ICICI Pru Signature

What is ICICI Pru Signature Plan?

The ICICI Pru Signature Plan is a non-participating Unit Linked Life Insurance Plan (ULIP) that combines protection with wealth creation. It allows policyholders to invest in a range of funds across equity, debt, and balanced asset classes while offering life insurance coverage for financial protection.

This plan is suitable for individuals who want to: 

• Grow their wealth over time

• Enjoy flexibility in investment

• Plan for long-term goals such as children’s education, marriage, or retirement

• Secure their family’s future in their absence

ICICI Pru Signature Plan Features

• Choice of 4 Portfolio Strategies: ICICI Pru signature is an investment option that is designed to cater to your investment with Fixed Portfolio Strategy, Trigger Portfolio Strategy 2, LifeCycle Based Portfolio Strategy 2, and Smart Portfolio Strategy.

• 13 Fund Options: Choose from a variety of equity, debt, and balanced funds based on your risk appetite and investment goals.

• Zero Allocation Charges from 6th Year: Starting the 6th policy year, no premium allocation charges are deducted.

• Return of Mortality Charges (ROMC): On policy maturity, all the life cover charges deducted over the years are returned (if applicable).

• Systematic Withdrawal Plan (SWP): Get regular income by opting for automated withdrawals after the 5th policy year.

• Top-up Option: Add more premium anytime after the first policy year to boost your fund value.

• Partial Withdrawals: Flexibility to withdraw money after 5 years to meet financial needs.

• Tax Benefits: Get deductions under Section 80C and tax-free maturity benefits under Section 10(10D), as per prevailing tax laws. 

ICICI Pru Signature Plan – Eligibility & Plan Details

Below is the eligibility criteria for the given investment plan: 

Sum Assured Details

The Sum Assured depends on the policy type and the age at entry:

1. For policies other than Whole Life:

   Age	Details
   Age 0–44 years:	Minimum – 7x Annual Premium; Maximum – Higher of (10x Annual Premium) or (0.5 x Policy Term x Annual Premium)
   Age 45 years and above:	Minimum – 7x Annual Premium; Maximum – 10x Annual Premium

2. For Whole Life policies:

   Age	Details
   Age 0–44 years	Minimum – 7x Annual Premium; Maximum – Higher of (10x Annual Premium) or ((70 – age at entry) × 0.5 × Annual Premium)
   Age 45–58 years	Minimum – 7x Annual Premium; Maximum – 10x Annual Premium
   Age 59–60 years	Fixed at 7x Annual Premium

Benefits of the ICICI Pru Signature Plan

1. Maturity Benefit

   At the end of the policy term, if the policy is in force, the insured receives the Fund Value along with the Top-up Fund Value, if any. This can be availed as a lump sum or through a structured payout using settlement options.

2. Death Benefit

   In the unfortunate event of the policyholder’s death (while the policy is active and funds are not in the Discontinued Fund), the nominee will receive the highest of the following:

   • The Sum Assured (including Top-up Sum Assured)

   • The total Fund Value (including Top-up Fund Value)

   • 105% of total premiums paid till date

   Note: The Death Benefit does not apply when the policy is in the Discontinued Policy Fund.

3. Surrender Benefit

   If the policy is surrendered:

   Before 5 years: The Fund Value is transferred to the Discontinued Policy Fund. It earns a minimum guaranteed return of 4% p.a. (subject to IRDAI change), and is paid after lock-in or upon death.

   After 5 years: Full Fund Value is paid immediately upon surrender.

4. Systematic Withdrawal Plan (SWP)

   After the 5th policy year, policyholders can opt for regular income withdrawals through SWP. This is ideal for retirees or those needing periodic income.

5. Partial Withdrawals

   Allowed after 5 policy years. The minimum age for making withdrawals is 18 years.

ICICI Pru Signature Plan Additional Details 

Policy Discontinuance & Revival

Discontinuance Before 5 Years:

Funds are transferred to the Discontinued Policy Fund (DPF).

During this period:

• Life cover and risk riders are not active.

• No charges except 0.50% p.a. fund management fee.

• DPF earns 4% p.a. (current guaranteed return).

Revival:

• Can be done within 3 years from the first unpaid premium.

• No interest or fees are charged on revival.

• Premium allocation and policy administration charges are reinstated.

• Risk cover is restored, and funds are moved back from DPF to chosen funds.

Exclusions of ICICI Pru Signature Plan

As with all life insurance policies, the ICICI Pru Signature Plan has a suicide exclusion:

• If the life assured commits suicide within 12 months of policy commencement or revival, only the Fund Value (including Top-up Fund Value) will be paid to the nominee.

• Any charges deducted after the date of death, except Fund Management and Guarantee Charges, will be added back.

If the Sum Assured is increased, any increase will not be included in the death benefit if suicide occurs within 12 months of that increase.