As a responsible parent, son/daughter, spouse taking care of your family's dream has been your top most priorities. These dreams have many forms - children higher education, financial independence of aging parents or securing the family's lifestyle post your retirement. To fulfil these responsibilities you need a solution that enables you to save towards these goals without compromising the goals even when you are not alive.
With this objective, we present ICICI Pru Smart Life a unit linked insurance plan that provides you with multiple choices to invest towards your financial goals and the Smart Benefit ensures that the wealth accumulation continues even after you.
Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual premium )
As per maximum Sum Assured Multiples
45 years and above
Higher of (7 X Annual Premium) and (0.25 X Policy term X Annual premium )
Note: Sum Assured multiples in between the maximum and minimum limits are not available in One Pay option.
Tax Benefits Premium and any benefit amount received under this policy will be eligible for tax benefit as per the prevailing Income Tax laws.
Min/Max age at entry20 years - 54 years
Min/Max age at maturity30 years - 64 years
Min/Max Policy Term10 Years
Min/Max Premium Paying TermSingle Pay
Minimum Premium
Age at entry
Sum Assured
Minimum Premium
20-54 years
1.25 times of Single Premium
Rs. 100,000 p.a.
29-35 years
10 times of Single Premium
Rs. 125,000 p.a.
Maximum PremiumUnlimited
Premium Payment modesSingle
Min/Max Sum Assured
Age at entry
Min. Sum Assured
Max. Sum Assured
Less than and 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.
Tax BenefitsPremium and any benefit amount received under this policy will be eligible for tax benefit as per the prevailing Income Tax laws.
Key Features:
Multiple investment options
Fixed Portfolio Strategy: Option to allocate your savings in the funds of your choice from a diverse suite of 8 funds.
Life cycle based Portfolio Strategy 2: A unique and personalized strategy to create an ideal balance between equity and debt, based on your age
Comprehensive protection: On death of the life assured, receive
Lump sum benefit
Smart Benefit: All future premiums payable under the policy will be waived and allocated by the company - to ensure that your savings for your desired goal continue uninterrupted
Choice of protection level: Choose the level of protection that suits your needs
Liquidity: Fund any intermediate financial need through Partial Withdrawals, any time after the completion of five policy years. Partial Withdrawals will notreduce the protection level.
Loyalty benefits: Get rewarded with Loyalty Additions and Wealth Boosters on staying invested with us over the long term
Tax benefits on premiums paid and benefits received as per the prevailing tax laws
Benefits in detail:
Death Benefit
On death of the Life Assured the benefit will comprise of two parts:
Lump sum benefit, which is higher of:
Sum Assured including Top-up Sum Assured
Minimum Death Benefit
Minimum Death Benefit = 105% of the total premiums paid including Top-up premiums, if any.
Smart Benefit: Secure your goal with Smart Benefit. Under this benefit, for Regular Pay policies, following the date of death of the life assured, provided all due premiums have been paid, units equivalent to the instalment premium will be allocated by the Company on the subsequent premium due dates.
Maturity Benefit
On maturity of the policy, you will receive the Fund Value including the Top-up Fund Value, if any. You will have an option to receive the Maturity Benefit as a lump sum or as a structured payout using Settlement Option.
Loyalty Additions
6th policy year onwards, you will get rewarded for paying your premiums regularly.
This is in the form of extra units at the end of every policy year
Each Loyalty Addition will be equal to 0.25% of the average of the Fund Values
You get an additional Loyalty Addition of 0.25% every year from the end of year 6 if all premiums for that year have been paid
Wealth Boosters
Wealth Boosters will be allocated as extra units at the end of every 5thpolicy year starting from the end of the 10thpolicy year
Each Wealth Booster will be 3.25% for Regular Pay policies and 1.5% for Single Pay policies of the average of the Fund Values
So, for a 25 year Policy Term, Wealth Boosters will be allocated 4 times
How does the Policy work?
Decide your premium amount, policy term and premium payment option
Select the Sum Assured as per your protection needs
Choose to invest in one of the 2 available Portfolio Strategies
On maturity of your policy, receive your maturity benefit as a lump sum or as a structured payout through settlement option to meet your financial goals
In case of your unfortunate death during the policy term your nominee will receive the Lump Sum benefit. All future premiums will be waived and Units will be allocated as if the future due premiums are being received as per the premium payment term. The Nominee will receive the Fund Value, including Top up Fund value, if any, at the policy maturity date
We offer several options for you to buy as per your convenience. Choose from one of the following:
