Investment Plans 405 views June 3, 2020

ICICI Pru Smart Life Plan

During such inflation, it is necessary to make investments and accumulate a lot of funds for the future. But the investment is not only the solution because you will have to take care of your loved ones if you are not with them. So the best solution for the enhancement of your wealth is to take an investment insurance plan. You must be confused between the various investment insurance plans therefore you must take a look at the ICICI Pru Smart Life Plan. This plan will help you grow your wealth where your premium will be invested in the funds. All the investment risk will be borne by the policyholder. You have the choice to decide the policy term, premium, and the Sum Assured. Now, you must see all the details of this plan.

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Key Features of Smart Life Plan

  1. Life Cover Protection for the insured.
  2. Multiple Portfolio Strategies for making an investment.
  3. Flexibility of choosing the amount of premium.
  4. Enjoy Loyalty Benefits and Wealth Booster in this insurance plan.
  5. Get tax deduction under section 80C of the Income Tax Act 1961.
  6. Flexibility of choosing the term of the policy.

Eligibility Criteria for Different Types of Premiums

You will have the choice to decide the type of premium you want to pay. You can choose the regular pay option, limited pay option, single pay option in this policy. The eligibility criteria for all the payment options are different.

Regular Pay

ParticularsDetails
Premium Paying TermSame as the Term of the Policy
Minimum Amount of PremiumRs.45000 Per Annum
Maximum Amount of PremiumUnlimited
Minimum Age of Entry20 Years
Maximum Age of Entry54 Years
Minimum Policy Term10 Years
Maximum Policy Term25 Years
Minimum Age of Maturity30 Years
Maximum Age of Maturity64 Years

Limited Pay

ParticularsDetails
Premium Paying Term5 Years, 7 Years, and 10 Years
Minimum Amount of PremiumRs.45000 Per Annum
Maximum Amount of PremiumUnlimited
Minimum Age of Entry20 Years
Maximum Age of Entry48 Years
Minimum Policy Term of ICICI Pru Smart Wealth Plan10 Years
Maximum Policy Term25 Years
Minimum Age of Maturity30 Years
Maximum Age of Maturity64 Years

Single Pay

ParticularsDetails
Minimum Amount of PremiumRs.25000 Per Annum for the Entry Age Group of 29 Years to 35 Years.
Rs.48000 per annum for all other cases.
Maximum Amount of PremiumUnlimited
Minimum Age of Entry20 Years
Maximum Age of Entry54 Years
Policy Term10 Years
Minimum Age of Maturity30 Years
Maximum Age of Maturity64 Years

Benefits of ICICI Pru Smart Life Plan

There are various benefits of this investment insurance plan. If you think that you are eligible to take the plan then you must explore all the benefits of this policy.

Death Benefits

In case of unfortunate death of the insured, the nominee is entitled to receive the death benefits into two parts. The nominee will get the Smart benefit and lump sum benefit. The Lump Sum benefit will be the highest of the following:-

  1. Sum Assured
  2. Minimum Death Benefit

The amount of the minimum death benefit will be 105% of the premium including the amount of the top-up premium.

Smart Benefit

In the smart benefit of the ICICI Pru Smart Life Plan, the company will allocate the units equivalent to the installment premiums on the subsequent premiums due dates. This benefit will be not given to the policyholders who have taken the Single Pay Premium option.

Maturity Benefit

After the successful survival of the Policy Term, you are entitled to receive the maturity benefits that include the Fund Value including the top-up Fund Value. You can take the maturity benefits as a lump sum or as a structured payout given below.

  1. Yearly
  2. Half-Yearly
  3. Quarterly
  4. Monthly

Loyalty Additions

Get a Loyalty Addition of 0.25% every year after the completion of 5 policy years. This addition will continue from the 6th year and remain until the expiry of the policy term.

Wealth Booster

There is a guaranteed addition in the fund value and it is known as the wealth booster. The company will boost your fund value by 3.25% for Limited and Regular pay and 1.50% for Single Pay at the end of every 5th year after the completion of 10 policy years.

Manage your Funds

You have the freedom to switch between funds as per your needs and preference. There is no extra charge in this benefit and the minimum amount is Rs.2000 for switching from one fund to another.

Add Rider to the Policy

You can add rider in the same ICICI Pru Smart Life Plan. The rider allowed in this policy is the Unit Linked Accidental Death Rider.

Top-up benefits

You can invest a surplus amount in the same insurance plan to enjoy more benefits. Adding a top-up premium will also increase the amount of the sum assured but the minimum amount for the top-up premium is Rs.2000.

Partial Withdrawal

You are allowed to make partial withdrawals from the policy in case of an emergency and it is only allowed if you have paid all the premiums in the first five years regularly. You are allowed to take only 20% of the fund value in a policy year as the partial withdrawal.

Decrease Policy Term and the Sum Assured

In this policy, you can decrease the amount of the Sum Assured and the Policy Term as per your needs. You will just have to inform the company about the changes and the company will implement your request immediately.

Types of Investment Portfolio Strategies

There are two types of Investment Strategies in this Policy:-

  1. Fixed Portfolio Strategy
  2. LifeCycle Based Portfolio Strategy 2

Charges of the Smart Life Plan

Now you must explore all the charges that are included in this policy.

Premium Allocation Charge

  1. 3% for Single Pay Premium
  2. 2% to 6% for Limited and Regular Pay with the Premium Frequency of Annual Payments
  3. 2% to 4% for Limited and Regular Pay with the Premium Frequency of Monthly or Half-Yearly Payments

Fund Management Charge

0.75% to 1.35% of the Fund Value

Mortality Charges

1.80 to 17.45 per thousand

Policy Administration Charge

  1. Rs.720 per annum for the Single Pay option
  2. 2.25% per annum of the Annual Premium for Regular and Limited Pay

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