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The ICICI Pru Smart Life Plan is a ULIP plan offered by ICICI Prudential Life Insurance. This plan is available in Regular pay, single pay or limited pay option. The premium amount along with other benefits like the sum assured and eligibility criteria depend on the type of scheme under this plan. The basic details of this plan are tabled below.
Additional Reading: 8 Smart Ways To Reduce Life Insurance Premiums
|
Category |
Regular Pay |
One pay |
Limited pay |
|
Entry age |
Minimum - 20 years Maximum – 54 years |
Minimum - 20 years Maximum – 54 years |
Minimum – 20 years Maximum – Depends on PPT |
|
Maturity age |
Minimum – 30 years Maximum – 64 years |
Minimum – 30 years Maximum – 64 years |
Minimum – 30 years Maximum – 64 years |
|
Sum assured |
Minimum – 7x annualized premium Maximum – depends on the age at entry |
Minimum – 1.25x annualized premium Maximum – depends on the age at entry |
Minimum – 7x annualized premium Maximum – higher of, 10 x annualized premium, or, 0.5*policy term * annualized premium |
|
Policy tenure |
Minimum – 10 years Maximum – 25 years |
10 years |
5 years/ 7 years/ 10 years |
|
Premium payment mode |
Monthly, half-yearly or annual |
Monthly, half-yearly or annual |
Monthly, half-yearly or annual |
|
Minimum premium |
Rs. 45,000 – Rs. 5,00,000 (depending on age at entry) |
Rs. 48,000/ Rs. 1,25,000 (depending on age at entry) |
Rs. 45,000 |
|
Tax benefits |
Deduction under section 80C up to Rs. 1,50,000 |
Deduction under section 80C up to Rs. 1,50,000 |
Deduction under section 80C up to Rs. 1,50,000 |
Additional Reading: Customize Your Life Insurance Policy To Fit Your Specific Needs With Riders
Features
- ICICI Pru Smart Life is a ULIP plan where the customers get the benefit of insurance and investment.
- This is a high-end plan with no upper limit on the maximum sum that can be assured.
- This plan is based on a fixed portfolio strategy and a lifecycle-based portfolio strategy.
- The prime benefit under this plan is that the company will pay all the future premiums in case of an unfortunate event in the family so the policy will continue without any hindrances and ensure savings be accumulated.