We will call you back.
Just share your number for a call back in less than 15 minutes
ICICI Pru Smart Life is a savings cum protection oriented unit linked insurance plan that offers multiple fund choices, so you can accumulate funds and attain your desired goals. This plan also provides a life insurance coverage that can ensure financial security for your family.BUY NOW
This policy offers following 8 investment funds and you have the option to invest in any one or combination of fund options.
You have the option to choose from following two investment strategies that help manage your funds.
Fixed Portfolio Strategy: Under this investment strategy, you have the option to invest amongst 8 available investment funds and you can also switch from fund to another. Under this investment option, you can choose Automatic Transfer Strategy (ATS) that provides you the flexibility to invest all or some part of investment in Money Market Fund or Income Fund and transfer a fixed amount in regular monthly installments into Bluechip Fund, Maximiser V, Multi Cap Growth Fund, Maximise India Fund or Opportunities Fund. The minimum transfer amount allowed under ATS is Rs 2,000.
LifeCycle based Portfolio Strategy 2: Under this investment strategy, you have the option to invest as per your financial requirement and life stage needs.
You have the option to alter your portfolio strategy once every policy year and it can be exercised free of cost.
In the event of death of the life assured while the policy is in-force, the Death Benefit payable is as follows:
Lump Sum Benefit: A lump sum amount is paid at the time of claim to take care of any immediate financial requirements of the family. The lump sum benefit is higher of Sum Assured or Minimum Death Benefit. The minimum death benefit cannot be less than 105% of the total premiums paid.
Smart Benefit: Units equivalent to the installment premium is allocated by the Company on the subsequent premium due dates. This benefit is not applicable, in case of One Pay option.
On survival of the life insured till the end of the policy term, the Total Fund Value including Top-up Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.
On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a period of 1 to 5 years, after the date of maturity. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period.
Loyalty Additions is allocated as extra units at the end of every policy year, starting from the end of the sixth policy year. Loyalty Additions as 0.25% of the average of the Fund Values including Top-up Fund Value, as on the last business day of the last eight policy quarters. An additional Loyalty Addition of 0.25% is paid every year from the end of sixth policy year, provided all premiums for that year have been paid. The allocation of Loyalty Addition units is guaranteed and it cannot be revoked by the company.
Wealth Boosters is allocated as extra units at the end of every fifth policy year, starting from the end of the tenth policy year. It is a percentage of the average of Fund Values including Top-up Fund Value, as on the last business day of the last eight policy quarters. Wealth Boosters is 1.50%/3.25% for one pay/regular pay, respectively.
Non-Negative Claw-Back Additions
Non-Negative Claw-Back Additions is applicable after the completion of 5 policy years, in order to comply with the reduction in yield.
Facility for Top-up Premium is available through the entire policy term, except during the last five years of the policy. The minimum top-up premium is Rs 2,000. The total top-up premium should not exceed the sum of base premiums paid.
You can switch among 8 available fund options to suit your changing investment needs, when opted for fixed portfolio strategy. The minimum amount allowed for switching is Rs 2,000.
Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums, when opted for fixed portfolio strategy. This benefit is not applicable for One Pay option.
Unlimited Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, life assured attains 18 years), provided the maximum partial withdrawal amount does not exceed 20% of the fund value in a policy year.
Decrease in Sum Assured
You can decrease the sum assured at any policy anniversary during the policy term and such alteration in sum assured is allowed in multiples of Rs 1000, subject to limits. Any decrease in Sum Assured does not result to change in the premium amount payable under the policy. Once the sum assured is decreased, it cannot be increased.
This plan is not eligible for the bonuses.
No loan benefit can be availed under this plan.
Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. A fund management charge of 0.50% per annum of the Linked Discontinued Policy Fund is applicable. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum or as stipulated by IRDAI is payable after the end of the lock-in period.
Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.
|Age (as on last birthday)||20 Years||54 Years|
|Age at Maturity||30 Years||64 Years|
|Policy Tenure||One Pay: 10 Years Regular Pay: 10 Years||Regular Pay: 25 Years|
|Premium Paying Term (PPT)||Single/Regular Pay||-|
|Premium Paying Mode||Single, Annually, Semi Annually & Monthly||-|
|Premium Amount||One Pay- Rs 1,25,000 (29– 35 Years), Rs 48,000 (other Cases) Regular Pay- Rs 45,000 (annual For 20 To 49 Years), Rs 1,20,000 (annual For 50 To 52 Years), Rs 5,00,000 (annual For 53 To 54 Years)||No Limit|
|Sum Assured||One Pay- >&=35 Years- 1.25 Times The Single Premium <35 Years- 1.25 Times The Single Premium Regular Pay- For 20 To 44 Years- Higher Of (10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium) For 45 To 54 Years- Higher Of (7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium)||One Pay- >&=35 Years- 10 Times The Single Premium <35 Years- 1.25 Times The Single Premium Regular Pay- For 20 To 44 Years- Sum Assured Multiple Varies From 15 To 30, Depending On The Age At Entry For 45 To 54 Years- Sum Assured Multiple Is 10|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
Unit Linked Accidental Death Rider can be opted, on payment of additional rider premium.
Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. For regular pay (annual mode), the premium allocation charge is 6%/5%/4%/2% for 1st policy year/2nd policy year/3rd to 5th policy year/6th policy year onwards, respectively. When opted for semi annually or monthly mode, It is 4%/3.5%/3%/2% for 1st & 2nd policy year/3rd policy year/4th & 5th policy year/6th policy year onwards, respectively. A discount of 1.0% in the premium allocation charge in the year 1 is given to customers who buy directly from the Company’s website.
For one pay, the premium allocation charge is 3%. A discount of 0.5% in the premium allocation charge is given to customers who buy directly from the Company’s website.
The premium allocation charge of 2% is levied on the top-up premiums.
Policy Administration Charge: For regular pay, Policy administration charge is 0.21% per month (2.52% per annum) of annual premium levied for the entire policy term. For one pay, Policy administration charge is Rs 60 per month (Rs 720 per annum) for the first five policy years. This charge is levied, subject to a maximum of Rs 500 per month (Rs 6000 per annum). This charge is deducted at the start of every month by cancelling appropriate units from the fund value.
Mortality Charges: Mortality charge is levied at Sum at Risk and it is applicable for providing you with the risk cover.
Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Maximiser V, Opportunities Fund, Multi Cap Growth Fund, Bluechip Fund, Maximise India Fund, Multi Cap Balanced Fund, and Income Fund, 0.75% p.a for Money Market Fund.
Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.
Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.
Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.
With an objective to build a corpus amount, Mohit invests with ICICI Pru Smart Life with the policy term of 15 years (regular pay), annual premium amount of Rs 1,00,000 and sum assured of Rs 10,00,000.
Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund Value including Top-up Fund Value is payable at maturity. Loyalty Additions and Wealth Boosters are also payable.
Scenario B- Death Benefit: In the event of his death during the policy term, A lump sum amount is paid at the time of claim to take care of any immediate financial requirements of the family and Smart Benefit as units equivalent to the installment premium is allocated by the Company on the subsequent premium due dates.