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Overview
ICICI Prudential Protect N Gain plan stays true to its tagline, "Growth Bhi Protection Bhi," which means it provides dual benefits of protection and wealth creation. ICICI Protect N Gain is a ULIP designed to combine long-term wealth creation with robust life insurance coverage. The plan protects the insured and their family members with life insurance coverage of up to 100 times the annual premium and grows wealth through market-linked returns.
This protection-cum-ULIP plan includes a maturity booster benefit, and policyholders can receive a monthly payout through a Systematic Withdrawal Plan (SWP).
Key Benefits of ICICI Prudential Protect N Gain
- 18 fund options
- 4 different strategies
- Partial withdrawals
- Flexible premium payment term
- Tax benefits
- Unlimited free switches
Riders Associated with ICICI Prudential Protect N Gain
You can add the following riders to your ICICI Prudential 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.
Plan Features
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.
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.
Benefits of ICICI Prudential Protect N Gain
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.
