ICICI Pru Smart Life Policy Introduction
ICICI Pru Smart Life policy is a savings and protection oriented unit linked insurance plan. This ICICI Pru Smart Life policy provides multiple choices to invest so that you can accumulate funds towards your desired goals such as providing the best education to your children, ensuring that your parents are financially independent or securing your lifestyle after retirement. ICICI Pru Smart Life policy takes care of your responsibilities and goals even in your absence.
ICICI Pru Smart Life policy provides Regular paying premium and Single paying premium. ICICI Pru Smart Life policy products do not offer any liquidity during the first five years of the contract. ICICI Pru Smart Life policy provides loyalty benefits and Wealth Boosters on investing over a long-term. This ICICI Pru Smart Life policy provides dual protection plan i.e., on death of policyholder, the nominee will receive a lump-sum amount and in addition to that, the nominee will also receive the fund value at the end of the policy term.
Terms and Eligibility Conditions of ICICI Pru Smart Life policy
For Regular Premium
| Entry age |
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| Maturity age |
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| Premium payment modes |
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| Policy term |
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| Premium payment term |
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| Minimum Regular Premium |
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| Maximum Regular Premium |
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| Grace Period |
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Sum assured for Regular Premium under this ICICI Pru Smart Life Policy are tabulated below
| Entry age (Years) | Maximum sum assured multiple |
Minimum sum assured in AP(Annual Premium) |
|
20-25 |
30 | Higher of (10 x AP) and (0.5 x Policy term x AP) |
| 26-30 | 25 | Higher of (10 x AP) and (0.5 x Policy term x AP) |
| 31-35 | 15 | Higher of (10 x AP) and (0.5 x Policy term x AP) |
| 36-40 | 15 | Higher of (10 x AP) and (0.5 x Policy term x AP) |
| 41-44 | 15 | Higher of (10 x AP) and (0.5 x Policy term x AP) |
| 45-54 | 10 | Higher of (7 x AP) and (0.25 x Policy term x AP) |
For Single Premium
| Entry age |
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| Maturity age |
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| policy term |
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| Minimum Single Premium |
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| Maximum Single Premium |
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Sum assured for Single Premium under this ICICI Pru Smart Life Policy are tabulated below
| Entry age (Years) | Minimum Sum assured | Maximum Sum assured |
| Less than or equal to 35 years | 1.25 x Single premium | 10 times of Single Premium |
| Above 35 years | 1.25 x Single premium | 1.25 times of Single Premium |
Note: Sum Assured amounts in between the maximum and minimum limits are not available in Single Pay option.
Benefits of ICICI Pru Smart Life policy
Maturity Benefits: On maturity of the policy, the policyholder will receive the Fund Value including the Top-up Fund Value (if any). This benefits are paid irrespective of the survival of the life assured till the maturity date. The policyholder can receive this maturity benefit as a lump sum amount or can opt to get payments on a yearly, half-yearly, quarterly or monthly modes (through ECS) basis, over a period of one to five years, post maturity.
Death Benefits: If in case of unfortunate death of policyholder then the death benefits payable to nominee comprises of 2 parts
- Lump sum Benefit: On death of the policyholder, a lump sum amount is payable to the nominee to meet the immediate liabilities. The lump-sum amount will be higher of Sum assured including Top-up sum assured and minimum death benefit.
- Minimum Death Benefit = 105% of the total premiums paid including Top-up premiums (if any)
On death of the policyholder while premiums are in the DP(Discontinued policy) Fund, then nominee will receive the DP Fund value as Death Benefit. Thereafter this policy shall terminate and all rights, benefits and interests under this policy shall be extinguished.
Smart Benefits: This Smart Benefits are applicable for only Regular premium option. On death of the policyholder, all future premiums payable under the policy will be waived off and units equivalent to the installment premium will continue to be allocated by the Company on the subsequent premium due dates as if the premiums are being paid along with the Wealth Boosters and loyalty Additions.
Loyalty Additions and Wealth Boosters: The company will allocate extra units which are explained below
- Loyalty Additions: This loyalty additions are provided at the end of every policy year, starting from the end of the sixth policy year at the rate 0.25% of the average of the Fund Values.
- Additional Loyalty Additions: This additional loyalty additions are provided at the end of every policy year, starting from the end of the sixth policy year at the rate 0.25% of the average of the Fund Values, if the policyholder had paid premium for that year.
- Wealth Boosters: This benefits are provided at the end of every fifth policy year, starting from the end of the tenth policy year.
- For regular premium option : 3.25 % of the average of the Fund Values
- For Single premium option : 1.50% of the average of the Fund Values
Note: The above additions will not be added if your premiums are in the DP(Discontinued policy) Fund.
Tax Benefits: Premium and any benefit amount received under this policy will be eligible for tax benefit as per the prevailing Income Tax laws. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
Choice of Portfolio Strategy: Under this ICICI Pru Smart Life policy there are 2 options to choose while investing your money. They are
- Fixed Portfolio Strategy
- Life Cycle based Portfolio Strategy 2
Fixed Portfolio Strategy: The Policyholder can choose funds from the below given 8 funds and can be switched only once in a year.
Life Cycle based Portfolio Strategy 2: Based on the age of the Policyholder, the premiums will be invested in Multi-Cap Growth Fund as well as in Income Fund. As the policyholder moves from one age band to another, the funds will be re-distributed based on his age.
|
Age of policyholder (years) |
Multi Cap growth fund |
Income Fund |
| 20-25 | 80% | 20% |
| 26-35 | 75% | 25% |
| 36-45 | 65% | 35% |
| 46-55 | 55% | 45% |
| 56-65 | 45% | 55% |
ICICI Pru Smart Life Policy Buying Procedure
Documents needed to apply for an ICICI Pru Smart Life Policy are given below
- Photo ID Proof
- IT Proof
- Age verification Proof
- Address Proof Document
- PAN Card Number
- Nominee details
- Medical details
Policy documents of ICICI Pru Smart Life Policy are attached below
Policy Document of ICICI Pru Smart Life Policy
ICICI Pru Smart Life Policy Premium Calculator
Details required for calculating premium under ICICI Pru Smart Life Policy are given below
- Age
- Base Premium
- Policy term
- Pay for a period of
- Total Premium
ICICI Pru Smart Life Policy Example
If rajesh had decided to take ICICI Pru Smart Life policy then his following details are given below.
- Age: 30 years
- Base Premium: Rs. 50,000
- Policy term: 20 years
- Pay for a period of: 5 years
- Total Premium: Rs.51,545
- Sum assured: Rs.5,00,000
Base Premium you pay: Rs.50,000 p.a x 1 x 5 years = Rs.2,50,000
| Additional benefits through Income Tax act | Rs.1,97,490 |
| Guaranteed benefit | Rs.3,27,379 |
| Additional benefits @ 4% | Rs.36,671 |
| Additional benefits @ 8% | Rs.3,16,383 |
Total benefit (Guaranteed benefit + Additional benefits @8 %) = Rs.6,43,762
ICICI Pru Smart Life Policy Claim procedure
Initially you should intimate to the company by any of 5 easy ways.
- Online Claim Intimation
- Call to claim care – 1860-266-7766
- Walk in to any ICICI Pru Smart Life Branch
- SMS ‘ICLAIM<space>Policy No’ to 56767
- Send mail to lifeline@icicprulife.com
All required documents should be submitted along with the intimation process. Required documents during claim process are listed below
- Claim intimation form
- Copy of death certificate issued by Local Municipal Authority
- Original policy certificate
- Copy of Claimant’s Photo Identification Proof & Current Address Proof
- Cancelled Cheque
Claim will be formally registered only when written intimation is received at branch or directly at Central Claims team.
Additional documents required for Non-Accidental Death:
- Copy of Medico Legal Cause of Death Certificate
- Copy of Medical Records (Admission Notes,Discharge/Death Summary, Test Reports etc)
- Medical Attendant’s/ Hospital Certificate to be filled by the treating doctor
- Certificate from Employer (For Salaried Individuals)
Additional documents required for Accidental Death:
- Copy of FIR/ Panchnama/ Inquest Report & Post Mortem Report for accidental & suicide cases
- Copy of Driving License if Life Assured was driving the vehicle at the time of accident (Applicable if “Accident and Disability Benefit Rider” is opted)
Details required for online claim intimation:
- Name of life assured
- Date of birth of Life assured
- Type of claim : Death claim/ hospitalization claim/ Critical illness claim / Disability claim
- Life assured’s date of death
- Policy number
- Name of the claimant
- Mobile number
- E-mail Id
- Please upload Supporting documents
Required documents for claim procedure are attached below
Medical Attendant Hospital Certificate
ICICI Pru Smart Life Policy Customer care
If any doubts regarding this ICICI Pru Smart Life Policy then toll-free number 1860 266 7766. Customers calling us from outside India, please dial 91 22 6193 0777
Additional Information of ICICI Pru Smart Life Policy
Partial withdrawals:
- Partial withdrawals are allowed after the completion of first five policy years provided monies are not in DP(Discontinued policy) Fund.
- The policyholder 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.
The policyholder can choose to decrease his sum assured at any policy anniversary during the policy term provided all due premiums till date have been paid and premiums are not in the DP(Discontinued policy) Fund.
The policyholder can choose to decrease his policy term
Surrender value: On receipt of intimation that you wish to surrender the policy during the first five policy years, then the Fund Value including Top-up Fund Value(if any) after deduction of applicable Discontinuance Charge, shall be transferred to the Discontinued Policy Fund (DP Fund). On surrender after completion of the fifth policy year, you will be entitled to the Fund Value including Top-up Fund Value(if any).
Suicide Clause: If the Policyholder commits suicide within 1 year from the date of issuance of the policy or from the date of policy revival, then nominee will receive only the Fund Value including Top – up Fund Value (if any). No charges will be deducted after the date of death.
Policy revival: If premium is not paid within grace period then you can revive your policy within 2 years from first unpaid premium.
Free look period: If you are not satisfied with this policy, you can return the policy within 15 days of receiving the policy contract.
FAQ’s of ICICI Pru Smart Life Policy
What are benefits provided under this policy on investing for the long-term?
This ICICI Pru Smart Life plan provides Reduction in Yield (RIY) at the rate of 8% investment return.
Is there any top up facility available under this policy?
Top up facilities are available under this ICICI Pru Smart Life policy.
Is there any tax benefits provided under this policy?
Yes, Tax benefits are available.