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ICICI Prudential Smart Life Plan

ICICI Prudential Life Insurance Smart Life Plan is a unit linked plan which has an automated investment strategy for policyholders who cannot manage their own investments. The plan also provides a comprehensive coverage by waiving the premiums in case of the insured’s death but continuing the plan till maturity. Thus, it creates a safe corpus which is not affected by the death of the life insured and returns are also market-linked.

Key features of the plan

  • There are two investment strategies in the plan. One gives the policyholder the freedom to manage his own investments while the other manages the investments automatically.
  • In case of death of the insured, future premiums are waived off while the plan continues till maturity.
  • Premiums can be paid at once or for the entire plan tenure.
  • Loyalty Additions, additional Loyalty Additions and Wealth Boosters are also added to the plan for an increased Fund Value.
  • The Sum Assured and the policy term can be decreased.

How does the plan work?

Step 1 – the policyholder chooses the premium amount, plan term and the premium paying term. The minimum and maximum Sum Assured is then calculated using the age of the insured and the plan term. The policyholder can choose any Sum Assured from the minimum and maximum range.

Step 2 – the policyholder also chooses the investment strategy. There are 2 strategies which are as follows:

  • Fixed Portfolio Strategy – under this strategy, the policyholder can choose to invest the allocated premium in any of the available fund options. There are eight funds to choose from which are – Maximizer V, Multi Cap Growth Fund, Opportunities Fund, Blue chip Fund, Maximize India Fund, Multi Cap Balanced Fund, Income Fund and Money Market Fund. The policyholder can also choose Automatic Transfer Strategy (ATS) to invest partly or fully in Income Fund or Money Market Fund. Then the money is automatically transferred in monthly instalments to any of the other equity-oriented funds.
  • Lifecycle Based Portfolio Strategy – this strategy works on the ‘Years to Maturity’ principle. Initially, the allocated premium is invested in equity oriented funds in a pre-defined ratio depending on the age band of the insured. As the plan approaches maturity, the funds are reallocated to debt-oriented funds in a pre-defined proportion when the insured’s age band changes. Under this strategy, the funds are reallocated from equity exposure to debt exposure to protect returns generated from market volatility.

Step 3 – the policyholder can make partial withdrawals or switch his investments if Fixed Portfolio Strategy is chosen.

Step 4 – top-ups can be done to increase the investment in a chosen fund.

Step 5 – in case of death during the plan term, the death benefit is paid. Premiums are waived off and the plan continues till maturity.

Step 6 – if the insured survives the plan tenure, the maturity benefit is paid.


Anushka, aged 30 years, buys Smart Life Insurance Plan with a premium of Rs.50, 000 and a Sum Assured of Rs.5 lakhs.

Option 1 – She opts for Fixed Portfolio Strategy and allocates 100% of the premiums in Opportunities Fund. In case of death during the tenure, the death benefit would be paid to the nominee which would be higher of the Sum Assured or Fund Value. Future premiums would be waived off and paid by the company. Loyalty Additions, additional loyalty additions and wealth boosters are paid as they accrue. On maturity, the Fund Value is paid.

Option 2 – She chooses Life cycle Based Portfolio Strategy. The allocated premium is invested in Multi-Cap Growth Fund and Income Fund in the ratio 75%: 25% depending on Anushka’s age. Every time Anushka’s age band changes the fund moves from equity-oriented funds to Income Fund. On death, higher of Sum Assured or Fund Value is paid and premiums are waived. On maturity, the Fund Value is paid.

Anushka can make partial withdrawals, switch between funds and also pay top-up premiums during the plan tenure.

Plan benefits

  • Death benefit – if the insured dies during the term of the plan, higher of the Sum Assured including top-up Sum Assured or 105% of the premiums paid including top-up premiums is paid to the beneficiary (Child). Thereafter, premiums are waived and the insurance company pays the premiums due every year towards the Fund Value. This is called the Smart Benefit. This payment continues till the maturity date.
  • Maturity Benefit – when the plan matures, the available Fund Value including top-up Fund Value is paid to the policyholder. The policyholder can take the maturity benefit in lump sum or in instalments in 5 years through Settlement Option.
  • Loyalty Additions – from the end of the 6th policy year loyalty additions @0.25% of the Fund Value are added every year of the plan. Moreover, an additional Loyalty Addition would be added @ 0.25% of the Fund Value.
  • Wealth Boosters – wealth boosters are added to the Fund Value from the 10th policy year and every 5 years thereafter. The rate of the booster is 3.25% of the Fund Value if regular premiums are paid and 1.5% of the Fund Value for single premium plans.
  • Partial withdrawals – the policyholder can make four free partial withdrawals after the first 5 years. The maximum amount of withdrawal allowed is Rs.20% of the Fund Value.
  • Switching –the policyholder can change the choice of funds and reallocate the Fund Value among different funds through switching in case of Fixed Portfolio Strategy. The minimum amount of switching is Rs.2000. Moreover, the policyholder can also change his investment strategy portfolio from one to another.
  • Premium redirection – If the policyholder wants, he can choose to redirect future premiums to another fund different from the one in which the premium is currently being allocated to if the money is invested in Fixed Portfolio Strategy.
  • Top-up – additional premiums can be invested in the plan through top-up facility. The minimum top-up is Rs.2000 and it can be done anytime except in the last 5 policy years.


  Minimum Maximum
Age at entry (in completed years) 20 years 54 years
Age at maturity (in completed years) 30 years 64 years
Term of the plan Regular premium – 10, 25 years
Single premium – 10 years
Premium paying options Regular pay or Single Pay
Premium Paying term Equal to plan term or once
Annual premium amount Regular premiums:
Age 20-49 years – Rs.45,000
Age 50-52 years – Rs.1.2 lakhs
Age 53-54 years – Rs.5 lakhs
Single Premium:
Age 20-54 years – Rs.48,000
Age 39-35 years if Sum Assured required is 10 times the premium paid – Rs.1.25 lakhs
No limit
Sum Assured Regular Premium:
If age is below 45 years – higher of 10 times the annual premium or 0.5*term*annual premium
If age is 45 years and above – higher of 7 times the annual premium or 0.25*term*annual premium
Single Premium – 1.25 times the single premium
Regular Premium:
Ages 20 to 25 years – 30 times the annual premium
Ages 26 to 30 years – 25 times the annual premium
Ages 31 to 44 years – 15 times the annual premium
Ages 45 to 54 years – 10 times the annual premium
Single premium:
If age is less than 35 years – 10 times the single premium
If age is 35 years and above – 1.25 times the single premium

What is not covered in the policy?

In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.