ICICI Pru Smart Life Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
ICICI Pru Smart Life Plan is a savings and protection oriented unit linked insurance plan. Under this ICICI ULIP Plan, there are multiple choices for investment enabling the policyholder to accumulate adequate funds to achieve their financial goal. Apart from accumulation of funds, the ICICI Pru Smart Life Plan also provides a life insurance cover to support your family in your absence.
Eligibility - Who is the ICICI Pru Smart Life Plan for?
The ICICI Pru Smart Life Plan offers comprehensive protection in the unfortunate even of death of the Life Assured. Given below are certain eligibility criteria that need to be met when applying for the plan:
| Minimum age at entry | 20 years |
| Maximum age at entry | 54 years |
| Minimum age at maturity | 30 years |
| Maximum age at maturity | 64 years |
| Premium Payment Term | Same as Policy term |
| Type of plan | Unit linked insurance plan |
Sum Assured and Premium Range - What you Get and What it Costs?
The table given below the Sum Assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Smart Life Plan.
One Pay
| Minimum Premium | Entry age between 29 – 35 years – Rs.1,25,000 (Where Sum Assured is 10 times of Single Premium) | ||
| Maximum Premium | No limit | ||
| Policy Term | 10 years | ||
| Sum Assured | Entry age | Min. Sum Assured | Max. Sum Assured |
| 35 years and below | 1.25 X Single Premium | 10 X Single Premium | |
| Above 35 years | 1.25 X Single Premium | 1.25 X Single Premium | |
Regular Pay
| Minimum Premium | Entry age 20 – 49 years – Rs.45, 000 p.a. 50 – 52 years – Rs.1, 20,000 p.a. 53 – 54 years – Rs.5,00,000 p.a. | ||
| Maximum Premium | No limit | ||
| Policy Term | 10 – 25 years | ||
| Sum Assured | Entry age (years) | Max. Sum Assured multiple | Min. Sum Assured |
| 20 – 25 | 30 | 10 X Annual Premium or 0.5 X Policy Term X Annual Premium (Whichever is higher) | |
| 26 – 30 | 25 | ||
| 31 – 35 | 15 | ||
| 36 – 40 | 15 | ||
| 41 – 44 | 15 | ||
| 45 - 54 | 10 | 7 X Annual Premium or 0.25 X Policy Term X Annual Premium (Whichever is higher) | |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru Smart Life Plan Covers?
The ICICI Pru Smart Life Plan offers the following benefits:
| Death Benefit | On death of the Life Assured, payable as lump sum or smart benefit |
| Maturity Benefit | On maturity of the policy, payable as lump sum or structured payout |
| Smart Benefit | On death of the Life Assured, units equivalent to the instalment premium |
| Loyalty Additions | End of every policy year, starting from the end of the sixth policy year – 0.25% |
| Wealth Boosters | End of every fifth policy year, starting from the end of the tenth policy year (One Pay – 1.50% Regular Pay – 3.25%) |
| Surrender Benefit | On surrender in the first five policy years, the Fund Value including the Top-up Value is transferred to the DP Fund (Discontinued Policy Fund) |
| Tax Benefit | On Premiums and Benefits received as per prevailing tax laws |
Benefits in Detail:
Death Benefit: In case of death of Life Assured under this plan, the Death Benefit is either payable as lump sum benefit or as smart benefit. The lump sum benefit is either the Sum Assured or the minimum Death Benefit, whichever is higher. Minimum Death Benefit is 105% of the total premiums paid, inclusive of Top-up premiums.
Smart Benefit: If all due premiums are paid on time, ICICI Prudential allocates units equivalent to the installment premium on the subsequent premium due dates. It is not applicable for the One Pay option.
Maturity Benefit: On maturity of policy, ICICI grants the policyholder the Fund Value along with the Top-up Fund Value, if any. This benefit is payable irrespective of the survival of the Life Assured until the policy’s maturity.
Loyalty Additions and Wealth Boosters: Under this plan, the company allocates extra units as below:
| Benefit | Time of allocation | Percentage |
| Loyalty Additions | At the end of every policy year (Commencing from the end of the sixth policy year) | 0.25% |
| Extra Loyalty Additions | At the end of every policy year (Commencing from the end of the sixth policy year, provided the premium is paid for that year) | 0.25% |
| Wealth Boosters | At the end of every fifth policy year (Commencing from the end of the tenth policy year) | One Pay – 1.50% Regular Pay – 3.25% |
Surrender Benefit: If you wish to surrender your policy during the first five policy years, the Fund Value inclusive of the Top-up Fund Value is transferred to the DP Fund, after deduction of applicable Discontinuance Charge.
Portfolio Strategies under the ICICI Pru Smart Life Plan:
Under this plan, you can choose from two portfolio strategies:
- Fixed Portfolio Strategy – Under this strategy, you can invest in any of the following funds in proportions of your choice:
| Fund Name | Risk Reward Profile |
| Opportunities Fund | High |
| Multi Cap Growth Fund | High |
| Bluechip Fund | High |
| Maximiser V | High |
| Multi Cap Balanced Fund | Moderate |
| Income Fund | Low |
| Money Market Fund | Low |
| Maximise India Fund | High |
- Life Cycle based Portfolio Strategy 2 – Under this strategy, your investments are distributed between Multi Cap Growth Fund and Income Fund, based on your age. The units are then rebalanced on a quarterly basis.
Add-On Plans – Additional Coverage under the ICICI Pru Smart Life Plan:
Under the ICICI Pru Smart Life Plan, the policyholder can opt for additional protection through the Unit Linked Accidental Death Rider. Which offers similar cover to that of the base ULIP plan, subject to maximum sum assured conditions.
Exclusions - What the ICICI Pru Smart Life Plan doesn’t Cover?
Suicide Exclusion: Under the ICICI Pru Smart Life Plan, if the Life Assured commits suicide despite being either sane or insane within a year from the policy’s issuance or revival date, only the Fund Value along with Top-up Fund Value is payable on the date of death.
Other Key Features:
Some of the other main features of the ICICI Pru Smart Life Plan are:
| Particulars | Details |
| Free-look period |
|
| Policy Revival |
|
| Grace Period | Monthly mode – 15 days Other modes – 30 days |
| Premium Discontinuance |
Applicable only for Regular Pay Policies Two options:
|
Tax Benefits – How you can save with the ICICI Pru Smart Life Plan?
Under the Smart Life Plan, policyholders can avail tax benefits as per prevailing tax laws.
Other Benefits:
Some of the benefits that can be utilised by a policyholder while purchasing the ICICI Pru Smart Life Plan are:
- Opt for a financial advisor from the company
- Download online brochure of ICICI Pru Smart Life Plan
- Make comparison with other plans
- Request for a call back from the company
- Purchase a plan online
- Locate the nearest ICICI Prudential branch
Why you should Buy the ICICI Pru Smart Life Plan from ICICI Prudential?
ICICI Prudential Life boasts of a robust customer base owing to its cost-effective initiatives, superior quality of services, consistent fund performance, and hassle-free settlement. The company operates on four key values – Passion, Customer focus, Integrity, Humility, and Boundaryless, thereby making it a trustworthy company to purchase a policy from.
Frequently Asked Questions (FAQs):
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Is there an option to select ATS (Automatic Transfer Strategy) under the ICIC Pru Smart Life Plan towards investment options?
A. Yes, you can opt for ATS under the Fixed Portfolio Strategy of the plan, where the transfer is made in not more than 12 equal monthly instalments.
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What is the minimum transfer amount under ATS for Fixed Portfolio Strategy under this plan?
A. The minimum transfer amount for ATS under this plan towards Fixed Portfolio Strategy is Rs.2, 000.
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Under the Lifecycle based Portfolio Strategy 2, how can I ensure that short-term market volatility does not impact my accumulated savings?
A. In order to ensure that short-term market volatility does not have any effect on your savings, ICICI Prudential systematically transfers your investments in Multi Cap Growth Fund to Income Fund in ten instalments in the last ten quarters of your policy.
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What are non-negative claw-back additions under the ICICI Pru Smart Life Plan?
A. ICICI deduces specific non-negative claw-back additions in order to comply with the reduction in yield in the funds under the plan. In such cases, these additions are made to the unit Fund Value at different durations after first five years of the contract.
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Can I switch between the eight funds under the plan? If yes, what is the condition to make the switch?
A. Yes, you can switch between funds provided the monies are not in the DP Fund. This facility is available to you only if you have all your funds in the Fixed Portfolio Strategy at the time you want to make the switch. The minimum value of a switch is Rs.2, 000.
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What are the charges towards additional protection through the Unit Linked Accidental Death Rider (UL ADR) under the Smart Life Plan from ICICI Prudential?
A. Under this plan, the policyholder is charged for the UL ADR by cancelling units on a monthly basis.
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Can I top-up my premium into the policy? If yes, what is the minimum amount that is permitted as top-up?
A. Yes, you can invest additional money as Top-up premium, over and above the base premium into the policy. The minimum top-up premium that is allowed is Rs.2, 000.
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If I have selected a portfolio strategy at the beginning of the policy, can I change it later?
A. Yes, you can do so. Your portfolio strategy can be changed once in a year. The only condition is that the monies should not be in the DP Fund. The facility is provided free of cost.
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Does ICICI Prudential allow a partial withdrawal benefit under the Smart Life Plan?
A. Yes, ICICI allows policyholders of the Smart Life Plan to partially withdraw post completion of five policy years, provided monies are not in the DP Fund.
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If I want to decrease my Sum Assured within the policy term, when can I do so?
A. You can decrease your Sum Assured at any policy anniversary within the policy term, provided all Premiums have been paid on time.
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