ICICI Pru Smart Life
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| Launch Date | UIN | Status |
| 11/7/2018 | 105L145V06 | Active |
About ICICI Pru Smart Life
The ICICI Pru Smart Life plan is a unit-linked insurance plan that protects your family in addition to simultaneously building a fund for your retirement. The plan offers additional benefits of wealth boosters along with easy access to accumulated funds for flexibility in usage of money. Profits through this plan are made with secure investments in balanced, varied funds.
Let’s understand this plan in brief before getting into its details:
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Modes of Payment |
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Claim Settlement Ratio of the Insurer |
97.88% |
| USPs of the Policy |
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| Bonus Rate | Bonus rates change on a yearly basis according to the performance of the company. The bonus rate for FY 2017-18 for different policy terms is 0.25% of fund value (end of 5th year onwards) |
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Illustration |
Age: 30 years |
How Does This Plan Work?
Firstly, an individual is required to select a policy term of 10 to 25 years and choose a limited premium-payment term of 5, 7, or 10 years (policy term starts from 11 years for the 10-year PPT option). Minimum annual premium accepted for the plan is INR 45,000 and there is no maximum limit.
Premiums are invested in the following funds:
Opportunities Fund
- Equity and equity-related securities: 80% to 100%
- Debt: 0% to 20%
- Money market and cash: 0% to 20%
- Risk rating: High
Multi Cap Growth Fund
- Equity and equity-related securities: 80% to 100%
- Debt: 0% to 20%
- Money market and cash: 0% to 20%
- Risk rating: High
Bluechip Fund
- Equity and equity-related securities: 80% to 100%
- Debt: 0% to 20%
- Money market and cash: 0% to 20%
- Risk rating: High
Maximiser V
- Equity and equity-related securities: 75% to 100%
- Debt: 0% to 25%
- Money market and cash: 0% to 25%
- Risk rating: High
Value Enhancer Fund
- Equity and equity-related securities: 85% to 100%
- Debt: 0% to 15%
- Money market and cash: 0% to 15%
- Risk rating: High
Multi Cap Balanced Fund
- Equity and equity-related securities: 0% to 60%
- Debt: 20% to 70%
- Money market and cash: 0% to 50%
- Risk rating: Moderate
Secure Opportunities Fund
- Debt: 60% to 100%
- Money market and cash: 0% to 40%
- Risk rating: Low
Income Fund
- Debt: 40% to 100%
- Money market and cash: 0% to 60%
- Risk rating: Low
Money Market Fund
- Debt: 0% to 50%
- Money market and cash: 50% to 100%
- Risk rating: Low
Maximise India Fund
- Equity and equity-related securities: 80% to 100%
- Debt: 0% to 20%
- Money market and cash: 0% to 20%
- Risk rating: High
Active Asset Allocation Balanced Fund
- Equity and equity-related securities: 70% and 30%
- Debt: 70% and 30%
- Money market and cash: 40% and 0%
- Risk rating: Moderate
Guaranteed Additions
Here are the guaranteed additions:
- Loyalty Additions – 0.25% of the fund value starting from the end of the 6th policy year
- Wealth Boosters – 1.50% of the fund value starting from the end of the 10th policy year
Maturity Benefits
On maturity of the policy, the individual receives the fund value, including the top-up fund value (if any). This is paid on the maturity of the fund even if the life insured doesn’t survive the policy term.
It can be withdrawn as a lump sum amount or as a structured pay-out using the settlement option.
Death Benefits
In case of the untimely demise of the insured, the nominee receives both of the following:
- Lump Sum Benefit – This will be equal to the higher of the following:
- Sum assured
- Minimum death benefit, which is 105% of the total premiums paid + top-up premiums
- Smart Benefit – This is a deferred benefit in which the accumulated units will be used to pay due premiums until the end of the premium-payment term.
On the maturity of the plan, the nominee will receive the fund value + top-up fund value (if any)
Riders
This plan provides the Unit-linked Accidental Death rider, which gives an additional life cover similar to that of the base plan opted for.
COMPARE & BUY SIMILAR PLANS
Why Should I Buy This Plan?
In addition to the benefits mentioned earlier, here are some more reasons to consider buying the ICICI Pru Smart Life plan:
- Flexibility to invest in 11 funds to match your risk appetite
- After 5 policy years, free partial withdrawals are allowed till 20% of the total fund value
- Switching between funds is allowed for a nominal cost
In case of the policyholder’s untimely demise, a lump sum payment is made in addition to waiving off the premiums and offering a lump sum payment again on the maturity of the plan.
Who Should Buy This Plan?
The plan can be purchased by citizens of India with a minimum age of 20 and maximum age of 54, though the age of entry varies according to the premium amount. The plan is a perfect investment option with a death cover. It is a safe and simple method to make profits from the share market in a flexible manner.
Company Overview
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, a leading player in financial services sector based in UK. ICICI Prudential Life began operations in 2000 and was one of the first private sector companies, in India, to get IRDA’s approval. Along with its 7 other bancassurance partners and large distribution network, ICICI Prudential has turned into a formidable player in Indian life insurance sector.
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