ICICI Life Smart Goal Assure Plan

What is the ICICI Pru Smart Goal Assure Plan?

The ICICI Pru Smart Goal Assure is a flexible ULIP plan combining life insurance with investment. It helps you reach your financial goals. Features like Smart Benefit offer security with premium waivers and family income support during tough times. The Maturity Protect feature guarantees a maturity benefit, securing your investment. You can choose how to allocate premiums across different funds and strategies, giving you control over your financial growth. 

Features of ICICI Pru Smart Goal Assure Plan

The key features of the ICICI Pru Smart Goal Assure Plan are listed below:

• Watch your savings grow: Grow wealth with market-linked returns from 24 fund options.

• Boost your savings: Use the Top-up feature to match your evolving financial goals.

• Withdraw systematically: Set up monthly payouts through the Systematic Withdrawal Plan (SWP).

• Optimize your tax savings: Enjoy tax benefits on premiums paid and benefits received, as per current laws.

• Preserve your savings: Get at least 100% of the premiums paid back at policy maturity.

• Make the most of your savings: Save with an efficient charge structure and premium return at maturity.

• Rest assured about your family’s goals: Future premiums are waived off in case of your demise, ensuring continued wealth creation.

• Secure fixed income payouts: Ensure annual payouts to your loved ones throughout the policy period.

• Leave behind a legacy: Market-linked returns will be paid out to your loved ones at the end of the policy term.

Eligibility Criteria for ICICI Pru Smart Goal Assure Plan

Latest ULIP NAVs

• Bandhan Life ULIP Funds
• Aviva Life ULIP Funds
• Bajaj Life ULIP Funds
• Bharti AXA Life ULIP Funds
• Aditya Birla Sun Life ULIP Funds
• Canara HSBC Life ULIP Funds
• Edelweiss Tokio Life ULIP Funds
• Future Generali India Life ULIP Funds
• HDFC Life ULIP Funds
• ICICI Life ULIP Funds
• Exide Life ULIP Funds
• Kotak Life ULIP Funds
• Axis Max Life ULIP Funds
• PNB MetLife ULIP Funds
• Reliance Nippon Life ULIP Funds
• SBI Life ULIP Funds
• Pramerica Life ULIP Funds
• IndiaFirst Life ULIP Funds
• Ageas Federal Life ULIP Funds
• Star Union Dai-ichi Life ULIP Funds
• Tata AIA Life ULIP Funds

Fund Name	NAV	AUM	5 Yr Returns	10 Yr Returns
Bandhan Life Debt Fund	₹40.54	₹91 Cr	5.34%	6.2%	View More
Bandhan Life Secure Fund	₹29.14	₹48 Cr	5.33%	4.5%	View More
Bandhan Life Blue Chip Equity Fund	₹31.16	₹189 Cr	8.31%	11.26%	View More
Bandhan Life Stable Fund	₹33.37	₹14 Cr	5.91%	8.61%	View More
Bandhan Life Accelerator Fund	₹48.97	₹195 Cr	10.09%	12.88%	View More
Bandhan Life Opportunity Fund	₹41.03	₹238 Cr	13.72%	-	View More
Aegon Balanced	₹45.36	₹12 Cr	6.22%	8.76%	View More
Aegon Enhanced Equity	₹70.58	₹104 Cr	10.25%	12.55%	View More
Aegon Pension Balanced	₹51.8	₹2 Cr	7.1%	9.28%	View More
Aegon Pension Debt	₹32.22	₹4 Cr	5.18%	5.99%	View More
Aegon Pension Enhanced Equity	₹115.3	₹15 Cr	10.72%	12.86%	View More
Aegon Pension Index	₹87.63	₹5 Cr	6.38%	10.95%	View More
Aegon Pension Secure	₹28.96	₹1 Cr	4.73%	4.91%	View More
Aegon Life Group Equity Fund	₹60.89	₹11 Cr	11.26%	-	View More
Bandhan Life Flexi Cap Fund	₹11.38	₹98 Cr	-	-	View More
Bandhan Life Mid Cap Fund	₹10.07	₹92 Cr	-	-	View More

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Benefits of ICICI Pru Smart Goal Assure Plan

• Maturity Benefits: At the end of the policy term, you'll receive the fund value based on investment performance, with an option to take the amount as a lump sum or in installments over up to 5 years, where long-term stability defines the best SIP investment. The investment plan guarantees at least 100% return of premiums paid, provided all premiums are paid.

• Death Benefits: In case of the policyholder’s death, the nominee receives a lump sum death benefit, with the option of regular income. Future premiums are waived, and the policy continues to help achieve the family’s financial goals.

• Tax Benefits: Premiums qualify for tax deductions under Section 80C (up to ₹1.5 lakh), while both death benefits and maturity amounts are exempt from tax under Section 10(10D). ULIPs with annual premiums below ₹2.5 lakh offer tax-free maturity benefits, and switches between debt and equity funds are tax-free.

• Change in Portfolio Strategy (CIPS): You can change your portfolio strategy up to four times a year, unless the funds are in the Discontinued Policy Fund. The nominee can also make changes after the life assured death with Smart Benefits.

• Settlement Option: You can choose to receive the Maturity Benefit as structured payouts over up to 5 years. If the life assured passes away, the claimant can receive either the Fund Value or 105% of premiums paid.

• Top-up: You can pay additional premiums at any time (except in the last 5 years), with a minimum of ₹500. The Top-up increases your Sum Assured, but it can't be withdrawn for 5 years.

• Partial Withdrawals: Partial withdrawals are allowed after the lock-in period, up to 20% of the Fund Value per year. Withdrawals are first from Top-up Fund Value and then from base premium’s Fund Value.

• Switches: Under the Fixed Portfolio Strategy, you can switch units between funds as often as you like, with a minimum of ₹2,000. No switches are allowed if funds are in the Discontinued Policy Fund.

• Premium Redirection: You can change how your premiums are invested under the Fixed Portfolio Strategy, without charge, at any time. The nominee can also make changes after the life assured’s death with Smart Benefits.

• Change in Premium Payment Frequency: You can change your premium payment frequency on the policy anniversary, except for Single Pay policies.

Portfolio Management Strategies of ICICI Pru Smart Goal Assure Plan

You can choose from four portfolio strategies to save your money according to your risk appetite. These are:

• Fixed Portfolio Strategy: This strategy lets you actively manage your savings by choosing fund allocations and switching between funds at no charge, with a minimum switch amount of ₹2,000. You can also redirect premiums to different funds without any extra charge.

  • Automatic Transfer Strategy (ATS): ATS allows you to transfer a fixed amount from debt/equity funds to other funds regularly, helping safeguard your savings from market fluctuations.

• Target Asset Allocation Strategy: This strategy enables you to allocate premiums between two funds based on your risk appetite, with your portfolio being rebalanced quarterly to maintain your chosen allocation.

• Trigger Portfolio Strategy 2: Your savings are initially split between an equity fund (75%) and a debt fund (25%). The allocation is adjusted automatically based on a 10% movement in the equity fund’s NAV, allowing you to take advantage of market swings.

• Lifecycle-based Portfolio Strategy 2: As your financial needs change with age, this strategy adjusts your fund distribution between equity and debt funds based on your age, ensuring your portfolio adapts to your life stage.

Policy Details of ICICI Pru Smart Goal Assure Plan

• Surrender: 

  • During Lock-in Period: If you surrender the policy during the lock-in (5 years), the Fund Value (after charges) will be moved to the Discontinued Policy Fund. No risk or rider covers will apply, and the proceeds will be paid at the end of the lock-in or upon the death of the life assured.

  • After Lock-in Period: You can surrender the policy anytime after the lock-in, and you will receive the Surrender Value, terminating all rights and benefits under the policy.

• Premium Discontinuance: 

  • During Lock-in Period: If premiums are not paid during the lock-in, the policy moves to the Discontinued Policy Fund, with risk covers ceasing. You can revive it within the Revival Period; otherwise, it will terminate after the lock-in period.

  • After Lock-in Period: If premiums are missed after the lock-in, the policy converts to a reduced paid-up policy with a reduced sum assured, and no rider cover.

• Policy Revival: 

  • During Lock-in Period: If the policy is revived within the lock-in period, due premiums are paid, and the risk cover and investments are restored. No additional charges except for policy administration charges.

  • After Lock-in Period: If revived after the lock-in, due premiums are paid, and the original risk cover is reinstated. There are no additional charges.

• Married Woman’s Property Act (MWPA): You can designate the policy benefits for your wife or children under the MWPA, ensuring they are protected from creditors or claims, unless done with fraudulent intent.

• Freelook Period: You have 30 days to review your policy after receiving the document. If you are dissatisfied, return it for a refund (less some charges), and the policy will be terminated.

• Grace Period: There is a 15-day grace period for monthly premium payments and 30 days for other modes. If the life assured passes away during this period, the death benefit will be paid.

• Maturity Protect: If the Fund Value at maturity is less than the Annualised Premium times the Premium Payment Term, extra units will be allocated to make up the difference, ensuring the policy reaches the minimum value.

• Smart Benefit: 

  • Future Secure Benefit: If the life assured dies during the premium payment term, future premiums are waived, and units are added to the policy until maturity.

  • Family Income Benefit: 10% of the sum assured is paid annually to the claimant until maturity, with the final income paid at maturity.

• Loans: No loans are available under this policy.

• Partial Withdrawals: Partial withdrawals are allowed after the lock-in period, starting with Top-up funds that have completed the lock-in, followed by the base premium funds.

How Does the ICICI Pru Smart Goal Assure Plan Work?

Follow the below-mentioned three simple steps to secure your loved ones’ goals by ICICI ULIP plans

• Choose your premium payment plan: Decide how often you want to pay your premiums (payment frequency) and for how long (payment term).

• Select your savings growth plan: Pick a savings strategy and fund options that align with your financial goals.

• Start saving for the future: Begin paying your premiums and continue saving to secure your family’s future and build wealth.

Suicide Exclusion Criteria of ICICI Pru Smart Goal Assure Plan

• If the life assured commits suicide within 12 months from the policy commencement date or policy revival date, only the Fund Value (as on the date of death, foreclosure, or maturity, whichever is earlier) will be paid to the claimant.

• Any charges (except Fund Management and guarantee charges) deducted after the death will be added back to the Fund Value.

• If suicide occurs within 12 months of a top-up, the top-up sum assured will not be included in the death benefit.