ICICI Pru Smart Life Plan is a unit linked life insurance plan offered by ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life). ICICI Prudential Life is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. In FY 2015, ICICI Prudential Life became the first private life insurer to attain assets under management of Rs. 1 trillion, and also the first insurance company in India to be listed on NSE and BSE.
ICICI Pru Smart Life is a savings and protection oriented unit linked insurance plan which offers multiple choices on how to invest, so that you can accumulate funds towards your desired goals, while providing you with a life insurance cover to your family.
Note: All information has been sourced from the official website of ICICI Prudential.
The key features of this plan are:
The key benefits of this plan are:
Death Benefit - In case of death of the policyholder, the death benefit will be payable in two components.
The Lump Sum benefit is higher of the two amounts:
Minimum Death Benefit = 105% of the total premiums including Top-up premiums, if any received up to the date of death.
Smart Benefit - Under this benefit, units equivalent to the instalment premium will be allocated by the insurer on the subsequent premium due dates in case of death of the policyholder. Loyalty Additions and Wealth Boosters will continue to be allocated to the Fund Value. This benefit is not applicable for the One Pay option.
Maturity Benefit - On maturity, the Fund Value including the Top-up Fund Value, if any, will be payable. This is paid irrespective of the survival of the life assured till the maturity date. You will have an option to receive the Maturity Benefit as a lump sum or as a structured payout using Settlement Option. This option is available only where the Life Assured and the Policyholder are the same and the Life Assured survives till the end of the policy term. You can opt to get payments on a yearly, half yearly, quarterly or monthly (through ECS) basis, over a period of one to five years, post maturity.
Loyalty Additions and Wealth Boosters - The insurer will allocate extra units as below:
| Benefit | When | Percentage |
|---|---|---|
| Loyalty Additions | End of every policy year, starting from the end of the Loyalty Additions sixth policy year | 0.25% |
| Additional Loyalty Additions | End of every policy year, starting from the end of the sixth policy year if the premium for that year has been paid | 0.25% |
| Wealth Boosters | End of every fifth policy year, starting from the end of the tenth policy year | One Pay: 1.50% Limited Pay/Regular Pay: 3.25% |
These units will be allocated among the funds in the same proportion as the value of total units held in each fund at the time of allocation.
The eligibility criteria for this plan is: Regular Pay
| Premium payment term | Same as Policy Term |
|---|---|
| Minimum Premium | |
| Maximum Premium | Unlimited |
| Premium payment modes | Annual, Half-yearly and Monthly |
| Min/Max Policy term | 10 years to 25 years |
| Min/Max age at entry | 20/54 years |
| Min/ Max age at maturity | 30/64 years |
| Sum Assured |
One Pay
| Minimum Premium | Age at Entry | Sum Assured | Minimum Premium |
| 29– 35 years | 10 times of Single Premium | Rs. 1,25,000 | |
| All other cases | Rs. 48,000 | ||
| Maximum Premium | Unlimited | ||
| Policy term | 10 years | ||
| Min/Max age at entry | 20/54 years | ||
| Min/ Max age at maturity | 30/64 years | ||
| Sum Assured | Age at entry | Min. Sum Assured | Max. Sum Assured |
| Less than and equal to 35 years | 1.25 X Single Premium | 10 times of Single Premium | |
| Above 35 years | 1.25 X Single Premium | 1.25 times of Single Premium | |
| Note: Sum Assured amounts in between the maximum and minimum limits are not available in Single Pay option | |||
Limited Pay
| Premium payment term | 5 / 7 / 10 years |
| Minimum Premium | Rs. 45,000 p.a. |
| Maximum Premium | Unlimited |
| Premium payment modes | Annual, Half-yearly and Monthly |
| Min/Max Policy term | 5 Pay / 7 Pay – 10 years to 25 years 10 Pay – 11 years to 25 years |
Switch Between Funds - You have the option to switch between the available funds. The minimum value of a switch is Rs. 2000.
Unit Linked Accidental Death Rider - Under this rider, additional life cover similar to that of base ULIP plan will be provided, subject to maximum sum assured conditions.
Top-ups - You can invest any surplus money as Top-up premium, over and above the base premium(s), into the policy. The minimum Top-up premium is Rs. 2,000. A lock-in period of five years would apply for each Top-up premium for the purpose of partial withdrawals only.
Change in Portfolio Strategy - You can change your portfolio strategy once every policy year.
Partial Withdrawal - You can make unlimited number of partial withdrawals as long as the total amount of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy year. This is allowed after the completion of five policy years.
Decrease Sum Assured - You can choose to decrease your Sum Assured at any policy anniversary.
Decrease in Policy Term - You can choose to decrease your policy term by notifying the insurer.
Grace Period - The grace period for payment of premium is 15 days for monthly mode of premium payment and 30 days for other modes of premium payment.
The following documents are required to purchase ICICI Pru Plan:
The ICICI Pru Smart Life Plan is an excellent investment option if you are looking for a comprehensive protection plus insurance plan. With this plan, you can accumulate funds towards your desired goals along with life cover for your entire family.
Suicide - If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of commencement of the policy or from the date of policy revival, only the Fund Value, including Top- up Fund Value, if any, as available on the date of intimation of death, would be payable to the family of the policyholder.
