Investment Plans 1325 views May 29, 2020

ICICI Pru Signature Plan

Nowadays making an investment is the right decision but an investment with a risk cover is a cherry on the cake. Therefore, there are many companies that offer an investment insurance plan that covers the risk of your life and helps you to accumulate more funds for the future. So, you can explore the ICICI Pru Signature Plan that is a unit-linked insurance plan in which you have the power to manage the risk portfolio. It has flexible options for investment that will help you to multiply your funds. You can enjoy wealth booster after the 10th policy year and increase the value of your invested funds. Let’s have a look at the features and benefits of this investment insurance plan.

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Features of ICICI Pru Signature ULIP Plan

  1. Get a life cover for the entire policy term so that your family won’t get financially affected.
  2. Get a wealth booster on the span of every 5 years after the completion of the 10th policy year.
  3. Return of Policy Administration Charges and Mortality Charges at the time of Maturity.
  4. Flexibility of choosing the Portfolio Management Strategy among the 4 options
  5. Withdraw Money Regularly from your policy under a Systematic withdrawal plan.
  6. Enjoy tax deduction under Section 80C while computing your income

Benefits of the ICICI Pru Signature Policy

There are some unique benefits of this policy that will be helpful for the accumulation of funds. You can cover the financial risk of your family with this insurance plan even when you are not with them.

Death Benefits

During the unfortunate death of the policyholder, the nominee will receive the highest of the following amounts:-

  1. Sum Assured including the Top-Up Sum Assured.
  2. Minimum Death Benefit
  3. Value of the Funds including the Top-up fund value.
  4. The value of the minimum death benefit will be 105% of the total premiums paid including the amount of the top-up premiums that are received until the death of the policyholder.

Maturity Benefits

At the time of the maturity of the policy, you are entitled to receive the Fund Value including the top-up Fund Value. You can take the maturity benefits as a lump sum or as a structured payout using the settlement option.
Partial Withdrawal Benefits

In case of an emergency, you are allowed to make partial withdrawals from the policy and it is only allowed if you made regular payment of all the premiums in the first five years. You cannot take more than 20% of the fund value in a policy year as the partial withdrawal.

Option for Settlement

There are various options for settling the maturity amount in the ICICI Pru Signature Policy. You can take the maturity
amount in the following manner:-

  1. Yearly
  2. Half-Yearly
  3. Quarterly
  4. Monthly
  5. Lump Sum

If in case the policyholder dies during the settlement period then the nominee is entitled to take the following Sum of money whichever is higher:-

  1. Fund Value including the Top-up Fund Value.
  2. 105% of the Total Premiums Paid

Switch Between Funds

You can switch between funds as per your needs and preference if you have chosen the Fixed Portfolio Strategy. This Benefit doesn’t include any charges and the minimum amount for switching from one fund to another is Rs.2000.

Top-Up Benefits

You have the option to invest a surplus amount in the same insurance plan to increase your benefits. Adding a top-up premium will increase the amount of the sum assured and the minimum amount for the top-up premium is Rs.2000.

Increase or Decrease the Sum Assured

The company also allows you to increase or decrease the amount of the Sum Assured. You can manage the Sum Assured during the policy term but any adjustment in the Sum Assured will not affect the amount of premium payable.

Increase your Policy Term

You can increase the term of your policy by just informing the company. The term of policy can be increased in the ICICI Pru Signature Plan but you cannot decrease it.

Wealth Booster

There is a guaranteed addition of money in the fund value that is known as the wealth booster. The company will boost your fund value including the top-up fund value by 3.25% of the funds on every 5th year after the completion of the 10 policy years.

No Mortality Charges and Administration Charges

The ICICI Prudential Insurance Company will add all the deductions made in the name of Mortality Charges and Administrative Charges at the time of the maturity into your fund value. It simply means that all your mortality charges and administrative charges will be refunded at the time of maturity.

Types of Management Portfolio Strategies

  1. Target Asset Allocation Strategy
  2. Trigger Portfolio Strategy 2
  3. Fixed Portfolio Strategy
  4. Lifecycle Based Portfolio Strategy 2

About the Policy

ParticularsDetails
Premium Paying Term· 5 Years, 7 Years, and 10 Years for Limited Pay.
· Same as the Policy Term for Regular Pay.
Minimum Policy Term10 Years
Maximum Policy Term30 Years and Whole Life for the Whole Life Policy Option
Minimum Premium AmountRs.30000
Rs.60000 for the Whole Life Option
Maximum Premium AmountNo Limit
Premium Paying FrequencyMonthly, Half-Yearly, and Yearly
Minimum Sum Assured7 Times of the Annualised Premium
Maximum Sum Assured10 Times of the Annualised Premium
Top-Up Sum Assured1.25 Times of the Top-Up Premium
Minimum Age of Entry0 Years
Maximum Age of Entry60 Years
Minimum Maturity Age18 Years
Maximum Maturity Age75 Years
Maturity for Whole Life Option99 Years

About ICICI Prudential Life Insurance

The ICICI Pru Signature Plan is a product of the ICICI Prudential Life Insurance Company. Before taking this plan you must go through the company’s profile. The ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential Corporation. It was established in the year 2000 and now it has a variety of insurance products. There are various insurance plans that a person can choose depending upon the needs and the preference.

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