Why is ICICI Pru Smart Life special?

You can enjoy the opportunity to get potentially better returns and grow your money by investing in equity and debt funds for the long term. This combination helps you beat inflation while protecting your investments.

How does a mix of equity and debt beat inflation?

Inflation is the rate at which the price of goods and services increases over a period of time. For example, the price of a particular item has increased from `100 in 2005 to `243 in 2017.

To gain from your investments, your savings should grow at a rate higher than the inflation rate.

In order to get better returns in the long run, it is advisable to have equity exposure. Equity markets are subject to short-term market volatility. However, the effect of market volatility is negligible in the long term.

Below is an example of how investing in a mix of equity and debt can help in building your savings,

If 60% of your money was invested in the equity market and 40% in debt market## in the last 12 years, your investment would have grown by around 12% on an annualized basis. This growth would have helped you stay ahead of the inflation rate of about 7.7%# in the same period.

#Source: CEIC, CSO, CPI inflation average of 12 years (from March 2006 to March 2017)
##
Equity market: BSE 100; Debt market: CRISIL Composite Bond Index (from March 2005 to March 2017)

You may want to manage your investments yourself, or want an expert to do it for you. ICICI Pru Smart Life brings the best of both worlds. With the Fixed Portfolio Strategy, you can manage your money by investing it according to your risk appetite in equity and debt funds. On the other hand, with the Lifecycle-based Portfolio Strategy, we carefully manage your investments to create an ideal balance between equity and debt funds depending on your age.

Which portfolio strategy suits me the best ?

  • Fixed Portfolio Strategy: With this option, you can invest your money in equity and debt funds of your choice. You can also move your money from one fund to another to suit your investment needs.

  • Lifecycle-based Portfolio Strategy:With this option, your money is automatically allocated to equity and debt funds based on your age. As you grow older, your money is systematically transferred from equity to debt to secure it when the policy matures.

ICICI Pru Smart Life provides a life cover for you and your family’s all-round protection. In case of an unfortunate event during the policy term, your family receives a lump sum amount. This amount will help your loved ones live the life you planned for them.

How much money will my family receive in my absence?

In case of unfortunate demise of the person insured, the company pays in two ways:

a) Lump Sum Benefit – A lump sum benefit is paid out by the company to take care of any immediate liabilities of the family.

The Lump Sum benefit is the higher of the two amounts:

  • A fixed amount called the Sum Assured, including Top-up Sum Assured if any

  • Minimum Life Cover that is equal to 105% of the total premiums including Top-up premiums, if any received up to the date of death.

b) Smart Benefit – This benefit ensures that your savings continue to grow to fulfill your family’s goals. In case of an unfortunate event, the company pays the future premiums on your behalf and the policy continues uninterrupted.

How does the Smart Benefit work?

The company pays the premium in the form of units on the due date. On maturity of the policy, the nominee receives a lump sum of the Fund Value* including the Top-up** Fund Value, if any.

Smart Benefit is valid for regular premium policies and applies only if all due premiums have been paid.

*Fund Value is the total value of your money that is invested in equity and debt fund of your choice.
**Top-up is any extra amount that you can invest and add to your Fund Value.

To reward you for being a loyal customer, the company adds to your savings further with Loyalty Additions, which helps your wealth grow without the need for you to invest more money.

What are Loyalty Additions?

Loyalty Additions will be added as extra units at the end of each policy year, sixth policy year onwards. Each Loyalty Addition will be equal to 0.25% of the average Fund Values*. It includes Top-up** Fund Value, if any.

An extra Loyalty Addition of 0.25% will be paid every year after the 6th year if all premiums for that year have been paid. These Loyalty Additions will be allocated to your fund in the form of units. Loyalty Additions and Wealth Boosters will be equal to the above percentage of the average of the Fund Values on the last business day of the last eight policy quarters.

*Average of the Fund Values on the last business day of the last eight policy quarters where Fund Value is the total value of your money that is invested in equity and debt fund of your choice.
**Top-up is any extra amount that you can invest and add to your Fund Value.

The company also adds Wealth Boosters to your savings. This helps you grow your money without having to make any additional investments.

What is the value of Wealth Boosters that I will get?

Each Wealth Booster addition will be equal to 3.25% of the Fund Value average* in the Regular and Limited Pay options and 1.5% in One Pay option^. This will also include additional Fund Value from Top-ups**, if any. The additions are made once in 5 years starting from the end of the 10th policy year, which means for a policy term of 25 years, Wealth Boosters will be allocated four times.

Loyalty Additions and Wealth Boosters will be equal to the above percentage of the average Fund Values on the last business day of the last eight policy quarters.

^You can choose the number of years for which you wish to pay premiums. You can opt for either the One Pay option (One time lump sum premium payment) or the Regular Pay option (Regular payment of premiums throughout the policy term).

To know more about the minimum premium for all three options, please refer to the ‘Product at a glance’ section.

Is Wealth Booster a guaranteed feature of the product?

Yes, the allocation of Wealth Booster units is guaranteed and is subject to regular payment of premiums.

*Average of the Fund Values on the last business day of the last eight policy quarters where Fund Value is the total value of your money that is invested in equity and debt fund of your choice.
**Top-up is any extra amount that you can invest and add to your Fund Value.

Starting from the sixth policy year, you can withdraw a part of your money as per your need. This ensures that you have easy access to your money while at the same time, the rest of your invested money keeps growing.

How much money can I withdraw?

You can withdraw up to 20% of your Fund Value* at any time+ from the sixth policy year.

Am I charged for making partial withdrawals?

No, partial withdrawals are completely free of cost.

*Fund Value is the total value of your money that is invested in equity and debt fund of your choice.
+Provided monies are not in DP Fund. You can make unlimited number of partial withdrawals as long as the total amount of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy year. DP Funds refer to Discontinued Policy Funds and consist of money from lapsed policy.

With this plan, you can reduce your taxable income by investing up to `1.5 lakh under Section 80C. This will help you save tax. What’s more, even shifting your money from equity to debt or debt to equity is completely tax-free*. The money you get at the time of maturity is also tax-free*

*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.

Product Snapshot

You use your hard-earned money to provide quality education for your child, the best lifestyle for your spouse and the best comforts for your parents. But, how do you ensure that all this continues in case of an unfortunate event? ICICI Prudential Life Insurance presents ICICI Pru Smart Life, which helps you to ensure that your family continues to achieve all the goals you have planned for them.

 

This plan allows you to choose the number of years for which you wish to pay premiums. You can opt for either the One Pay option (payment of premium once) or the Regular Pay option (regular payment of premiums throughout the policy term).

How much premium can I pay?

Your minimum premium amount will depend on your age at entry as shown below.

There is no upper limit on the premium amount.

Age at Entry Minimum Premium per year
20 – 49 years `45,000
50 – 52 years `1,20,000
53 – 54 years `5,00,000

Can I pay the premiums yearly, half-yearly or monthly?

Yes, you can choose to pay your premiums yearly, half-yearly or monthly.

At what age can I start this plan?

You can start this plan from the age of 20 years. The maximum age should not be more than 54 years.

What age must I be at the time of maturity?

The minimum age you must be at the time of maturity of the plan is 30 years. But, the maximum age should not exceed 64 years.

How long will the policy last?

You can choose this policy to continue for 10 to 25 years.

How much premium can I pay?

Your minimum premium amount will depend on your age at entry and the Sum Assured^ you wish your family to receive as shown below:

There is no upper limit on the premium amount.

Age at Entry Sum Assured Minimum Premium per year
20 – 54 years 1.25 X Single Premium `48,000
20 – 28 years 10 X Single Premium `48,000
29 – 35 years 10 X Single Premium `1,25,000

Can I pay the premiums yearly, half-yearly or monthly?

No, you only need to pay your premium once at the beginning of the policy in the One Pay option.

At what age can I start this plan?

You can start this plan from the age of 20 years. The maximum age should not be more than 54 years.

What age must I be at the time of maturity?

The minimum age you must be at the time of maturity of the plan is 30 years. But the maximum age should not exceed 64 years.

How long does the policy last?

The policy lasts for 10 years.

How much premium I can pay?

Minimum Premium is `45,000.

There is no maximum cap on premium amount.

Can I pay the premiums yearly, half-yearly or monthly?

Yes, you can choose to pay your premiums yearly, half-yearly or monthly.

At what age can I start this plan?

You can start this plan from the age of 20 years.

Maximum age will depend on the age at entry.

PPT/PT 10 11-15 16-20 21-25
5 45 43 41 36
7 48 46 43 37
10 NA 46 43 37

What age must I be at the time of maturity?

The minimum age you must be at the time of maturity of the plan is 30 years. But, the maximum age should not exceed 64 years.

How long will the policy last?

You can choose this policy to continue for 10 to 25 years.

 

*ARR stands for Assumed Rate of Return.

The returns shown in the benefit illustration are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy depends on a number of factors including future investment performance.

When benefit illustrations are included in the content of advertisements- Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed benefits then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable benefits then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including actual future investment performance.

 

Please note:
NA: Fund has not completed the stipulated time period
Past performance is not indicative of future performance

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^Sum Assured is the fixed minimum amount your family receives in your absence.
Unlike traditional products, Unit Linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.

This is only a provisional certificate and does not communicate acceptance or commencement of risk under proposal submitted by you. This document may be used as a proof for claiming deductions while filing your tax returns subject to provisions of relevant tax sections and acceptance of risk, i.e. on policy issuance by the company. For any confirmation / impact analysis customer is advised to refer the matter to his Tax consultant.

Fund name SFIN
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105
Multi cap Growth Fund ULIF 085 24/11/09 LMCapGro 105
Opportunities Fund ULIF 086 24/11/09 LOpport 105
Bluechip Fund ULIF 087 24/11/09 LBluChip 105
Multi cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105
Income Fund ULIF 089 24/11/09 LIncome 105
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105
Maximise India Fund ULIF 136 11/20/14 MIF 105
Value Enhancer Fund ULIF 139 24/11/17 VEF 105
Secure Opportunities Fund ULIF 140 24/11/17 SOF 105
Focus 50 fund ULIF 142 04/02/19 FocusFifty 105
India Growth Fund ULIF 141 04/02/19 IndiaGrwth 105
Balanced Advantage Fund ULIF 144 03/06/21 BalanceAdv 105
Sustainable Equity Fund ULIF 145 03/06/21 SustainEqu 105
Mid Cap Fund ULIF 146 28/06/22 MidCapFund 105
Mid Cap Hybrid Growth Fund ULIF 147 050123 MCHybrdGrt 105
Constant Maturity Fund ULIF 148 050123 ConstntMat 105
Mid Cap Index Fund ULIF 149 050723 McIndxFund 105
Mid Cap 150 Momentum 50 Index Fund ULIF 151 180124 McMomentum 105
Multicap 50 25 25 Index Fund ULIF 152 220224 MultiCapIF 105

Unit Linked products are different from traditional insurance products and are subject to the risk factors.

The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/ her decisions. ICICI Prudential Life Insurance is only the name of the Life Insurance Company and ICICI Pru Smart Life is only the name of the unit linked insurance product and does not in any way indicate the quality of the product, its future prospects and returns.

Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the Insurance company.

The various funds offered under this product are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

ICICI Pru Smart Life (UIN: ). W/II/1516/2023-24

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