ICICI Prudential ULIP Plans
ICICI Prudential ULIP Plans
  • Whole Life Insurance Cover
  • Multiple Funds Choice
  • Tax Benefits Under 80C
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ICICI Prudential ULIP Plans

With rising cases of accidental deaths, high healthcare costs and inconveniences faced while travelling (domestic/international), the government of India decided to create an insurance market for the protection of its citizens. Though it was a superb idea, the government, itself was unable to create the demand for insurance. So, it decided to loop in the private sector in 2000. During the same year, ICICI Prudential Life Company came into existence. With the help of its amazing products, the company was able to create a stable demand for insurance and look eye to eye with private insurance giants such as LIC. Fast-forwarding to 2019, the company’s AUM (Assets Under Management) was Rs.1604 billion. But who is responsible for its success? Honestly, much of the credit goes to its ULIP plans.

ICICI Prudential ULIP plans are well-respected in the market. Even with so many other providers in the market, people prefer to invest their time and money in ICICI Prudential ULIP plans because of the convenience and utmost trust that they offer. To know more about the plans, let’s jump into its detailed explanation.

Types of ICICI Pru ULIP Plans

1. ICICI Pru Signature

It’s hard to find a ULIP plan that offers life coverage with flexible investment options. Luckily, the signature plan has got you covered. It will provide decent returns with life coverage for your loved ones.

Benefits

  • 4 portfolio strategies & several fund options are offered by the plan. You can select the ones that suit your needs.
  • There is no need to stick to a fund that is giving you bad returns. The plan allows you to make multiple switches, till you find the best one.

Eligibility

FactorsEligibility
Minimum entry age0 years
Maximum entry age60 years
Minimum maturity age18 years
Maximum maturity age99 years (depending on the options)
Premium payment frequencyMonthly, half-yearly & yearly

2. ICICI Pru LifeTime Classic

It is a non-participating unit-linked plan that is designed to build-up wealth and safeguards your family via a life cover.

Benefits

  • With the help of the Income Tax Act, 1961, you can avail tax benefits up to Rs.46,800.
  • You can easily top-up the investment of your plan via an online mode.

Eligibility

FactorsEligibility
Premium payment optionSingle payLimited/Regular pay
Minimum entry age0 years
Maximum entry age75 years65 years
Minimum maturity age18 years
Maximum maturity age80 years75 years

3. ICICI Pru1 Wealth

You need a substantial level of savings to dream of a financially secure future. Pru1 wealth plan is in sync with this logic. Apart from building and securing your finances, it will offer protection to your family through life coverage.

Benefits

  • 7 fund options are available to build your financial empire. It’s your call to ride with the best among them.
  • You only have to pay a single premium. Also, the entire premium is invested in your fund. No charges are deducted.

Eligibility

FactorsEligibility
Minimum entry age8 years
Maximum entry age60 years
Minimum maturity age18 years
Maximum maturity age70 years
Policy term5 & 10 years

4. ICICI Pru Smart Life

Inflation is the enemy of your investment. You have to be well-equipped to fight it. This plan can help you with that. It will safeguard your finances along with giving it a boost in regular time intervals.

Benefits

  • Once the 6th year of your policy is in force, you can make partial withdrawals.
  • 2 types of portfolio strategies (fixed & life-cycle based) are available under this plan. You can select the one which is better suited for your requirements.

Eligibility

FactorsEligibility
Premium payment optionSingle payRegular payLimited pay
Minimum entry age20 years
Maximum entry age54 years36-48 years (depending on the policy term)
Minimum maturity age30 years
Maximum maturity age64 years

Why Should You Place Your Faith in ICICI Pru ULIP Plans?

It is not easy to trust a third-party with your money. With so many cases of money related wrongdoings, it is sensible to hand over your hard-earned money to a trusted/publicly known entity. But when it comes to the ULIP plan, it should not be the only factor to make the judgement. Other factors like claim ratio and solvency ratio should be considered as well.

If we talk about ICICI Prudential Life Insurance Company, it is one of the few private insurance companies in the market with 98.6% claim ratio & 252.5% solvency ratio. Their employees are well-trained and equipped with the latest facts to help you in any way. Combined with the trust factor, this company is the perfect choice for a person who desires to build up his/her investments on the shoulders of a successful company.

ICICI Prudential ULIP Plans: FAQ's

The minimum lock-in period is 5 years. To get better results, you can stay invested for 10-20 years.

There are three ways to check the status- online, text/email reminders. For online updates, you can log in to ICICI Prudential’s official website & type in your user id and password to check the status.

If you want to cancel your policy in the free look period, you have to fill out a form (to request cancellation) and submit it at any ICICI Prudential Life Insurance branch with the ULIP document.

You can pay the premiums via online modes such as E-wallets, debit/credit card, net banking & UPI. You can also visit the company’s branch and submit the cheque to pay the premium.

The coverage holder loses out on all of the benefits of the plan. After discontinuance of the coverage, it cannot be withdrawn. The policyholder would get hold of the invested amount.

In case you misplace your insurance coverage, you may request a copy by visiting nearest ICICI Prudential Life Insurance branch.

Last updated on 19-08-2020