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % 2.24% 2.14% % 2.19% 2.18% 2 2.4% 2.25% 2.23% 1.96% 2.14% 1.99% 2.5% 2.8% 2.2% 1.96% 2.13% 2.6% 5 2.2% % % % 2.2% 2.14% 2.% 2.18% 2.3% 2.9% % 1.99% 2.15% 2.6% % % 1.97% % % 1.9% 1.8% ICICI Prudential Life Insurance Company Ltd 17

7 V Investment Sensitivity Discounted present value offuture profits at 17%, expressed as a percentage of thefirst year premium. Note: The profitfigures shown below are the total of Shareholder's profit and Lifefund profit. SP 25 Term 5 Term 7 Term 1 SP 5 Term 5 Term 7 Term 1 SP 2 Term 5 Term 7 Term % % 2.39% 2.35% 2.32% 2.13% % % % 2.24% 2.35% 2.23% 2.3% 2.25% 2.32% 2.15% 2.24% % 2.12% 2.14% 2.4% 2.35% 2.3% 2.37% 2.2% 2.2% 6 2.5% 2.19% % 2.12% 6 2.4% 2.15% 1.97% 2.5% 1.95% Case I (Base Case Inv Return - 5 bps) SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term %.9.97%.97%.89%.82%.86%.77%.85%.85%.74%.3%.18%.3%.3% %.98% 1.4% 1.4%.95%.87%.78%.68%.77%.76%.64%.29%.16%.28%.27% %.87%.93%.93%.84%.76%.82%.7.79%.78%.66%.3.18%.29%.27% Case II (Base Case Inv Return - 1 bps) SP 25 Term % -.29% -.22% -.2% -.27% -.33% Term % -.74% -.64% % Term % -1.76% -1.% -1.55% SP 5 Term % -.24% -.17% -.15% -.23% -.3% Term % -.86% -.76% -.73% -.83% Term % -1.83% -1.68% -1.63% SP 2 Term 5 -.3% -.37% -.29% -.28% -.36% -.43% Term % -.85% -.75% -.74% -.83% Term % -1.85% % ICICI Prudential Life Insurance Company Ltd 18

8 Y 6.7 Mortality Sensitivity Discounted present value offuture profits at 17%, expressed as a percentage ofthe first year premium. Note: The profitfigures shown below are the total ofshareholder's profit and Lifefund profit SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % % 2.5% 2.39% 2.35% 2.32% 2.19% 2.13% % % % 2.24% 2.14% 2.35% 2.23% 2.3% 2.25% 2.12% 2.32% 2.15% 2.24% % 2.12% 2.14% 2.4% 2.4% 2.35% 2.3% 2.15% 2.37% 2.2% 2.2% 1.97% 2.5% 1.95% Pessimistic Scenario Mortality 15% SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % 2.38% 2. 26% % 2. 3% % 2.39% 2. 36% 2.6% 2.22% 2.5% 2.15% 2.16% 2.7% 2.6% % 2.25% 2.9% % % 2.23% 2.14% 2.% 2.13% 1.94% 2.8% 2.6% 1.93% 1.98% 2.9% 1.94% % 1.95% % 1.86% % 1.88% 1.74% % e ICICI Prudential Life Insurance Company Ltd 19

9 Expense Sensitivity Discounted present value offuture profits at 17%, expressed as a percentage of the first year premium. Note: The profit figures shown below are the total ofshareholder's profit and Lifefund profit. SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % % 2.5% 2.39% 2.35% 2.32% 2.19% 2.13% % % % 2.24% 2.14% 2.35% 2.23% 2.3% 2.25% 2.12% 2.32% 2.15% 2.24% % 2.12% 2.14% 2.4% 2.4% 2.35% 2.3% 2.15% 2.37% 2.2% 2.2% 1.97% 2.5% 1.95% Sensitivity (Expenses doubled: Initial expense = Rs.152, renewable expense = 2) SP 25 SP 5 SP 2 Term 5 Term 7 Term 1 Term 5 Term 7 Term 1 Term 5 Term 7 Term % 2 1.4% 1.4%.94% % 2.8% 2.3% -.38% %.93%.79% 1.8% 1.96% 1.86% % -.23% % 1..88% % 2.3% 1.94% -.32% -.24% -.52% 1.%.97%.83% 1.84% 1.98% 1.86% % % % 1.84% -.48%.82% 1.64% ICICI Prudential Life Insurance Company Ltd 2

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15 Annexure lll(a) Sales Literature Welcome to ICICI Prudential. Welcome to life. We're a joint venture between ICICI, the leading financial services provider in India and Prudential pic of U.K., one of the foremost insurance companies in the world. Together, we aim to provide you with an extensive range of insurance products to suit your various needs. Because, we know that while life is full of risks and uncertainties, these should not be greater than life itself. At every step in life you should live, and not just exist. That is why we keep you covered. Throughout your life, we shield you from life's troubles. Leaving you free to live. ICICI Pru Assurelnvest: You have just received a windfall or a huge bonus that you want to put aside for a rainy day. Or you may simply wish to invest this for tax savings purposes. An ideal plan for a one off investment with potentially high returns and the added benefit of insurance protection. What exactly does ICICI Pru Assurelnvest do? It combines savings with life cover. How? It is a fixed term plan of 5, 7, 1 years against a one-time payment of premium. On the death of the life assured, the following benefits are available: If death occurs in the 1st year, no death benefit is available. of the single premium if death occurs after the 1st year. However if death occurs as a result of accident* anytime before the maturity date, the death benefit will be of the singie premium regardless of the duration of the policy. In case of death of the policyholder during the term, the nominee has the option to take cash value of the amount payable on maturity date immediately. The cash value will be quoted on application. What are guaranteed benefits payable? On the date of maturity single premium along with the guaranteed additions between 6.15% and 7.85% (depending on the term, age at entry and single premium amount) compounding annually are payable. The maturity benefits are payable even if the death benefit has been paid earlier. Who can apply? Anyone in the age group of 7- years can apply for the ICICI PRU Assurelnvest policy. The maximum cover-ceasing age is 67 years. The minimum single premium you should apply for is Rs.25 and the maximum is Rs.5 lakhs. Can I discontinue my policy? Yes. Your policy acquires guaranteed surrender value after the first year. ICICI Prudential Life Insurance Company Ltd 26

16 Can I take a loan on my policy? Loans are allowed under the policy subject to the terms of conditions of the company from time to time. Find out if the ICICI Pru Assureinvest policy suits you You could still have queries and doubts. For any clarifications regarding this policy, do call our ICICI Pru Life Advisor. He'll tell you more on how to cover your life and even about other policies you didn't know about! Call today on the toll free number xxxxxxxxx Then get ready for life. * The conditions under which the benefits payable on death due to accident in the first year are: (a) the death due to accident must be caused by violent, external and visible means; (b) the death due to accident is not caused - i) attempted suicide or self inflicted injuries while sane or insane, or whilst the Life Assured is under the influence of any narcotic substance or drug or intoxicating liquor; or ii) by engaging in aerial flights ( including parachuting and skydiving) other than as a fare paying passenger on a licensed passengercarrying commercial aircraft (being a multi-engined aircraft) operating on a regular scheduled route; or iii) by the Life Assured committing any breach of law; or iv) due to war, whether declared or not or civil commotion; or v) by engaging in hazardous sports / pastimes, i.e. taking part in (or practising for) boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, off piste skiing, pot holing, power boat racing, underwater diving, yatch racing or any race, trial or timed motor sport. (c) the accident shall result in bodily injury or injuries to the Life Assured independently of any other means and (d) such injury or injuries shall, within 18 days of it's occurrence, directly and independently of any other means cause the death of the Life Assured. ICICI Prudential Life Insurance Company Ltd 27

17 Annexure lll(b) ICICI PRU Assurelnvest BENEFITS ILLUSTRATIONS So what is so unique about this policy? It is hard to be different when it comes to creating Life Insurance products... Or so it is believed. We, at ICICI Prudential Life Insurance Company, think differently. We believe in not only secure lives, but also secure investments. Here are some unique features you can avail of, if you decide to become a part of our family. Guaranteed additions Maturity benefits even after payment of death benefits Sec 88 benefits SAMPLE ILLUSTRATIONS Term: 5 years Age at entry: 3 years Single Premium Maturity Benefits # Yield Death Benefit* Invested (Rs.) 3, (Rs.) 4,2 (%) 6.25 (Rs.) 3, 1,, 1,38, , 5,, 7,6, , Term: 7 years Age at entry: 3 years Single Premium Maturity Benefits # Yield Death Benefit * Invested (Rs.) 3, (Rs.) 47,236 (%) 6.7 (Rs.) 3, 1,, 1,, , 5,, 8,26, , Term: 1 years Age at entry: 3 years Single Premium Invested (Rs.) 3, Maturity Benefits # (Rs.) 6,48 Yield (%) 7.25 Death Benefit * (Rs.) 3, 1,, 2,8, , 5,, 1,64, , In case of death of the policyholder during the term, the nominee has the option to take cash value of the amount payable on maturity date immediately. The cash value will be quoted on application. *No death benefit during the 1st policy year, except in the case of death due to accident where the entire death benefit is payable Notes: The Sum Assured under this plan is equal to the Single Premium The guaranteed additions depend on single premium, term and age at entry. This outline is for illustration purposes. Please feel free to contact us for any clarification The Single Premium paid for the Assurelnvest is eligible for Sec 88 Benefits Insurance is the subject matter of solicitation Details on product are available on the product brochure ICICI Prudential Life Insurance Company Ltd 28

18 ICICI Pru Assurelnvest ICICI Prudential Life Insurance Company Limited ("the Company") having received a Proposal and Declaration and Personal Statement and the single premium from the Proposer and / or the Life Assured named in the Policy Certificate referred to hereinbelow and the said Proposal and Declaration together with any statement, report or other document leading to the issue of this Policy and referred to therein having been accepted and agreed to by the Company and the Proposer / Life Assured as the basis of this assurance / contract do, by this Policy agree, as set out in the Schedule with all its Parts, ("Policy Document") and further, is subject to the terms and conditions contained in this Policy. Name of Life Assured: «LIFEJSIAMEO1» Address: «LIFE_ADDR11» «LIFE_ADDR21» «UFE_ADDR31» «UFE_ADDR41» «LIFE_ADDR51» «LIFE_PCODE1» Date of Birth : «LIFE_DOB1» Age ( Years ) : «LIFE_AGE1» Age Admitted : «LIFE_AGEADM1» Name of the Proposer: «COWN_NAME» Policy No: «CHDRNUM» Policy term (years): «RCESS_TRM» Policy Commencement Date : «OCCDATE» Maturity/Termination Date : «RCESS_DTE» Sum Assured (Rs.): <csumins11» Single Premium Paid (Rs.): «PREM11» Nominee / s (Name): «BENF_NAME1» «BENF PCNTOU Benefits payable : as specified in the policy document. Guaranteed Addition rates: Year Rate (%) Year Rate {%) Year Rate (%) Year Rate {%) To whom the benefits are payable: To the Proposer, Life Assured, or the assign (s) where a valid assignment / endorsement has been recorded, or the nominee (s) where a valid nomination has been registered by the Company (in accordance with section 39 of the Insurance Act, 1938), or the executors, administrators or other legal representatives who should take out representation to the estate or to such person as directed by a court of competent jurisdiction in India, limited at all times to the monies payable under this Policy. The Company do hereby agree, that on proof to the satisfaction of the Company of the death benefit having become payable as set out in the Agreement or upon the happening of an event upon which one or more benefits become payable under this Policy, and of the title of the person or persons claiming payment, appropriate benefit will be paid by the Company. Signed for and on behalf of the ICICI Prudential Life Insurance Company Limited, at «BRANCH_NAME» on «ISSUE DTE» Authorised signatory : "The policy shall be subject to and governed by the terms of the policy document and all the terms and schedule contained therein ( enclosed) shall together form a single agreement" (Ver SAI:2) ICICI Prudential Life Insurance Company Ltd 29

19 Policy Document 1. Benefits payable: i) Death Benefit: First Policy Year On the death of the life assured during the first policy year due to accident an amount equal to of the sum assured shall be payable. The conditions under which the benefits payable on death due to accident are: (a) the death due to accident must be caused by violent, external and visible means; (b) the death due to accident is not caused - i) by attempted suicide or self inflicted injuries while sane or insane, or whilst the Life Assured is under the influence of any narcotic substance or drug or intoxicating liquor; or ii) by engaging in aerial flights ( including parachuting and skydiving) other than as a fare paying passenger on a licensed passenger-carrying commercial aircraft {being a multi-engined aircraft) operating on a regular scheduled route; or iii) by the Life Assured committing any breach of law; or iv) due to war, whether declared or not or civil commotion; or v) by engaging in hazardous sports / pastimes, i.e. taking part in (or practising for) boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, off piste skiing, pot holing, power boat racing, underwater diving, yatch racing or any race, trial or timed motor sport. (c) the accident shall result in bodily injury or injuries to the Life Assured independently of any other means and (d) such injury or injuries shall, within 18 days of it's occurrence, directly and independently of any other means cause the death of the Life Assured. Subsequent Policy Year On the death of the life assured after the first policy year but before the date of maturity of the policy an amount equal to of the Sum Assured shall be payable. ii) On the date of maturity of the policy: The Sum Assured as specified in the policy certificate together with Guaranteed Additions compounding annually at the rate expressed as a percentage of the Sum Assured as given in the Policy Certificate shall be payable on the date of maturity of the Policy. ICICI Prudential Life Insurance Company Ltd 3

20 However, in the event of the death of the Life Assured before the date of maturity, the beneficiary named in the Policy Certificate or his assignee, may choose to take, a cash value of this amount immediately along with the benefits payable on death. Such cash value will be quoted by the Company on application. 2. Guaranteed Surrender Value:- On the expiry of a period of one year from the date of commencement of policy, this policy acquires a Guaranteed Surrender Value. The Guaranteed Surrender Value will be equal to 75% of the single premium at the end of first year, 8% of the single premium at the end of second year and 85% of the single premium at the end of third year and thereafter. In addition to this, a Cash Value of the attached Guaranteed Additions shall be payable. 3. General Provisions - Where the policy has been issued on the life of a minor, the policy will automatically vest on him on his attaining majority. ICICI Prudential Life Insurance Company Ltd 31

21 Policy Document GENERAL CONDITIONS 1 Age: If the current age is found to be such that different benefits are payable under the plan, the benefits shall stand altered to the set of benefits applicable to the correct age of the Life Assured. If the correct age is found to be such as would have made the Life Assured uninsurable under the plan of assurance specified in the Policy Certificate, the plan of assurance shall stand altered to such plan of assurance as is generally granted by the Company for the correct age of the Life Assured, subject to the terms and conditions as are applicable to that plan of assurance. If it is not possible to grant any other plan of assurance or the life assured does not desire to have any other plan of assurance, the policy shall stand cancelled from the date of issue of the policy and the premium paid shall be refunded subject to the deduction of the expenses incurred by the Company on the policy. 2. Assignment and nomination: (i) An assignment of this policy may be made by an endorsement upon the policy itself or by a separate instrument signed in either case by the assignor specifically stating the fact of assignment and duly attested. The first assignment may be only made by the Life Assured or the Proposer. Such assignment shall be effective, as against the Company, from and upon the service of a written notice upon the Company and the Company recording the assignment in its books. (ii) The Life Assured, where he is the holder of the policy, may, at any time before the Maturity Date of policy, make a nomination for the purpose of payment of the moneys secured by the policy in the event of his death. Where the nominee is a minor, he may also appoint a person to receive the money during the minority of the nominee. Nomination may be made by an endorsement on the policy and by communicating the same in writing to the Company. Any change of nomination, which may be effected before the Maturity Date of policy shall also be communicated to the Company. The Company does not express itself upon the validity or accept any responsibility on the assignment or nomination in recording the assignment or registering the nomination or change in nomination. 3. Special Provisions: Any special provisions subject to which this Policy has been entered into and endorsed in the Policy or in any separate instrument shall be deemed to be part of this Policy and shall have effect accordingly. 4. Incontestability: ICICI Prudential Life Insurance Company Ltd 32

22 In case it is found that any untrue or incorrect statement is contained in the proposal/ personal statement, declaration and connected documents or any material information has been withheld then, but subject to the provision of Sec. of the Insurance Act, 1938, the policy shall be void and no benefit shall be payable thereunder. 5.Loan: Within the Guaranteed Surrender Value acquired by this Policy, loans may be granted subject to the following terms and condition: (i) Loan may be granted on proof of title to the Policy; (ii) The Policy shall be assigned absolutely to and be held by the Company as security for repayment of the loan and the interest thereon; (iii) The loan shall carry interest at the rate specified by the Company at the time when the loan is advanced and shall be compounded half yearly; (iv) The loan amount may be repaid at any time before a claim arises. However, interest shall be charged for a minimum period of 6 months; (v) The first payment of interest shall fall due on the half-yearly Policy anniversary following the date on which the loan is advanced and thereafter on every halfyearly Policy anniversary. (vi) In case the Policy results in claim by maturity or otherwise before the repayment of the loan in full with interest the Company shall be entitled to recover the outstanding loan and interest from any moneys payable under the Policy. 6. Notices: - Any notice, direction or instruction given under this Policy shall be in writing and delivered by hand, post, facsimile or to In case of the Policy holder/ Life Assured: As per the details specified by the policy holder/life assured in the Proposal Form / Change of Address intimation submitted by him. In case of the Company: Address: Telephone: Facsimile: Notice and instructions will be deemed served 7 days after posting or immediately upon receipt in the case of hand delivery, facsimile or Payment of Claim ICICI Prudential Life Insurance Company Ltd 33

23 Before payment of any death or maturity claim under the Policy, the Company shall require the delivery to it of the original of this Policy document and other documents establishing the right of the claimant or claimants to receive payment. 8. Electronic Transactions The Customer shall adhere to and comply with all such terms and conditions as the Company may prescribe from time to time, and all transactions effected by or through facilities for conducting remote transactions including the Internet, World Wide Web, electronic data interchange, call centres, teleservice operations {whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of the Company, for and in respect of the Policy or its terms, or the Company's other products and services, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the Company's terms and conditions for such facilities, as may be prescribed from time to time. 9. Customer Service For any clarification or assistance, the policyholder may contact our agent or call our Customer Service Representative at Telephone Number xxx-xxxxxxx during office hours (xx hours to xx hours). Alternatively you may communicate with us: By mail at: ICICI Prudential Life Insurance Co. Ltd., <full address to be identified> or, By fax at xxx-xxxxxxx or. By to "The policy shall be subject to and governed by the terms of the policy document and all the terms and schedule contained therein (enclosed) shall together form a single agreement" (SAI: 2). ICICI Prudential Life Insurance Company Ltd 34

24 Annexure V Extrapolated LIC (94-96) Ultimate Table - Ages 7-13 Age Ox Note: These mortality rates are before rating up. ICICI Prudential Life Insurance Company Ltd 35

25 CERTIFICATION BY THE APPOINTED ACTUARY I, V Rajagopalan, the appointed actuary of the life insurer ICICI Prudential Life Insurance Company Ltd, hereby solemnly declare that the information furnished herewith as per the IRDA/Form - Life - Non-Linked - NP dated *&Ma.*a.oof, is true and certify that, in my opinion, the premium rates, advantages, terms and conditions of the product ICICI Pru Assurelnvest, which is a new insurance product to be launched in the market/which is an existing product but being modified now, are workable and sound, the assumptions are reasonable and premium rates are fair. Signature of the appointed actuary. Place: Mumbai Date: ^mz- Counter Signature of the principal officer.