Understand what is a ULIP, compare and get the best out of your ULIP

ULIPs or Unit Linked Insurance Plans offer a life insurance cover along with the growth of your money and tax^* benefits. This makes ULIPs an ideal financial instrument to invest in.

Every ULIP comes with its own set of benefits and features built to suit certain needs. These benefits and features provide flexibility in choosing premium payment options (monthly, half-yearly, annually), flexible withdrawal options, flexibility to choose your own premium amount, and more. You should look for a plan that suits your needs. ULIPs also provide multiple fund^~ options to choose from and your returns from the plan depend on the funds you choose. Thus, understanding the plan better before investing will help you make an informed decision.

Our ULIP Plans

ICICI Prudential Life offers the below ULIPs for investment. You can choose the plan that fulfils your requirements

ICICI Pru Signature

The plan offers the below features:

• Life cover²: The plan offers a life cover² that secures your loved ones financially in case of an unfortunate event. You can choose the Whole Life cover² option to stay covered till 99 years of age
• Flexibility in investment: Under the plan, you can choose to invest in equity, debt or balanced funds as per your risk appetite. You may also switch between the funds as per your requirements without any additional cost. The plan also provides four portfolio strategies to choose from. This helps you invest as per your needs to achieve your financial goals
• Flexibility in paying premiums and receiving payouts: You can choose to pay your premiums yearly, half-yearly or monthly as per your convenience. You may also choose to receive the payouts from the plan as a lump sum or regular income
• Return on investment: The plan provides market-linked returns basis the funds chosen by you. Additional payouts in the form of wealth boosters^^ every five years increase the overall returns from the plan
• Tax* benefits: The plan provides the below tax* benefits as per The Income Tax Act, 1961:
• • The premiums paid under the policy are eligible for tax* deduction subject to conditions under Section 80C
  • The amount received under the policy is exempt subject to conditions prescribed under Section 10(10D)

ICICI Pru1 Wealth

ICICI Pru1 Wealth is a single-premium ULIP that offers you the below features:

• Life cover²: The plan offers a life cover² that secures your loved ones financially in case of an unfortunate event
• Flexibility in investment: Under the plan, you can choose to invest in equity, debt or balanced funds as per your risk appetite. You may also switch between the funds as per your requirements without any additional cost.
• Flexibility in receiving payouts: You can choose to receive the payouts from the plan as a lump sum or regular income
• Return on investment: The plan provides market-linked returns basis the funds chosen by you. Additional payouts in the form of wealth boosters^^ increase the overall returns from the plan
• Tax* benefits: The plan provides the below tax* benefits as per The Income Tax Act, 1961:
• • The premiums paid under the policy are eligible for tax* deductions subject to conditions under Section 80C
  • The amount received under the policy is exempt subject to conditions prescribed under Section 10(10D)

ICICI Pru LifeTime Classic

The plan offers the below features:

• Life cover²: The plan offers a life cover² that secures your loved ones financially in case of an unfortunate event
• Flexibility in investment: Under the plan, you can choose to invest in equity, debt or balanced funds as per your risk appetite. You may also switch between the funds four times in a policy year as per your requirements without any additional cost. The plan also provides four portfolio strategies to choose from. This helps you invest as per your needs to achieve your financial goals
• Flexibility in paying premiums and receiving payouts: You can choose to pay your premiums yearly, half-yearly, monthly or all at once as per your convenience. You may also choose to receive the payouts from the plan as a lump sum or regular income
• Return on investment: The plan provides market-linked returns basis the funds chosen by you. Additional payouts in the form of wealth boosters^^ and loyalty additions^ increase the overall returns from the plan
• Tax* benefits: The plan provides the below tax* benefits as per The Income Tax Act, 1961:
• The premiums paid under the policy are eligible for tax* deductions subject to conditions under Section 80C
• The amount received under the policy is exempt subject to conditions prescribed under Section 10(10D)

ICICI Pru Smart Life

This is a ULIP child insurance plan that can help you stay financially prepared for your child’s goals. The plan offers the below features:

• Life cover²: The plan offers a life cover² that secures your loved ones financially in case of an unfortunate event
• Waiver of premium benefit: In case of an unfortunate event, all future premiums are waived off and the policy continues to remain active till the end of the policy term. This ensures that your child is financially secure, no matter what
• Flexibility in investment: Under the plan, you can choose to invest in equity, debt or balanced funds as per your risk appetite. You may also switch between the funds as per your requirements without any additional cost. The plan also provides two portfolio strategies to choose from. This helps you invest as per your needs to achieve your financial goals
• Flexibility in paying premiums and receiving payouts: You can choose to pay your premiums yearly, half-yearly, monthly or all at once as per your convenience. You may also choose to receive the payouts from the plan as a lump sum or regular income
• Return on investment: The plan provides market-linked returns basis the funds chosen by you. Additional payouts in the form of wealth boosters^^ and loyalty additions^ increase the overall returns from the plan
• Tax* benefits:The plan provides the below tax* benefits as per The Income Tax Act, 1961:
• • The premiums paid under the policy are eligible for tax* deduction subject to conditions under Section 80C
  • The amount received under the policy is exempt subject to conditions prescribed under Section 10(10D)

W/II/1557/2022-23

ULIP - How to compare and get the best of your ULIP

1. Understand the key features of your ULIPs

ULIPs offer you the benefit of a Life Cover² and also give you the opportunity to grow your wealth. To get the best out of your ULIPs, understand the following benefits available in ULIPs:

1. Fund Switch – An option to move your money between equity, balanced and debt funds^~.

2. Premium Redirection – An option to invest your future premiums in a different fund of your choice other than your base fund.

3. Partial Withdrawals⁺ – An option that allows you to withdraw a part of your money.

4. Top-ups – This option allows you to invest your surplus money, either once or multiple times in your existing policy.

To understand all benefits offered under your policy, it is advisable that you read the product brochure carefully. This will help you make the right decision.

2. Choosing ULIP Plans fund options depending on your goals

3. Taking the right amount of Life Cover²

ULIPs are designed to help you meet your financial goals like funding your child’s education or planning for your retirement. In addition to securing your goals, ULIPs also secure your family. They provide a lump sum amount called the Life Cover² so that your loved ones can achieve their dreams even in your absence. You can opt for a Life Cover² of 10 times your annual premium. To increase your family's financial security, you can also increase the Life Cover² offered under your policy.

Let us understand this with an example. For an annual premium of ₹ 1,00,000/- you can get a Life Cover² of ₹ 10,00,000/-. As your children grow older, your financial liabilities increase. As a result, you can increase your family's level of protection by increasing your Life Cover² .

4. Stay invested with ULIPs for a long term

5. Get tax^* benefits

Under the Income Tax Act, 1961, you can save taxes on your hard-earned money with Unit Linked Insurance Plans. You can get tax advantages at different stages of your life insurance policy.

Stage 1: Entry Advantage

You receive tax benefits^* on your premium payments under the Income Tax Act, 1961

Stage 2: Exclusive Switching Advantage

Debt-equity Switches^** are not liable to tax^*

Stage 3: Exit Advantage

You also receive a tax-free^* Maturity Benefit^# subject to conditions under Section 10(10D)

6. Know the charges in your ULIP

ULIPs help you meet two of your most important financial needs - Protection and Savings. Both these benefits have some charges attached to them and it is important to understand the following charges before purchasing the ULIP:

Premium Allocation charge

Policy Administration charge

Mortality charge

Fund Management charge

In ULIPs, the overall charges reduce in the long term resulting in wealth creation.

Please note that your life insurer reserves the right to revise the charges over time.

Click here to know more about the charge structure of ULIPs.

Comparison of ULIPs by ICICI Pru Life