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ICICI Pru Smart Life Plan

ICICI Pru Smart Life Planis 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 Lifeis 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 alife insurance cover to your family.

Note: All information has been sourced from the official website of ICICI Prudential.

Features of ICICI Pru Smart Life Plan

The key features of this plan are:

  • Lump sum payment of Sum Assured in case of death of the policyholder
  • Waiver of all future premiums payable
  • Option to select the portfolio strategy of your choice - Fixed Portfolio Strategy or Life Cycle based portfolio strategy 2
  • Flexibility of premium payment
  • Partial withdrawals are allowed post completion of five policy years
  • Get rewarded with Loyalty Additions and Wealth Boosters
  • Option to select the level of protection

Benefits of ICICI Pru Smart Life Plan

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.

  • Lump Sum Benefit - A benefit paid out at the time of claim to take care of any immediate liabilities of the family.
  • Smart Benefit - A deferred benefit that ensures that your savings for your desired goal continues uninterrupted.

The Lump Sum benefit is higher of the two amounts:

  • Sum Assured
  • Minimum Death Benefit

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:

BenefitWhenPercentage
Loyalty AdditionsEnd of every policy year, starting from the end of the Loyalty Additions sixth policy year0.25%
Additional Loyalty AdditionsEnd of every policy year, starting from the end of the sixth policy year if the premium for that year has been paid0.25%
Wealth BoostersEnd 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.

Eligibility Criteria

The eligibility criteria for this plan is: Regular Pay

Premium payment termSame as Policy Term
Minimum Premium
Maximum PremiumUnlimited
Premium payment modesAnnual, Half-yearly and Monthly
Min/Max Policy term10 years to 25 years
Min/Max age at entry20/54 years
Min/ Max age at maturity30/64 years
Sum Assured

One Pay

Minimum PremiumAge at EntrySum AssuredMinimum Premium
29– 35 years10 times of Single PremiumRs. 1,25,000
All other casesRs. 48,000
Maximum PremiumUnlimited
Policy term10 years
Min/Max age at entry20/54 years
Min/ Max age at maturity30/64 years
Sum AssuredAge at entryMin. Sum AssuredMax. Sum Assured
Less than and equal to 35 years1.25 X Single Premium10 times of Single Premium
Above 35 years1.25 X Single Premium1.25 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 term5 / 7 / 10 years
Minimum PremiumRs. 45,000 p.a.
Maximum PremiumUnlimited
Premium payment modesAnnual, Half-yearly and Monthly
Min/Max Policy term
5 Pay / 7 Pay – 10 years to 25 years
10 Pay – 11 years to 25 years

Additional Features and Riders

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.

Documents Required to Purchase ICICI Pru Smart Life Plan

The following documents are required to purchase ICICI Pru Plan:

  • Application Form
  • KYC Details - Proof of ID and Address
  • Income Statement
  • SIP/Auto Debit/SI Bank Mandate Form
  • Medical Check-up/report, if required

Why you should Buy ICICI Pru Smart Life 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.

Exclusions under ICICI Pru Smart Life Plan

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.

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