The Smart Life insurance plan from ICICI Prudential is a Unit Linked Insurance Plan (ULIP) that invests across equity and debt instruments. This plan not only provides your dependants with financial security in the unfortunate event of your death, but also invests your money proportionately across up to 8 funds, in a proportion that you can decide.
Key Features of Smart Life Insurance Plan:
- Unit Linked Insurance Plan (ULIP) that provides life insurance coverage and returns on investment.
- Flexibility to choose investment funds.
- Two premium paying options:
One Pay Option.
- Regular Pay Option.
- Policy term of 10 years for One Pay option.
- Policy term of 10 years – 25 years for Regular Pay option.
- Minimum premium payable depends on age at entry.
- Option to decide the premium amount.
- Flexibility to choose Policy Term.
- Premium paying options: Annual, Half Yearly, Monthly or Single.
- Loyalty Additions and Wealth Booster are added rewards facilities with this plan.
- Tax benefits as per prevailing tax laws.
- Smart Benefit to ensure that wealth accumulates.
- Flexibility to choose level of protection.
- Partial withdrawals are allowed from the 6th policy year onwards, giving the plan a high level of liquidity.
- Partial withdrawals do not affect the level of insurance cover.
Benefits of Smart Life Insurance Plan:
- Death Benefit:
Should the worst come to pass for you before the maturity date, your dependents will be covered against financial instability through the payout of a death benefit. The amount payable will be the higher of:
- Sum Assured + Top-Up Sum Assured, or
- Minimum Death Benefit, or
- Smart benefit
- Maturity Benefit:
If you are alive and well by the time the Maturity Date rolls around, you will be paid the Fund Value + Top-up Fund Value. The maturity benefit can be collected in the form of a one-time lump sum payment, or through the Settlement option which structures the payouts.
- Loyalty Additions:
An amount that is equal to 0.25% of the average value of the Fund Values as on the last business day of the last 8 policy quarters will be allocated to your policy (in the form of Units) at the every policy year (from the start of the 6th policy year, onwards).
- Wealth Boosters:
Starting from the 10th policy year, extra units will be allocated to the policy every 5 policy years.
Every allocation of Wealth Booster will be equal to 3.25% of the average of the Fund Value for Regular Pay policies.
Every allocation of Wealth Booster will be equal to 1.5% of the average of the Fund Value for Single Pay policies.
Eligibility Criteria of Smart Life Insurance Plan:
- One pay option:
- Minimum: 20 years old.
- Maximum: 54 years old.
- Maturity Age:
- Minimum: 30 years.
- Maximum: 64 years.
- Regular pay option:
- Entry Age:
- Minimum: 8 years old.
- Maximum: 70 years old.
- Maturity Age:
- Minimum: 18 years.
- Maximum: 80 years.
- Entry Age:
*Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, exclusions, calculations, ratings, terms and conditions mentioned above are as of January, 2016, and are subject to change at any time. All banks, NBFCs, insurance providers, financial service providers, companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank, company, NBFC, financial service provider before making any financial commitments.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017