Q: Can I switch 2 my corpus from one fund to another?

If you choose the Fixed Portfolio Strategy, you can switch 2 units from one fund to another as many times as you want as per your financial priorities and investment opportunities. This benefit is available to you completely free of cost. The minimum switch amount is ₹2,000. Note - Switches 2 are not applicable to other portfolio strategies.

Question 1

What are the benefits that I get under this plan?

Accepted Answer

The ICICI Pru Smart Insurance Plan Plus (SIP+) is a systematic wealth creation plan which can be purchased online to achieve your long-term financial goal. Some unique benefits of this plan are-

A. Wealth creation opportunity- The plan offers an opportunity to create wealth over long-term for your goal with the combination of equity, debt and balanced fund options available.

B. Flexibility- Choice of 4 portfolio strategies and wide range of funds across equity, balanced, and debt to suit your investment needs.

C. Free Switches² - Switch between the funds as many times under Fixed Portfolio Strategy, completely free of cost.

D. Tax*-benefits- Avail tax* benefits on the premiums paid u/s 80C and benefits received u/s 10(10D) of Income Tax Act, 1961

E. Systematic withdrawals⁶ - Option to get regular money from your fund value with Systematic Withdrawal Plan

F. Safe buying process- Buying this plan online is completely safe, secure & convenient. It takes only 10-15 minutes to fill the form & do the payment. You can also talk to our experts on toll-free no. 1800 209 9777 for any queries.

G. Online servicing- The entire servicing of this plan can be done online or through our official app. This saves your time to visit the branch for any of your concerns.

Question 2

What are the tax* benefits in this plan?

Accepted Answer

ICICI Pru Smart Insurance Plan Plus (SIP+) offers 2 types of tax*-benefits to our customers-

 Tax* benefits on premiums paid u/s 80C of Income Tax Act, 1961.

 Tax* benefit on maturity or death proceeds subject to Section 10(10D) of Income Tax Act 1961.

Question 3

Can I buy this plan online?

Accepted Answer

The ICICI Pru Smart Insurance Plan Plus (SIP+) can be easily bought online in 4 simple steps-

• Choose your premium amount

• Select your choice of funds

• Make a safe payment online

• Get a digital welcome kit delivered once the policy is issued

The key benefits of buying this plan online are-

• Paperless and convenient buying journey

• Quick digital documentation process

• Toll-free call-based assistance for any queries - 1800 209 9777

• 30 days free-look period to review your policy details

Question 4

How are my returns calculated?

Accepted Answer

ICICI Pru Smart Insurance Plan Plus (SIP+) aims to achieve market-linked returns from a diversified portfolio of equity, debt & balanced. The customer has the flexibility to choose his portfolio strategy & the funds depending upon his/her risk appetite: The NAV for different Segregated Funds shall be declared on all business days (as defined in Investment Regulations)

Question 5

At what age can I start and close this plan? What PPT and Policy term options are available in this plan?

Accepted Answer

Min/Max age at entry – 0/50

Premium payment terms – 5 to 15 years

Policy term – 75 years minus age at entry

Question 6

Can I surrender this plan?

Accepted Answer

Yes. The customer can surrender this plan if required. However, depending upon the year of the policy you wish to surrender the surrender benefits will be applicable as below:

 If you wish to surrender during the lock-in period i.e. first five policy years, the Funds will be transferred to the Discontinued Policy (DP) Fund and will be received by you or the nominee after five years.

 On surrender after completion of the fifth policy year, you or the nominee will be entitled to the Fund Value including Top-up Fund Value if any

Question 7

What happens if I discontinue paying premiums?

Accepted Answer

a. Premium discontinuance during lock-in period:
In case of discontinuance of policy due to non-payment of premiums during the first five policy years, upon the expiry of grace period, the Fund Value including Top-up Fund Value, if any, shall be credited to the DP Fund after deduction of applicable discontinuance charges and the risk cover shall cease. It will continue to remain in the DP fund till the policy is revived by paying due premiums.

b. Premium discontinuance after lock-in period:
Upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium after lock in period. the policy will be converted into a reduced paid-up policy with paid-up sum assured. The policy shall continue to be in reduced paid-up status without rider cover, if any

Please refer brochure for further details

Question 8

Can I switch ²my corpus from one fund to another?

Accepted Answer

If you choose the Fixed Portfolio Strategy, you can switch² units from one fund to another as many times as you want as per your financial priorities and investment opportunities. This benefit is available to you completely free of cost. The minimum switch amount is ₹2,000. Note - Switches ² are not applicable to other portfolio strategies.

Question 9

Can I cancel this plan post purchase?

Accepted Answer

You have a period of 30 days to review your original policy document from the date of receipt if you have purchased the policy online. If you are not satisfied with the terms and conditions of your policy, you can return it to us for cancellation and you will be eligible for a refund. This will be mentioned in your policy certificate. Once received, we will process your request and refund the premium amount after applicable deductions (ifany) within 15 days.

Question 10

Who will manage my investment?

Accepted Answer

Your investments will be actively managed by our dedicated & experienced fund managers. You can get the entire details about the fund performance on our official website or the link provided here- https://www.iciciprulife.com/fund-performance/all-products-fund-performance-details.html?UID=1203

Unit Linked Insurance Plan

Turn small steps into big gains with Compounding

Easy Entry and Easy Exit $$

Zero Charges !

No long-term capital gain tax*

Free Unlimited Fund Switching2

Life Cover1

Customise Your Plan

Your financial roadmap with ICICI Pru Smart Insurance Plan Plus (SIP+)

₹6 Lakhs

Why choose ICICI Prudential Life?

100% Digital onboarding

Quick, secure and hassle-free onboarding

191.8% Solvency Ratio5

Relationship Manager

Dedicated relationship manager provided to you for end to end assistance

30 days return policy

If not satisfied, return (free look) the policy and get your money back

How does the plan work?

Everything You need to Know

Funds Performance

Plan Snapshot

Plan Snapshot

Fund option

Fund switching 2

Zero Charges!

Min. premium amount

Easy access to fund when needed

Life Cover 1

Top up anytime

Policy Charges

Your early Investment checklist

Set Goals

Diversify investments

Manage risks and costs

Know taxation

Harness compounding

Set Goals

Frequently Asked Question

What are the benefits that I get under this plan?

What are the tax* benefits in this plan?

Can I buy this plan online?

How are my returns calculated?

At what age can I start and close this plan? What PPT and Policy term options are available in this plan?

Can I surrender this plan?

What happens if I discontinue paying premiums?

Can I switch 2 my corpus from one fund to another?

Can I cancel this plan post purchase?

Who will manage my investment?

Easy Entry and Easy Exit ^$$

Zero Charges ^!

No long-term capital gain tax^*

Free Unlimited Fund Switching²

Life Cover¹

191.8% Solvency Ratio⁵

Fund switching ²

Zero Charges^!

Life Cover ¹

**What are the tax* benefits in this plan?**

Can I switch ²my corpus from one fund to another?