The ICICI Prudential Life Insurance Company Ltd. is a joint venture of Prudential Corporation Holdings Limited and one of the leading banks of India, ICICI Bank Ltd. It offers many long-term savings as well as protection options to meet the different requirements of the investors. The company provides exceptional quality services at a reasonable rate. The company has consistently offered hassle-free and top-rated claim settlement to their loyal customers ICICI ULIP aids is wealth creation along with the benefit of life cover. You can flexibly utilize ULIP to fulfill any of your long-term financial goals.
Types of ICICI Prudential ULIPs
| Plan Features | ICICI Pru Life Time Classic | ICICI Pru Wealth | ICICI Pru Guaranteed Wealth Protector | ICICI Pru Smart Kid Solution | ICICI Pru Elite Life Super | ICICI Pru Elite Wealth Super | ICICI Pru Smart Life |
| Non-Participating | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Insurance + Investment | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Funding Options | 11 Options:
|
7 options:
|
2 options
|
2 options
|
11 Options:
|
11 Options:
|
2 options
|
| Death Benefits | Nominee gets fund value as well as insurance cover | – | – | – | – | – | – |
| Tax Benefits | Deductions up to Rs 46,800 | Receive maturity amount and tax rebate | Deductions up to Rs 1.5 lakh | Deductions up to Rs 1.5 lakh | Available | Available | Deductions up to Rs 1.5 lakh |
| Free Fund Switching | 4 switches allowed per policy year | Unlimited | Available | Available | Unlimited | Available | Available |
| Top-Up Option | Available | – | – | – | Available | Available | – |
| Loyalty Additions | Available | – | Available | Available | Available | Available | – |
| Portfolio Strategies | 4 Portfolio Strategies:
|
– | – | Fixed Portfolio Strategy | 4 Portfolio Strategies:
|
|
4 Portfolio Strategies:
|
| Interest per annum | 4% or 8%
(Based on premium) |
4% or 8%
(Based on premium) |
4% or 8%
(Based on premium) |
4% or 8%
(Based on premium) |
4% or 8%
(Based on premium) |
4% or 8%
(Based on premium) |
4% or 8%
(Based on premium) |
| Single Premium Facility | – | Available | Available | Available | – | – | – |
| 100% money investment | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Life Cover2 | Yes | Available | Available | Available | Available | Available | Available |
| Wealth Boosters1 | Available | Available | Available | Available | Available | Available | – |
| Assured Benefit | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Family Protection | Available | Available | Available | Available | Available | Available | – |
| Partial Withdrawal | – | – | – | Available from 6th policy year | Available
after 5th policy year |
Available after 5th policy year | Available from 6th policy year |
| Flexible Payment Option | Make premium payment by:
|
– | Either one payment or five payment option | You can choose from one pay option and regular pay options (throughout the year) | Make premium payment by:
|
Make premium payment by:
|
You can choose from one pay option and regular pay options (throughout the year) |
Also Check: ICICI Prudential Elite Life II Plan
FAQs
Q1. What is the minimum age to apply for ICICI ULIP?
The minimum age required to apply for ULIP with ICICI is 20 years.
Q2. What is the maximum age limit to apply for ICICI ULIP?
The maximum age limit to apply for ULIP with ICICI is 54 years
Q3. What are the benefits of investing in ULIPs?
Following are the five benefits of investing in ULIPs:
- You get the freedom to choose your life cover. The minimum life cover offered is 10 times the annual premium, and the maximum is 40 times the annual premium.
- You can choose the type of your investment from equity funds, debt funds, balanced funds, etc.
- You can make partial withdrawals with a ULIP providing you liquidity from your investments.
- You can choose your ULIP based on your financial goals. ICICI offers a range of ULIPS to cater your unique financial requirements.
- As per the Income Tax Act of India, you can claim for tax deductions based on the terms and conditions of your policy.
Q4. How can I calculate my ICICI ULIP returns?
You can calculate the average returns of ULIP using the ULIP calculator provided on the website of ICICI. It is simple, easily accessible, with close to accurate results. You must follow the below-mentioned steps to calculate your premium amount:
- Select the amount you wish to invest
- Choose the tenure of your investment
- Choose the term until which you will renew your policy
- Lastly, select the expected annual rate of interest
The ULIP calculator will show the approximate returns from your investment on the screen. ICICI is known to provide one of the best ULIP plans in India with