ICICI Prudential Smart Life Plan

ICICI Prudential 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

  • Comprehensive protection to secure your goal
  • Choice of portfolio strategies
  • Flexibility of premium payment

Benefits

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

Add-ons

  • 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.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 20 54
POLICY TERM 10 25
AGE OF MATURITY 30 64
SUM ASSURED 45,000 NO LIMIT

What if?

  • I am unable to pay on time
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.
  • I stop the payment
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.
  • I wish to take a loan
There is no loan available under this plan.

Exclusions

  • If the Life Assured, whether sane or insane, 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.