ICICI Prudential Life Insurance has launched a new dual protection unit linked insurance plan “ICICI Pru Smart Life”. The dual protection comes in a way of lump-sum amount at the death of the policy holder and in addition to this; the nominee will also receive the fund value at the end of the policy term.
ICICI Pru Smart Life Plan Benefits:
Death Benefits:
In the unfortunate event of death of the policy holder, the nominee will receive the benefits in two parts:
1. Lump-sum Amount Benefit: On the death of the policy holder, a lump-sum amount is given to the nominee to meet the immediate liabilities. The lump-sum amount will be higher of the followings:
- Sum Assured
- Minimum Death Benefit i.e. 105% of total premiums paid
2. Smart Benefit:
Following the death of the policy holder, 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 loyalty Additions and Wealth Boosters.
This Smart benefit is not applicable for the One Pay option.
Survival/Maturity Benefits
If the policy holder survives throughout the policy term, he will receive the fund value at the end of the policy term. The policy holder can opt to withdraw at once or can defer the payout using Settlement Option.
Investing Strategy of the Premium
1. Fixed Portfolio Strategy: Funds to be selected from the below given 8 funds and can be switched only once in a year.
2. LifeCycle based Portfolio Strategy: The premiums will be invested in Multi-Cap Growth Fund as well as in Income Fund, based on the age of the Policy Holder. As he moves from one age band to another, the funds will be re-distributed based on his age.
