ICICI Pru Signature Online

What is ICICI Pru Signature Online?

ICICI Pru Signature is a Unit Linked Insurance Plan (ULIP) focused on savings and protection. It provides life cover and flexible savings options, along with potential tax benefits. The ULIP plan offers wealth boosters, return of mortality and policy administration charges (excluding Whole Life option), and systematic withdrawal options. Customers can choose from various portfolio strategies and funds, with the option to switch between them, but unit-linked products have a 5 year lock-in period. The policy also provides options for maturity benefits, death benefits, and partial withdrawals, with certain conditions applied. Moreover, it offers features such as premium redirection, top-ups, and the ability to increase or decrease the sum assured, subject to specific terms and conditions. ICICI Pru Signature presents itself as an investment that meets varied financial goals, including securing a family's future.

Key Features of ICICI Pru Signature Online

Below are the key features of ICICI Pru Signature Online: 

• Life Cover: Provides financial security for your family throughout the policy term.

• Wealth Boosters: Extra units are added to your policy at the end of every 5th policy year, starting from the 10th policy year until the end of the term. Each Wealth Booster equals 3.25% of the average fund values on the last business day of the last eight policy quarters. Allocation is guaranteed.

• Systematic Withdrawal Plan (SWP): Allows regular money withdrawals from your policy.

• Flexible Options: Offers a choice of 4 portfolio strategies and a wide range of funds across equity, balanced, and debt categories.

• Whole Life Option: Enjoy policy benefits until 99 years of age. The policy term will be 99 minus the age at entry.

• Premium Allocation: The entire premium is allocated among your chosen funds without deductions.

• Return of Charges: Mortality and Policy Administration Charges are added back to the fund value at maturity (excluding extra mortality charges and taxes, and not applicable for the Whole Life option).

  

• Settlement Option: Maturity benefits can be received as a lump sum or as periodic payouts.

• Free Switches: Unlimited free switches between funds are available for the Fixed Portfolio Strategy.

• Change in Portfolio Strategy (CIPS): Switch among available Portfolio Strategies up to four times a year, free of cost.

• Premium Redirection: Change the premium split for the Fixed Portfolio Strategy without charge. The new split applies to future premiums.

• Top-up: Save surplus money as Top-up premium.

• Increase/Decrease in Sum Assured: Option to change your Sum Assured during the policy term.

• Increase in Policy Term: Option to increase your policy term (decreasing is not allowed).

• Increase/Decrease in Premium Payment Term: Option to change the Premium Payment Term (decreasing is not allowed), provided all due premiums have been paid.

Eligibility Criteria of ICICI Pru Signature Online

Benefits of ICICI Pru Signature Online

Below are the benefits of ICICI Pru Signature Online: 

1. Death Benefit

   In case of death of the Life Assured, the nominee/legal heir receives the highest of:

   • Sum Assured (including Top-up Sum Assured, if any)

   • Minimum Death Benefit (105% of total premiums, including Top-up premiums, if any, received up to the date of death)

   • Fund Value (as on the date of death intimation, Foreclosure, or Maturity, whichever is earlier)

2. Maturity Benefit

   On maturity, you receive the Fund Value, with the option for lump sum or structured payouts via the Settlement Option.

3. Partial Withdrawal Benefit

   After the lock-in period, make unlimited partial withdrawals (up to 20% of the Fund Value in a policy year), free of cost, provided the monies are not in the Discontinued Policy Fund. SWP is available under this facility.

Additional Details of ICICI Pru Signature Online

• Premium Allocation Charge: Nil.

• Fund Management Charge (FMC): Applicable and adjusted from the NAV daily. Varies by fund.

• Policy Administration Charge: Levied monthly by unit redemption.

• Mortality Charges: Levied monthly by unit redemption based on the Sum at Risk.

• Discontinuance Charges: Applicable as per policy terms (vary by policy year and annual premium). No charge for Top-up premiums.

• Surrender: Allowed after the lock-in period. During the lock-in, the fund value moves to the Discontinued Policy Fund.

• Policy Revival: Available within a specified period.

• Suicide Clause: If suicide occurs within 12 months of commencement or revival, only the Fund Value is payable.