<1 Day is a working day, counted from the date of receipt of
all relevant documents from the claimant, additional information sought by the Company and any
clarification received from the claimant. The Company will be calling the claimants for
verification of information submitted by the Claimant which will also be considered as part of
relevant documents. Working day will be counted as Monday to Friday and excluding National
holidays /Bank holidays/Public holidays.
a) All due premiums in the policy have been paid and the policy has been
active for 3 consecutive years preceding life assured’s death.
b) Mandatory documents to be submitted at Branch Office- Claimant statement
form, Original policy certificate, Copy of death certificate issued by local authority, AML KYC
documents- Nominee’s recent photograph ,Copy of Nominee’s pan card, Nominee’s current address
proof, photo identity proof, Cancelled cheque/ Copy of bank passbook, Copy of medico legal cause
of death, Medical records (Admission notes, Discharge / Death summary, Test reports, etc.), For
accidental death - Copy of FIR, Panchnama, Inquest report, Postmortem report, Driving license.
c) Total claim amount of all the life policies held by the Life Assured
<= ₹1.5 Crore.
d) Claim does not require any on-ground investigation
1 Day is a working day, counted from date of receipt of all relevant
documents from the claimant, additional information sought by the Company and any clarification
received from the claimant. The Company will be calling the claimants for verification of
information submitted by the Claimant which will also be considered as part of relevant documents.
Working day will be counted as Monday to Friday and excluding National holidays/Bank
holidays/Public holidays. Interest shall be at the bank rate that is prevalent at the beginning of
the financial year in which death claim has been received. In case of breach in regulatory
turnaround time, interest will be paid as per IRDAI regulations. Under ULIP policies, if claim is
submitted prior to 3 pm then the claim will be considered under Claim For Sure on the same day. If
claim is submitted post 3pm or if the policy is inactive at the time of claim notification then
the claim will be considered under Claim For Sure the next day as per availability of NAV.
SmartKid with ICICI Pru Smart Life
ΔMinimum premium is applicable for specific ages. Please refer
the product brochure for more details.
¶Guaranteed security of future-refer to Smart Benefits feature
in the brochure for more details.
|Regular Income-refer to partial withdrawal benefit in the
brochure for more details.
°4 benefits in 1- refer to Partial withdrawal feature, Smart
benefit, Loyalty benefits & wealth boosters and Life Cover in the brochure for more details.
≈Loyalty Bonus consists of Loyalty benefits and Wealth boosters.
Please refer the product brochure for more details.
`Company pays all due premiums in your absence 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.
*Tax benefits under the policy are subject to conditions under
Section 80C, 80D, 10(10D),115BAC and other provisions of the Income Tax Act, 1961. Goods and
Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are
subject to amendments made thereto from time to time. Please consult your tax advisor for more
details.
+Partial withdrawals are allowed after the completion of five
policy years provided monies are not in Discontinued Policy 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. The partial withdrawals are free of cost. For the purpose
of partial withdrawals, lock in period for Top-up premiums will be five years from date of payment
or any such limit prescribed by IRDAI from time to time. Partial withdrawal will not be allowed if
it results in termination of the policy.
‘1% discount on premium allocation charges is applicable only
for Year 1 of Regular and Limited pay policies. In case of Single pay, discount applicable is 0.5%
of Single Premium.
^Loyalty Additions are applicable from the 6th policy year
onwards. This is in the form of extra units at the end of every policy year. Each Loyalty Addition
will be equal to 0.25% of the average of the Fund Values on the last business day of the last
eight policy quarters. You get an additional Loyalty Addition of 0.25% every year from the end of
year 6 if all premiums for that year have been paid.
·Life cover is the death benefit payable on death of the Life
Assured during the policy term.
a. On death of the Life Assured while monies are not in the Discontinued
Policy Fund (DP Fund), the Death Benefit payable will comprise of two parts:
- Lump Sum Benefit - A benefit paid out at the time of claim to take care of any immediate
liabilities of the family
- Smart Benefit - A deferred benefit that ensures that your savings for your desired goal
continues uninterrupted.
The Lump Sum benefit is higher of the two amounts:
- Sum Assured
- Minimum Death Benefit
Minimum Death Benefit = 105% of the total premiums including Top-up premiums,
if any received up to the date of death.
For the purpose of this product, Sum Assured is
deemed to include the Top-up Sum Assured, if any.
b. On death of the Life Assured while monies are in the DP Fund, the Death
Benefit will be the DP Fund Value. Thereafter this policy shall terminate and all rights, benefits
and interests under this policy shall be extinguished.
1Wealth Boosters will be allocated as extra units at the end of
every 5th policy year starting from the end of the 10th policy year. Each Wealth Booster will be
3.25% for Regular pay /Limited pay policies and 1.5% for Single pay policies of the average of the
Fund Values on the last business day of the last eight policy quarters.
2Switches are only applicable for fixed portfolio strategy and
not applicable for other portfolio strategies.
3The minimum Top-up premium is ₹ 2,000. Top-up premiums can be
paid any time except during the last five years of the policy term. A lock-in period of five years
would apply for each Top-up premium for the purpose of partial withdrawals only. At any point
during the term of the policy, the total Top-up premiums paid cannot exceed the sum of base
premium(s) paid till that time. The maximum number of top-ups allowed during the policy term is
99.
The static illustration is for a 28-year-old female parent(Life assured),
investing Rs 1 lakh per annum for 20 years and with a policy term of 20 years. She receives Rs
40.4 lakh at 8% ARR or Rs 25.6 lakh at 4% ARR at policy maturity. This illustration has in-built
premium waiver benefit.
Bluechip Fund |
ULIF 087 24/11/09 LBluChip 105 |
Focus 50 Fund |
ULIF 142 04/02/19 FocusFifty 105 |
India Growth Fund |
ULIF 141 04/02/19 IndiaGrwth 105 |
Maximise India Fund |
ULIF 136 11/20/14 MIF 105 |
Maximiser Fund V |
ULIF 114 15/03/11 LMaximis5 105 |
Mid Cap Fund |
ULIF 146 28/06/22 MidCapFund 105 |
Multi Cap Growth Fund |
ULIF 085 24/11/09 LMCapGro 105 |
Opportunities Fund |
ULIF 086 24/11/09 LOpport 105 |
Sustainable Equity Fund |
ULIF 145 03/06/21 SustainEqu 105 |
Value Enhancer Fund |
ULIF 139 24/11/17 VEF 105 |
Mid Cap Index Fund |
ULIF 149 05/07/23 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 |
MidSmall Cap 400 Index Fund |
ULIF 153 150424 MidSmal400 105 |
Active Asset Allocation Balanced Fund |
ULIF 138 15/02/17 AAABF 105 |
Balanced Advantage Fund |
ULIF 144 03/06/21 BalanceAdv 105 |
Multi Cap Balanced Fund |
ULIF 088 24/11/09 LMCapBal 105 |
Mid Cap Hybrid Growth Fund |
ULIF 147 050123 MCHybrdGrt 105 |
Income Fund |
ULIF 089 24/11/09 LIncome 105 |
Secure Opportunities Fund |
ULIF 140 24/11/17 SOF 105 |
Money Market Fund |
ULIF 090 24/11/09 LMoneyMkt 105 |
Constant Maturity Fund |
ULIF 148 050123 ConstntMat 105 |
Smartkid with ICICI Pru Smart Life UIN: 105N201V08
ICICI Pru SmartKid Guarantee
SmartKid Guarantee is combination of benefits of two individual and
separate products named,
1) ICICI Pru GIFT Pro and
2) ICICI Pru Non-Linked Waiver of
Premium Rider.
The customer is advised to refer to the detailed sales brochure of respective
individual products mentioned herein before concluding the sale.
+Life Insurance Cover is the benefit payable on death of the
Life Assured during the policy term
^Guaranteed Benefits will be payable subject to all due premiums
being paid
1You can choose to receive any percentage from 0% to 100% of the
sum total of all annualized premiums payable by you as MoneyBack Benefit. This will be paid as a
Lump sum amount. Additionally, you also have the flexibilty to choose any year, on or after the
maturity date of the policy up to the last income year, to receive this MoneyBack Benefit. Your
Guaranteed Income amount will be adjusted based on the MoneyBack Benefit % and payout year
selected by you.
$ICICI Pru Smartkid Guarantee offers 8 options in income period
namely 5,7,10,12,15, 20, 25 and 30 years. The customer can choose any plan option from the eight
available options. Please refer to the brochure for more details.
`Waiver of premium rider when attached to a base policy will
waive all future premiums payable under the Base Policy including any Underwriting Extra Premiums
on the occurrence of the contingent event, as mentioned under the chosen Benefit Option. Kindly
refer to the
Sales Brochure of ICICI Pru
Linked Waiver of Premium Rider for further information.
The static illustration is for a 28-year-old-male parent(proposer) buying
in the name of 4 years old girl child (life assured), investing Rs 2.04 lakh per annum for 12
years and with a policy term of 14 years. From 15th year, child gets guaranteed annual income of
Rs 2.86 lakh which increases by 5% simple interest every year for 10 years. Child also gets Rs
24.7 lakh lumpsum as 100% moneyback benefit along with the last income. This illustration has
accounted for WOP rider. Total premium = Rs 24 lakh (Base policy premium) + Rs 0.48 lakh (WOP
rider premium).
*Tax benefits may be available as per prevailing tax laws. Tax
benefits under the policy are subject to conditions under provisions of the Income Tax Act, 1961.
Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws
are subject to amendments made thereto from time to time. Please consult your tax advisor for more
details.
1aTotal Premiums Paid means the total of all premiums received,
excluding any extra premium, any rider premium and taxes
2If you opt for “Low Cover Income Booster” the sum assured on
death will be lower and your guaranteed income will be increased.
#You have an option to receive Guaranteed Income every year on a
Special Date of your choice preceding the due date of first GI pay-out during the Income Period,
if you have opted for annual mode of income. The Special date can be chosen to coincide with any
date such as, Date of Maturity, birth date or anniversary date etc. Payment of Guaranteed Income
will commence from this Special Date and all further GIs will be paid every year on this Special
Date chosen. You can select the Special Date at policy inception or any time before two months of
the completion of the policy term.
*Tax benefits/Tax-free returns under the policy are subject to
conditions under Sections 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961.
Goods and Services Tax and Cesses, if any will be charged extra as per applicable rates. Tax laws
are subject to amendments from time to time. Please consult your tax advisor for more details.
¶Level Income and Increasing Income are income options available
under Smartkid Guarantee. Guaranteed Benefits will be payable subject to all due premiums being
paid. Under Level Income, the Guaranteed Income will remain constant throughout the income period.
If Increasing Income is selected, the Guaranteed Income will increase at a simple interest rate of
5% p.a. You can either opt for Level Income or Increasing Income option. This option has to be
selected at inception and cannot be changed later.
3Maturity Sum Assured is the discounted value of future GIs and
MoneyBack Benefit (if applicable) computed at discount rate of 8.00% p.a. at the end of the policy
term.
$$The returns are derived basis age, gender and premium of the
customer, pre-populated from the information provided at the time of filling the personal details
in the calculator.
~Additional Benefit is offered for online sales: For both Level
Income/Increasing Income Plan option, Extra 3% of Guaranteed Income and Moneyback Benefit is
applicable
☩You can take a policy loan after your policy acquires a
surrender value. The maximum loan amount will be 80% of the surrender value.
^^Data regarding AUM is as per Annual Report of the Company for
FY2024.
T77.1 mn lives covered across our individual and group customers
as per ICICI Prudential Life Council Report .
&Policies issued on or after April 01, 2023 where aggregate
premium in respect of Non - Unit linked life insurance policies more than ₹ 5 lakh p.a. is not
exempt u/s 10(10D) of the Income Tax Act, 1961. Tax benefits under the policy are subject to
conditions under Sections 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961.
Goods and Services Tax and Cesses, if any will be charged extra as per applicable rates. Tax laws
are subject to amendments from time to time. Please consult your tax advisor for more details.
>Conditions to be abided by for GST waiver:
1. The premium should be paid from the individual’s NRE bank account only
and the account statement should be submitted as a proof for the premium payment
2. The individual should be residing abroad and must submit the foreign
residence address proof. Any change in the residential status should be intimidated to ICICI
Prudential Life Insurance 15 days prior to acquiring the changed status.
3. Premiums from the 2nd instalment onwards will continue to show the GST
component. The same can be waived off / refunded at the time of renewal provided these documents
are resubmitted.
4. The company reserves the right to cancel the policy in case of
misinterpretation of details submitted or inability to submit the required documents.
5. ICICI Prudential Life Insurance Company Limited will be indemnified
against any incorrect/inadvertent claim of GST on premiums along with interest, if any, as
applicable from time to time in accordance with the GST law.
6. The premium payment done through debit card, credit card, wallet or any
other card will not be considered for GST refund and full GST must be paid in such scenarios.
ICICI Pru Non-Linked Waiver of Premium Rider. UIN: 105B044V02
ICICI Pru Smartkid Guarantee UIN: 105N201V04
Advt. No.: W/II/0430/2024-25