ICICI Pru Signature Assure Plan

What is ICICI Pru Signature Assure?

ICICI Pru Signature Assure is a savings and protection-oriented life insurance plan that offers wealth creation opportunities and protects your family's goals in case of unforeseen events. It is a unit-linked insurance plan where the investment risk in the investment portfolio is borne by the policyholder.

Features of ICICI Pru Signature Assure

Below are the features of ICICI Pru Signature Assure:

• Assurance of family goals: On the unfortunate demise of the policyholder, future premiums are waived off, and the company contributes towards the policy, ensuring wealth creation continues.

• Secure fixed income payouts: In case of the policyholder's unfortunate demise, the plan provides annual income payouts for loved ones throughout the policy period.

• Leave behind a legacy: Wealth created through market-linked returns is paid out to the loved ones at the end of the policy period.

• Choice of 23 fund options: to grow wealth through market-linked returns.

• Top-up feature: to infuse additional savings and keep pace with evolving financial goals.

• Systematic Withdrawal Plan (SWP): to avail monthly payouts for supplementary income needs.

• Low-cost charge structure: with no Premium Allocation Charge.

• Guaranteed return of premiums: At least 100% of premiums paid are guaranteed to be returned at the end of the policy period, provided the life assured survives till the date of maturity, all due premiums have been paid, and no partial withdrawals have been made.

• Tax benefits: may be available on premiums paid and benefits received as per prevailing tax laws.

Eligibility Criteria for ICICI Pru Signature Assure

Benefits of ICICI Pru Signature Assure

Below are the benefits of ICICI Pru Signature Assure

1. Maturity Benefit

   On survival till the date of maturity and payment of all due premiums, the policyholder will get a lump sum corpus as the Fund Value. The fund value depends on the performance of the fund, and returns are illustrative. Loyalty Additions are allocated as extra units at the end of every fifth policy year, starting from the end of the tenth policy year.

2. Maturity Protect

   On the date of maturity, the company ensures that the policyholder gets at least a return of all premiums paid during the policy term if no withdrawals were made.

3. Death Benefit

   In the event of the policyholder's death during the policy term, provided all due premiums have been paid, a lump sum benefit will be payable to the claimant, which will be the higher of the Sum Assured (including Top-Up Sum Assured, if any) or the Minimum Death Benefit.

4. Smart Benefit

   On the death of the life assured during the premium payment term, the company shall waive all future premiums as and when payable under the policy, and units equivalent to the installment premium net of premium allocation charges will be allocated on each of the subsequent premium due dates by the company. This benefit comprises two benefits: Future Secure Benefit and Family Income Benefit.

5. Family Income Benefit

   An amount equal to a percentage (0% to 10%) of the Sum Assured (excluding Top-up Sum Assured) will be paid out to the Claimant as regular income on every Policy Anniversary following the date of death of the Life Assured until the Date of Maturity.

Additional Details of ICICI Pru Signature Assure

• Change in Portfolio Strategy (CIPS): The policyholder can change the portfolio strategy up to four times in a policy year, free of cost.

• Settlement Option: The policyholder can receive the Maturity Benefit as a structured payout over a period of up to 5 years after maturity.

• Top-up: Surplus money can be paid as Top-up premiums to boost the sum assured and fund value, subject to underwriting. The minimum Top-up premium is ₹ 500.

• Partial Withdrawals: Partial withdrawals are allowed after the completion of the Lock-In Period, with a minimum withdrawal amount of ₹ 2,000.

• Systematic Withdrawal Plan (SWP): Under the Partial Withdrawal facility, the policyholder may opt for a Systematic Withdrawal Plan for supplementary income needs.

• Switches: The policyholder can switch units from one fund to another at any point in time if he has opted for Fixed Portfolio Strategy.

• Premium Redirection: This feature is applicable only to those Policyholders who have opted for the Fixed Portfolio Strategy.

• Fund Management Charge (FMC): Fund Management Charge is applicable and will be adjusted daily from NAV.

  

• Policy Administration Charge: Policy Administration Charge will be levied at the beginning of every month by redemption of units, subject to a maximum of Rs 500 per month for the entire policy term.

• Discontinuance Charges: Discontinuance Charges are applicable if the policy is discontinued during the policy year.

• Policy Revival: The policyholder can revive the policy benefits for their full value within three years from the due date of the first unpaid premium.

• Grace Period: The grace period for payment of premium is 15 days for monthly mode of premium payment and 30 days for other modes of premium payment commencing from the premium due date.

• Loans: The Company will not provide loans under this policy.

• Suicide Clause: If the Life Assured commits suicide within 12 months from the date of commencement of the policy or from the date of policy revival, only the Fund Value, if any, as available on the date of intimation of death or date of foreclosure or date of maturity whichever is earlier, would be payable to the claimant.

• Nomination: Nomination shall be as per Section 39 of the Insurance Act, 1938 as amended from time to time.

• Revision of Charges: The Company reserves the right to revise the Fund Management Charge and Policy Administration Charge at any time during the term of the policy.

• Risks of investment in the Units of the Funds: ICICI Pru Signature Assure is a Unit-Linked Insurance Policy (ULIP) and is different from traditional products and Investments in ULIPs are subject to market risks.