ICICI Prudential Smart Life
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
Pay once for the entire tenure
In case of policy holder’s death
Diversify risk across portfolios
Extra units for staying invested for long term
Fixed portfolio strategy – below are the funds options available:
- Opportunities Fund
- Multi Cap Growth Fund
- Blue-chip Fund
- Maximiser V
- Multi Cap Balanced Fund
- 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.
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.
You can switch across the 7 fund options, the minimum switch is Rs. 2000. This feature is available under fixed portfolio strategy.
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.
Benefits
In case of death of the Life Insured, the nominee would get the below benefits:
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.
A deferred benefit that ensures that your savings for your desired goal continues uninterrupted.
On death of the Life Assured, if the policy status is discontinued, then, the Death Benefit will be the DP Fund Value
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.
On maturity, the Fund Value (including top fund value) is paid to the policyholder according to the investment option chosen.
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.
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
You can change portfolio strategy once a year
You can opt for this facility provided all the premiums are paid till date.
Eligibility
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 | ||
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.
FAQs
You stop paying the premium after 5 yearsPolicy 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 yearsPolicy 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 policyIf 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 policyThere is no loan available under this plan.
