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Overview
ICICI Life Protect N Gain is a ULIP (Unit-Linked Insurance Plan) that combines life cover with market-linked investment in a single policy. It offers life insurance of up to 100 times your annual premium, along with wealth creation through 18 fund options across equity, debt, and balanced categories.
The plan lives up to its tagline "Growth Bhi, Protection Bhi": your family gets a financial safety net if something happens to you, while your invested premiums have the potential to grow over the policy term. It also includes a maturity booster benefit and lets you set up a Systematic Withdrawal Plan (SWP) for regular monthly payouts after the lock-in period, useful if you want your investment to double up as a supplementary income source later in life.
Key Benefits
- 18 fund options
- 4 different strategies
- Partial withdrawals
- Flexible premium payment term
- Tax benefits
- Unlimited free switches
Features of ICICI Life Protect N Gain
Fund Options
The plan offers 18 fund options for investment, available across balanced, equity, and debt funds, depending on the policyholder's risk appetite.
Portfolio Strategy
The plan offers 4 portfolio strategy options, including: Fixed Portfolio Strategy, Target Asset Allocation Strategy, Trigger Portfolio Strategy, and Lifestyle-Based Portfolio Strategy.
Partial Withdrawal
The policy allows the insured to withdraw a partial amount after the 5-year lock-in period. The maximum withdrawal must not exceed 20% of the total fund value.
Death Benefit
The plan provides protection by paying a death benefit equal to the higher of: 105% of the sum assured, or fund value + top-up fund value (if any), or sum assured + top-up (if any).
Maturity Benefit
On survival of the policy term, the plan offers a maturity benefit equal to the fund value + top-up fund value.
Tax Benefit
Policyholders are eligible for tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961.
Riders Associated with ICICI Life Protect N Gain
You can add the following riders to your ICICI Life Protect N Gain plan:
ICICI Pru Accidental Death Benefit Rider
With the ICICI Pru Accidental Death Benefit Rider, you can cover yourself with a maximum sum assured of ₹2 crore against any unfortunate accident that causes death.
ICICI Pru Critical Illness Rider
With the ICICI Pru Critical Illness Rider, you can protect yourself with a maximum sum assured of ₹1 crore against 34 critical illnesses.
Exclusions
- Death due to a pandemic is not covered.
- Death caused by adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not disclosed at policy inception.
- If the policyholder commits suicide within the first 12 months of policy purchase, no death benefits are paid to the nominee. Instead, the higher of premiums paid to date or the surrender value is paid.
