ICICI Pru Smart Life

ICICI Pru Smart Life

This is a unit linked insurance plan. In this policy, the investment risk in investment portfolio is borne by the Policyholder. Unit linked Insurance products do not offer any liquidity during the first five years of the contract. The Policyholder will not be able to surrender/withdraw the monies invested in unit linked insurance products completely or partially till the end of the fifth year.

Taking care of your responsibilities towards your near and dear ones has always been one of your top most priorities. These responsibilities have many forms - providing the best education to your children, ensuring that your parents are financially independent or securing the lifestyle of you and your spouse post your retirement. In order to fulfil these responsibilities, you need a solution which will enable you to save towards these goals. At the same time, you will also want to ensure that your dreams for your family are not jeopardised if anything unfortunate happens to you.

With this objective in mind, we present ICICI Pru Smart Life - a savings and protection oriented Unit Linked Life Individual Product. This plan offers multiple choices on how to invest so that you can accumulate funds towards your desired goals, while providing you with a life insurance cover to protect those goals even in your absence.

Key benefits of ICICI Pru Smart Life

1. Comprehensive protection to secure your goal: In the unfortunate event of death of the Life Assured,
a. Lump sum payment of Sum Assured - to take care of any immediate liabilities on the family.
b. Waiver of all future premiums payable under the policy is available, provided all due premiums have been paid. Units will continue to be allocated as if the premiums are being paid - to ensure that your savings for your desired goal continues uninterrupted.

2. Choice of portfolio strategies: Select a portfolio strategy of your choice from,
a. Fixed Portfolio Strategy: Option to allocate your savings in the funds of your choice from a diverse suite of funds.
b. LifeCycle based Portfolio Strategy 2: A unique and personalized strategy to create an ideal balance between equity and debt, based on your age.

3. Flexibility of premium payment: Pay premium just once, for limited period or for the entire policy term.

4. Liquidity: Fund any intermediate financial need through Partial Withdrawals, any time after the completion of five policy years.

5. Loyalty benefits: Get rewarded with Loyalty Additions and Wealth Boosters on staying invested with us over the long term.

6. Choice of protection level: Choose the level of protection that suits your needs.

7. Tax benefits on premiums paid and benefits received as per the prevailing tax laws

How does the Policy work?

1. Decide your premium amount, premium payment term and the policy term

2. Select the Sum Assured as per your protection needs

3. Choose to invest in one of the 2 available Portfolio Strategies

4. On maturity of your policy, receive your maturity benefit as a lump sum or as a structured payout through settlement option to meet your financial goals

5. In case of your unfortunate death during the policy term your nominee will receive the Lump Sum benefit. All future premiums will be waived and Units will be allocated as if the future due premiums are being received as per the premium payment term. The Nominee will receive the Fund Value, including Top up Fund value, if any, at the policy maturity date.