What is a ‘Switch’?
Switch is an option to move your allocated money between equity and debt funds.
Important Information on ‘Switch service’ request:
- If you choose to make a Switch, we process all requests received as follows:
- If you choose to Switch your funds before 3:00 pm on a working day, the NAV* declared on the same day will be applicable.
- If you choose to Switch your funds after 3:00 pm, the NAV declared on the next working day will be applicable.
- For any switch request made by you after 3:00 pm on a Friday or a holiday, NAV declared on Monday will be applicable (provided the following Monday is a working day).
- You can use the switch option only if you have opted for the Fixed Portfolio strategy in your Unit Linked Insurance Policy.
- It is applicable only on the money that you have already allocated in the existing funds. To move your new premiums into a different fund, you can use premium redirection service.
- You can make four Switches in one policy year free of cost. These free Switch options will not be carried forward to the next policy year. Any additional Switch in a policy year will be charged at the rate of Rs.100 per switch.
- If you have invested in any of these policies: ICICI Pru Elite Life, ICICI Pru Elite Wealth, ICICI Pru Elite Life II and ICICI Pru Elite Wealth II plans, you can avail unlimited free Switches
- Only one switch request can be made in a day.
- You cannot avail Switches if your money is in a DP** fund or is invested in special funds or goal-based strategy. The Terms & Conditions of Switch may differ from plan to plan. Please read the policy document for more details.
* Net Asset Value (NAV) is the price at which the units of a fund (be it equity or debt) are purchased.
** DP funds refer to Discontinued Policy fund and consist of money from lapsed policies.