- About Coverfox
ICICI Pru Signature is a unit linked non-participating life insurance plan.It offers a life cover to secure the policyholder’s family in case of the individual’s demise during the policy period, and flexible investment options to help achieve different financial goals. With choice of four portfolio strategies and a range of funds, ICICI Pru Signature gives policyholders the flexibility to invest as per his or her needs.
About ICICI Prudential Life Insurance: ICICI Prudential Life Insurance is promoted by ICICI Bank and Prudential Corporation Holdings. The company started its operations in fiscal year 2001, and has been among the leading players in India’s life insurance sector. Its Assets Under Management, as on 31st March 2019, were Rs. 1,604.10 billion.
(Note - All the information contained in this page has been sourced from the official website of ICICI Prudential Life Insurance.) Features of ICICI Pru Signature
The features of ICICI Pru Signature are as under:
Return of Mortality Charges and Policy Administration Charges:An amount that equals the overall mortality charges and policy administration charges deducted in the policy shall be added back to the fund value at maturity. This sum will be allocated among the funds in the same proportion as the value of total units held in each fund during allocation. This won’t include any extra mortality charges and taxes levied on the charges deducted as per prevailing tax laws.
Return of Mortality Charges and Policy Administration Charges would not apply for the Whole Life option.
Wealth Boosters:The insurer will allocate extra units to the policy at the end of every fifth policy year, beginning from the end of tenth policy year till the end of the policy period. Each wealth booster equals 3.25% of the average of the Fund Values, including Top-up Fund Value (if any), on the last business day of the last eight policy quarters. Wealth boosters will get allotted among the funds in the same proportion as the value of total units held in each fund during allocation.
Death Benefit: In case of the life assured’s demise during the policy term, the below will be payable to the nominee:
Death Benefit = A or B or C, whichever is the highest, where
A = Sum Assured, including Top-up Sum Assured (if any) B = Minimum Death Benefit C = Fund Value, including the Top-up Fund Value (if any)
Minimum Death Benefit would be 105% of the total premiums including Top-up premiums, if any received up to the date of demise.
Maturity Benefit:On the policy’s maturity, the policyholder will receive the Fund Value, including the Top-up Fund Value (if any). There is the option to receive the maturity benefit either as a lump sum or as a structured pay-out using settlement option.
|Age at entry|
Minimum entry age: 0 years
Maximum entry age: 60 years
|Minimum / Maximum Policy terms|
10- 30 years, Whole Life
For Whole Life policy term option, policy term will be equal to 99 minus Age at entry
|Age at maturity|
For policies other than Whole Life: Minimum maturity age: 18 years Maximum maturity age: 75 years
For Whole Life option:
Maturity age: 99 years
|Premium payment term||For policies other than Whole Life: Limited Pay - 5, 7 and 10 years Regular Pay - Same as policy term For Whole Life option, Limited Pay: 7, 10 and 15 years|
|Minimum / Maximum premium||For policies other than Whole Life: Rs. 30,000 p.a. – Unlimited For Whole Life option: Rs. 60,000 p.a. – Unlimited|
|Premium payment modes||Yearly, Half-Yearly and Monthly|
To avail a unit linked insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are usually acceptable include:
ICICI Pru Signature is a special savings plan that can help with wealth creation, while protecting the policyholder’s loved ones through life insurance. Users are given the choice of four portfolio strategies and a wide range of funds.
If the life assured - sane or insane - commits suicide within 12 months from the date of the policy’s commencement or from the date of its revival, the Fund Value, including Top- up Fund Value (if any), as available on the date of intimation of demise, would be paid to the claimant. Any charges other than fund management charges and guarantee charges (if any) recovered following to the date of demise shall be added back to the fund value, as available on the date of intimation of death.
With ICICI Pru Signature, users can benefit from financial protection, loyalty rewards, unlimited free switches and tax benefits. Under the whole life option, policyholders can enjoy the plan's benefits till 99 years of age.
Frequently Asked Questions
Q.What are the premium payment modes under ICICI Pru Signature plan?
The premium payment modes available include Yearly, Half-Yearly and Monthly.
Q.What is the minimum premium applicable under ICICI Pru Signature plan?
For policies other than Whole Life, the minimum premium applicable is Rs. 30,000 p.a., while for the whole life option, the minimum premium is Rs. 60,000 p.a.
Q.What is the minimum and maximum policy period that one can select?
Individuals can choose a policy period minimum up to 10 years and maximum up to 30 years. For the Whole Life option, the policy period will be equal to 99 minus age of entry.
Q.What are the tax benefits associated with ICICI Pru Signature plan?
Policyholders can claim tax benefits under Section 80C of the Income Tax Act, 1961, for the premiums paid toward the policy. Additionally, proceeds from ICICI Pru Signature plan are tax-free in the hands of the receiver under Section 10(10D) of the Act.