Why ICICI Pru Signature is an Ideal ULIP Investment
Several goals need to be kept in mind while deciding on an investment strategy. Your goals may include providing quality education for your children or financial stability after retirement. Other common goals also include buying a house or car. Besides these, you also account for contingencies that may arise from time to time. Investing in ULIPs is an efficient way to meet your financial goals. ICICI Pru Signature1 is one such investment and protection-oriented ULIP2. It is an ideal solution for your financial goals.
Life comes with its ups and downs. So, your future plans must also ensure that your loved ones are financially protected at all times. ICICI Pru Signature provides a life cover3 throughout the policy term. Thus, with assured payouts, your family’s financial security is ensured.
The costs associated with ICICI Pru Signature are low4. Moreover, the entire premium is invested in the funds you select without any deduction towards allocation charges.
Whole Life Cover
Your loved ones may be financially dependent on you even after your retirement. It may be your spouse, your grandchildren or other loved ones. ICICI Pru Signature offers protection coverage up to 99 years of age. This ensures that your loved ones are financially stable for a much longer period.
This plan offers you the option to invest in equity funds which have better returns, as well as safer funds like debt funds, and balanced funds. This helps to reduce the effect of market fluctuations. There are four different portfolio choices5:
- Keep your investment divided into fund types matching your ability to take risks
- Automatically shift between equity, debt and balanced funds as per market conditions
- Switch among high, low, and medium-risk funds according to your preference
- Start with higher allocation in equities while young and change to fixed income funds as you grow old
You can align your investment to maximise your gains and meet your financial goals.
You can withdraw money to meet your interim liquidity needs such as paying for your child’s education or in case of an unforeseen event. ICICI Pru Signature lets you withdraw a pre-specified percentage of your total funds at regular intervals free of charge. These do not decrease your life insurance sum assured.
Return of Mortality & Policy Administration Charges
With ICICI Pru Signature, the amounts deducted as mortality charges and policy administration fees are added to your fund value at the end of the policy period4. This effectively cancels out the costs and increases your gains.
They are long-term investments and it is necessary that you remain invested till the end of your policy to get better returns. Moreover, staying invested in ICICI Pru Signature provides added monetary rewards7. Extra units are allocated to your policy at the end of every fifth policy year, starting after the tenth policy year. Such regular boosts to your funds continue until the end of your policy term. These additions substantially increase your profits as well.
Premium payments for ICICI Pru Signature are eligible for tax benefits8 under Section 80C of the Income Tax Act, 1961. You can claim deductions up to ₹ 1.5 lakh from your taxable income for the premiums you pay every year. Also, the payouts are tax-exempted subject to the conditions under Section 10 (10D)*. Thus, this plan helps with effective tax savings.
These benefits make ICICI Pru Signature the ideal ULIP for your insurance and investment needs. Choose a premium amount as per your budget, select the funds you prefer, and invest to start creating wealth.
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1 This is not a product brochure. For more details on the risk factors, terms and conditions, and the charges and benefits related to Surrender, Premium Discontinuance, Revival etc., please read the sales brochure carefully before concluding the sale.
Past performance is not indicative of the future performance.
2 Unlike traditional products, Unit linked insurance products are subject to market risk, which affects 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.
3 Life Cover is the benefit payable on the death of the life assured.
4 Amount equal to the total of mortality charges and policy administration charges deducted in the policy will be added back to the fund value at maturity, provided all due premiums have been received. This amount will be allocated among the funds in the same proportion as the value of total units held in each fund at the time of allocation. This shall exclude any extra mortality charges and taxes levied on the charges deducted as per prevailing tax laws. Return of Mortality Charges and Policy Administration Charges are not applicable for the Whole Life option.
5 The Policyholder can have funds in only one of the Portfolio Strategies.
6 Systematic Withdrawal Plan is allowed only after the first five policy years.
7 Wealth Boosters equal to 3.25% of the average of the Fund Values including Top-up Fund Value, if any, on the last business day of the last eight policy quarters will be allocated as extra units to your policy at the end of every 5th policy year starting from the end of 10th policy year till the end of your policy term.
8 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 by redemption of units, as per applicable rates. Tax laws are subject to amendments from time to time. Please consult your tax advisor for more details.
ICICI Pru Signature (unit-linked non-participating individual life insurance plan) - UIN: 105L177V06