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ICICI Prudential Smart Life

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ICICI Pru Smart Life Plan Review 

ICICI Pru Smart Life Plan is a unit-linked insurance plan (ULIP). The plan offers multiple investment options and fund choices. The policyholder will receive the fund value on the maturity date. In the event of unfortunate death of policyholder during the policy term, the family will get the benefit amount. Waiver of Future premiums in case of death of policyholder makes the plan unique.

 

Key Features of ICICI Pru Smart Life Plan

  • Flexibility of premium payment – pay once for the entire tenure
  • Waiver of future premium – in case of policy holder’s death
  • Choice of portfolio strategy – diversify risk across portfolios
  • Loyalty benefits / Wealth Boosters – extra units for staying invested for long term
 
COMPARE THIS PLAN WITH OTHER ULIP PLANS


Benefits you get from ICICI Pru Smart Life Plan

Death Benefit – In case of death of the Life Insured, the nominee would get the below benefits:
Lump Sum Benefit - A benefit paid at the time of claim to take care of any immediate liabilities of the family. The Lump Sum benefit is higher of the two amounts:
Sum Assured
Minimum Death Benefit
Where, Minimum Death Benefit = 105% of the total premiums paid including Top-up premiums, if any.
Smart Benefit - A deferred benefit that ensures that your savings for your desired goal continues uninterrupted.
Discontinued policy (DP) Fund - On death of the Life Assured, if the policy status is discontinued, then, the Death Benefit will be the DP Fund Value.

Smart Benefit – On death of the life assured, provided all due premiums have been paid, units equivalent to the instalment premium will be allocated by the Company on the subsequent premium due dates. This benefit is not applicable for the One Pay option. 

Maturity Benefit – On maturity, the Fund Value (including top fund value) is paid to the policyholder according to the investment option chosen.

Loyalty Additions – Guaranteed loyalty additions units will be allocated every policy year, from 6th policy year onwards. It’s 0.25 % of average daily fund value and top-up, if any. 

Wealth Boosters - Guaranteed extra units will be allocated at the end of 5th policy, starting from 10th policy year. It’s percentage of average daily fund value and top-up, if any. Each addition will be – 
1.50% for one pay 
3.25% for regular pay

Change in portfolio strategy – you can change portfolio strategy once a year.

Decrease of sum assured and policy Term – you can opt for this facility provided all the premiums are paid till date.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

 

Eligibility conditions and other restrictions in ICICI Pru Smart Life

Regular Pay

Particulars

Minimum

Maximum

Entry Age (in years)

20

54

Maximum Maturity age (in years)

30

64

Policy Term (in years)

10

25

Maximum Premium

Unlimited

Premium Payment modes

Annual, Half yearly and monthly

Premium Payment Term

Equal to policy term

 

Premium

Age at entry (in years)

Minimum premium (in Rs.)

20-49

45000

50-52

120000

53-54

500000

Sum Assured (SA)

Age at entry (in years)

Maximum SA*

Minimum SA

20-25

30

Higher of (10* Annual Premium) and

(0.5*Policy term* Annual Premium)

26-30

25

31-35

15

36-40

15

41-44

15

45-54

10

Higher of (7* Annual Premium) and

(0.25*Policy term* Annual Premium)


One Pay

Particulars

Minimum

Maximum

Entry Age (in years)

20

54

 

Maximum Maturity age (in years)

30

64

 

Policy Term (in years)

10

Maximum Premium

Unlimited

Premium Payment Term

Equal to policy term

Premium

Age at entry (in years)

Sum Assured

Minimum Premium (in Rs.)

29-35

10* of single premium

125000

All other cases

48000

Sum Assured (SA

Age at entry (in years)

Maximum SA*

Minimum SA

Less than and equal to 35 years

1.25*Single Premium

10 times of Single Premium

1.25*Single Premium

Above 35 years

1.25*Single Premium



 

Additional Features and Benefits of ICICI Pru Smart Life 

1. Multiple portfolio options - 
Fixed portfolio strategy – below are the funds options available:
  1. Opportunities Fund
  2. Multi Cap Growth Fund
  3. Blue-chip Fund
  4. Maximiser V
  5. Multi Cap Balanced Fund
  6. Income Fund

2. ​Lifecycle based Portfolio Strategy - Your financial needs are not static and keep changing with your life stage. It is, therefore, necessary that your policy adapts to your changing needs. This need is fulfilled by the Lifecycle based Portfolio Strategy.

Top-up
This is an additional saving over and above your fund value, the minimum top up is 2000. Your Sum Assured will increase when you avail this facility.

Switching
You can switch across the 7 fund options, the minimum switch is Rs. 2000. This feature is available under fixed portfolio strategy.

Partial Withdrawal
Partial withdrawals are allowed only after completion of 5 policy years. One Partial Withdrawal is allowed in each policy year upto a maximum of 20% of the existing Fund Value. The minimum amount for partial withdrawal is Rs 2,000.

 

What happens if?

You stop paying the premium after 5 years – Policy holder can pay the unpaid premium, Surrender the policy, Convert the policy into paid up policy, continue the policy for a period of up to 2 years. If nothing from the above is selected, then the policy will be auto surrendered. 

You stop paying the premium before 5 years – Policy Holder can pay the unpaid premium, discontinue the policy, the funds will be moved to discontinue policy fund.  If nothing from the above is selected, then the policy will be converted to discontinued policy.

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 4% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value including top up value shall be paid immediately and the policy would be terminated.

You want a loan against your policy - There is no loan available under this plan.

 

Exclusions

If the Life Assured, commits suicide within one year from the date of issuance 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 death, would be payable. No charges will be deducted after the date of death.

If the Life assured, within one year from the effective date of increase in Sum Assured, then the amount of increase shall not be considered in the calculation of the death benefit.
 
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