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ICICI Prudential Unit Linked Insurance Plans

A number of us look for products which offer multiple advantages. Unit Linked Insurance Plans or ULIPs as they are commonly called provide the dual benefit of protection plus saving, making them a popular option when it comes to insuring oneself. These plans offset inflation, offering returns based on the risk appetite of an individual. Unlike other investment modes, ULIPs secure the life of an investor, reducing stress and offering peace of mind. ICICI Prudential is one of the biggest insurers in the country, offering a host of options to those looking for ULIPs.

An investor can choose from different funds, with ULIPs offered by ICICI Prudential managed by professional fund managers. These are ideal for people who are not well-versed with markets, but wish to cash in on the returns provided by different investment instruments.

Benefits of ICICI Prudential Unit Linked Insurance Plans

Unit Linked Insurance Plans offered by ICICI Prudential offer a host of benefits, some of which are highlighted below:

  • Returns – These plans can offer higher returns through investments in debt/equity funds. This ensures that inflation doesn’t dilute the initial investment amount.
  • Safety – In addition to decent returns, these plans provide life cover to the individual, thereby ensuring that any unforeseen event doesn’t lead to financial turmoil.
  • Bonus – These plans are eligible for bonuses, thereby boosting the overall portfolio of an investor.
  • Tax savings – A policyholder can avail tax benefits on the premiums paid under Section 80C of the Income Tax Act. Additionally, the money received at maturity is also eligible for tax benefits under Section 10(10D) of the same act.
  • Flexible – An individual can choose from different funds, based on his/her risk appetite. Additionally, one can also choose the duration of cover, the sum assured, premium payment frequency, etc.
  • Savings – These plans provide incentives to save, boosting the habit of saving among people.
  • Top-up – A policyholder can choose to invest any additional amount in these plans, thereby utilising resources efficiently.
  • Professional management – These funds are managed by professionals who are aware of market conditions and trends. This can help minimise losses, in addition to providing a sense of comfort to investors.

Types of Unit Linked Insurance Plans offered by ICICI Prudential

ICICI Prudential currently offers six different unit linked plans, as highlighted below:

ICICI Pru Smart Life:

A savings cum protection ULIP, this is ideal for those looking to secure the finances of their loved ones. The policy offers no liquidity for the first five years, post which partial withdrawal is permitted. Under the scheme, a lumpsum amount is paid to the nominee if a policyholder passes away during the policy term. Additionally, all future premiums are waived in this case. One can choose from 8 different funds, based on their future requirements and risk appetite. The policy pays a maturity benefit at the end of the policy term.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Smart Life Minimum: 20 years Maximum: 54 years Minimum: 30 years Maximum: 64 years Minimum: Based on entry age
  • 20-49 years – Rs.45,000 per year
  • 50-52 years – Rs.1.2 lakh per year
  • 53-54 years – Rs.5 lakh per year
Maximum: No upper limit

ICICI Pru Wealth Builder II:

This is designed to enhance the savings of an individual. Just like other ULIPs, this too offers life cover, with two portfolio options to choose from. A policyholder can choose a fixed portfolio strategy or a personalised strategy, based on their individual needs. There are seven fund options available under this scheme, with a policy earning loyalty benefits as well. A maturity benefit equivalent to the fund value is paid on completion of the policy term. If a policyholder passes away during this period, a death benefit is paid to his/her nominee.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Wealth Builder II Minimum: 0 years Maximum:
  • One pay – 69 years
  • Limited pay – 55 years
  • Regular pay – 65 years
Minimum: 18 years Maximum:
  • One pay – 79 years
  • Limited pay – 69 years
  • Regular pay – 75 years
Minimum:
  • One pay – Rs.48,000
  • Limited/Regular pay – Rs.24,000 per year
Maximum: No upper limit

ICICI Pru Guaranteed Wealth Protector:

This unit linked policy is ideal for those individuals who are looking to get higher returns on their investment. The USP of ICICI Pru Guaranteed Wealth Protector Plan is that it invests a certain percentage of the money in equity, offering capital guarantee, thereby ensuring that no matter what happens, your money will not lose its value. In addition to offering high returns, it also provides life cover. One can choose from two fund options, namely the Life Growth Fund, which is a high risk fund, and the Life Secure Fund, which is a low risk fund.

In the unfortunate event of demise of policyholder within the policy term, a death benefit will be paid to the nominee. This is the highest of the sum assured, fund value at death, or 105% of all premiums paid. The policyholder is also entitled to a maturity benefit on completion of the policy term. In addition to these, the policy also earns loyalty additions every year, with wealth boosters added to the policy after the tenth policy year.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Guaranteed Wealth Protector Minimum: 8 years Maximum:
  • Single premium – 70 years
  • 5 year PPT – 60 years
Minimum: 18 years Maximum:
  • Single premium – 80 years
  • 5 year PPT – 70 years
Minimum:
  • Single premium – Rs.48,000
  • 5 year PPT – Rs.24,000 per year (annual mode)
  • Rs.48,000 per year (other modes)
Maximum: No upper limit

ICICI Pru Smart Kid Solution:

This plan is designed for parents who wish to secure the future of their children. It is primarily intended to provide money to educate a child, with the parent being the life assured in this scheme. The child is the nominee in ICICI Pru Smart Kid Solution. With cost of education going up, it is imperative to plan ahead, which is exactly what this plan does. A parent can choose from 8 different funds, based on their risk appetite and growth requirements. Liquidity is a key feature of this plan, allowing one to withdraw money at different intervals. The scheme provides three major benefits, ensuring that the education of a child is not hampered regardless of what happens. In the event of demise of policyholder, the sum assured is paid as a lumpsum. In addition to this, all future premiums are taken care of by the company, ensuring that the demise of a policyholder doesn’t dilute the value of a plan. On completion of the policy term, the fund value is paid out. Additionally, the policy also earns extra fund units every year, with wealth boosters allotted after the policy completes five years.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Smart Kid Solution Minimum: 20 years Maximum: 54 years Minimum: 30 years Maximum: 64 years Minimum: Regular pay
  • Rs.45,000 per year if entry age is between 20 and 49 years
  • Rs.1.2 lakh per year if entry age is between 50 and 52 years
  • Rs.5 lakh per year if entry age is between 53 and 54 years
One pay
  • Rs.48,000 if entry age is between 20 and 54 years (sum assured is 1.25 x premium)
  • Rs.48,000 if entry age is between 20 and 28 years (sum assured is 10 x premium)
  • Rs.1.25 lakh if entry age is between 29 and 35 years (sum assured is 10 x premium)
Maximum: No upper limit

ICICI Pru Elite Life II:

This unit linked scheme is designed for those who are used to the finer things in life. A costlier option compared to other policies, it caters to a specific customer audience. One can choose from two portfolio strategies, the Fixed Portfolio, and LifeCycle based Portfolio, each designed for a particular purpose. Under the Fixed Portfolio, a policyholder can choose the fund he/she wishes to invest in, whereas in the LifeCycle based Portfolio, a personalised investment strategy is created for the policyholder. There are 7 fund options to choose from, with unlimited switching allowed. The scheme not only offers a maturity benefit equivalent to the fund value on completion of the term, it also offers a death benefit if the policyholder passes away before the policy term ends. The investment also earns additional units and wealth boosters at regular intervals, thereby offering greater returns. Individuals who are in dire need of money can make partial withdrawals from their fund as well.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Elite Life II Minimum: 0 years Maximum:
  • One pay – 69 years
  • Five pay – 55 years
  • Regular pay – 69 years
Minimum: 18 years Maximum:
  • One pay – 79 years
  • Five pay – 75 years
  • Regular pay – 79 years
Minimum:
  • One pay – Rs.2 lakh
Five/Regular pay
  • Rs.2 lakh per year if premium payment mode is yearly/half-yearly
  • Rs.3 lakh per year if premium is paid monthly
Maximum: NA

ICICI Pru Elite Wealth II:

This unit linked scheme is designed for people who enjoy the better things in life. It is an expensive plan, with premium requirements on the higher end of the spectrum. A policyholder can choose to customise this plan based on his/her growth expectations, with the policy offering a choice between two portfolio strategies, a Fixed Portfolio Strategy and the LifeCycle based Portfolio Strategy. A policy earns regular loyalty additions and wealth boosters, thereby increasing the overall fund value. There are 7 different fund options available under this scheme, with unlimited switching permitted. In addition to growth, this scheme also provides life cover, under which the nominee of a policyholder will be paid the death benefit if the policyholder passes away during the policy period. This death benefit is the highest of the sum assured, the fund value, or 105% of all premiums paid. On completion of policy term, a maturity benefit is paid to the policyholder.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Elite Wealth II Minimum: 0 years Maximum:
  • Regular/One pay – 70 years
  • Five pay – 55 years
Minimum: 18 years Maximum:
  • Regular/One pay – 80 years
  • Five pay – 75 years
Minimum:
  • One pay – Rs.5 lakh
  • Regular/Five pay – Rs.5 lakh per year
Maximum: NA

Why do you need ICICI Prudential Unit Linked Insurance Plans?

In this current day and time it is not sufficient for us to depend on our current resources to meet future requirements. With cost of living rising exponentially, it is imperative that we invest our money in resources which can keep pace with this increase. ICICI Prudential’s Unit Linked Plans are ideal for those looking to secure their financial future, with the cherry on top being the life cover which these plans provide.

One can choose from a range of schemes, finding one which matches their current lifestyle and future growth expectations. ICICI Prudential provides the flexibility to customise these plans, with a diverse range of funds on offer. Additionally, these plans cover a wide spectrum of risks and premiums, thereby ensuring that no one is left out.

Knowing that the future of one’s family is secure is a great motivator to live life to the fullest, which is exactly what ICICI Prudential Unit Linked Schemes enable policyholders to do. In addition to protection and returns on investment, they also help save money on taxes, making them a must-have.

Be it for your own personal growth or to save money for the education of your children, ICICI Prudential has a plan for everyone. They have a dedicated fund management team which looks after the fund performance, thereby ensuring that even those with limited knowledge of investments can gain from them.

ICICI Prudential is also one of the biggest names in the Indian insurance industry, with the private insurer having one of the highest claim settlement ratios in the country (96.20% as of 2015-2016). The grievances solved ratio of ICICI Pru during 2015-2016 was 99.87%, highlighting the company’s commitment to its customers. All these factors make ICICI Prudential’s Unit Linked plans a must-have.