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ICICI Pru Platinum Plan
ICICI Pru Platinum is a life insurance plan that financially protects your family while helping you save and grow your money for the future. This plan combines insurance and investment that helps in securing your future along with your loved ones.
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- ICICI Pru Platinum Plan
What is the ICICI Pru Platinum Plan?
The ICICI Pru Platinum Plan is a non-participating, savings, Unit Linked Insurance Plan (ULIP) that helps you save and invest for long-term goals. It also provides life cover to protect your family. You can choose from different investment options based on your risk level, helping your money grow. This plan gives you both the benefits of life insurance and the potential for higher returns through market-linked investments, making it a great choice to invest today.
Features of ICICI Pru Platinum Plan
The key features of the ICICI Pru Platinum Plan are as follows:
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Systematic Withdrawals: You can receive monthly payouts through the Systematic Withdrawal Plan (SWP) to meet your additional income needs.
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Maximize Savings: Invest in a product with low charges and no Premium Allocation Charge, allowing more of your money to grow.
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Wealth Growth: Your savings can grow with market-linked returns, and you can choose from 22 different fund options.
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Increase Your Savings: You can add extra savings using the Top-up feature to stay on track with your evolving financial goals.
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Tax Optimization: Tax benefits can be availed on the premiums paid and benefits received under Section 80C and 10(10D).
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Protect Your Family: You can secure your family’s future with life insurance coverage, ensuring their protection.
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Choose Your Coverage: You can choose from two life cover options based on your specific needs and stage of life.
List of ULIP Funds ~
Fund Name
AUM
NAV
Returns (in %)
3 Year
5 Year
10 Year
Equity Fund
SBI Life
AUM:82,996 Cr
82,996 Cr
NAV
210.19
0.84%
Returns
14.46%
Highest Returns
Opportunities Fund
HDFC Life
AUM:36,958 Cr
36,958 Cr
NAV
79.24
0.31%
Returns
19.65%
Highest Returns
High Growth Fund
Axis Max Life
AUM:12,085 Cr
12,085 Cr
NAV
118.67
0.14%
Returns
27.47%
Opportunities Fund
ICICI Prudential Life
AUM:3,621 Cr
3,621 Cr
NAV
62.61
0.19%
Returns
17.41%
Highest Returns
Multi Cap Fund
Tata AIA Life
AUM:9,602 Cr
9,602 Cr
NAV
66.07
0.09%
Returns
20.82%
see more plans
Disclaimer :
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Eligibility Criteria for ICICI Pru Platinum Plan
| Particulars | Eligibility Criteria | |
| ICICI Pru Platinum Plan - Growth Plus | ICICI Pru Platinum Plan - Protect Plus | |
| Premium Payment Term (PPT) | Single Pay/ 5 - 30 years | 5 - 30 years |
| Entry Age | - PPT 5 - 9 Years: 0 - 50 years; - PPT 10 - 30 Years: 0 - 60 years; - Single Pay: 0 - 60 years; |
PPT 5 - 30 Years: 0 - 45 years |
| Policy Term (PT) | - PPT 5 years: 70 years (minus) Entry Age; - 6 - 9 Years: 75 years (minus) Entry Age; - PPT 10 - 30 Years: 75 years (minus) Entry Age; - Single Pay: 60 years (minus) Entry Age; |
60 years minus Entry Age |
| Maturity Age | - PPT 5 years: 70 years; - 6 - 9 Years: 75 years; - PPT 10 - 30 Years: 75 years; - Single Pay: 75 years. |
60 years |
| Minimum Premium Amount (Annual Mode) | - PPT 5 years: ₹60,000; - 6 - 9 Years: ₹60,000; - PPT 10 - 30 Years: ₹60,000; - Single Pay: ₹2,50,000. |
₹72,000 |
| Minimum Sum Assured | - Limited Pay:
|
NA |
| Maximum Sum Assured | As per Board Approved Underwriting Process (BAUP) | |
| Maximum Premium Amount | As per Board Approved Underwriting Process (BAUP) | |
| Premium Payment Option | Single Pay; Limited Pay | |
| Premium Payment Frequency | Annually; Half-yearly; Monthly. | |
Benefits of ICICI Pru Platinum Plan
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Maturity Benefit: Upon maturity, you will receive the Fund Value, reflecting the chosen fund's performance. Once the benefit is paid, the policy ends, and all rights and benefits are forfeited.
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Death Benefit: If the Life Assured passes away during the policy term (while active and not in the Discontinued Policy Fund), the Death Benefit is the highest of the sum assured (including top-ups), Fund Value at the time of death, or the minimum death benefit as per the chosen plan.
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Settlement Option: You can opt to receive the Maturity Benefit as regular payouts over up to 5 years, with options for annual, semi-annual, quarterly, or monthly payments. The first payout is made on the maturity date. If the Life Assured dies during this period, the Death Benefit will be the higher of Fund Value or 105% of total premiums paid.
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Top-up: You can boost your coverage with Top-up premiums (minimum ₹500), which increase your sum assured and fund value. Top-ups can be made anytime, except in the last 5 years of the policy term. These premiums cannot be withdrawn for 5 years unless the policy is surrendered. Not available for Single Pay policies.
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Partial Withdrawal: After the Lock-In Period, you can make partial withdrawals, provided the Fund Value is not in the Discontinued Policy Fund. You may withdraw up to 20% of the Fund Value each policy year, with a minimum withdrawal of ₹2,000. The policy must remain active, and partial withdrawals will not terminate it.
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Systematic Withdrawal Plan (SWP): SWP lets you make regular withdrawals from your Fund Value after the first 5 years based on a fixed amount or percentage. Payments can be made annually, semi-annually, quarterly, or monthly in advance. Withdrawals are made from Top-up Fund Value first, followed by base premiums.
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Change in Premium Payment Frequency: You can change your premium payment frequency during the policy term, effective from the next policy anniversary. This option is unavailable for Single Pay policies.
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Married Woman’s Property Act (MWPA): Under MWPA, you can designate the policy to benefit your wife, children, or both, protecting the proceeds from creditors. The insurance payout is protected unless fraud is involved. Legal advice is recommended for further details.
Portfolio Management Strategies of ICICI Pru Platinum Plan
The following 4 types of portfolio management strategies are available with the ICICI Pru Platinum Plan:
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Fixed Portfolio Strategy:
This strategy allows you to actively manage your savings by choosing fund options and their proportions. You can switch funds as needed to align with your financial priorities.
Facilities under Fixed Portfolio Strategy:
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Automatic Transfer Strategy (ATS): Transfer a fixed amount regularly from debt/equity funds to other funds to protect savings against market fluctuations.
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Unlimited Free Switches: You can switch units between funds as many times as needed, with no charge (minimum ₹2,000 per switch).
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Premium Redirection: Adjust the allocation of premiums to different funds as per your market outlook, without incurring any charges (not applicable if funds are in the Discontinued Policy Fund).
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Target Asset Allocation Strategy:
This strategy allows you to choose an asset allocation based on your risk appetite and maintain it throughout the policy term. Premiums are allocated between any two funds in the proportion of your choice, and the portfolio is rebalanced quarterly to ensure the allocation is maintained.
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Trigger Portfolio Strategy 2:
This strategy enables you to capitalize on significant market fluctuations. Initially, your savings are allocated between a Multi Cap Growth Fund (equity) and an Income Fund (debt) in a 75%:25% ratio. The allocation may change due to market movements, and funds will be rebalanced based on trigger events.
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Lifecycle-based Portfolio Strategy 2:
This strategy adapts your portfolio to your changing financial needs with age. At policy inception, savings are distributed between the Multi Cap Growth Fund and Income Fund. As you age, the funds are re-distributed based on your age band.
Change in Portfolio Strategy (CIPS)
You can change your portfolio strategy up to four times a year, free of charge, as long as the funds are not in the Discontinued Policy Fund. When switching strategies, existing funds and future premiums will be allocated according to the chosen strategy's guidelines. Unused changes cannot be carried over to the next year.
Latest ULIP NAVs
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Policy Details of ICICI Pru Platinum Plan
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Surrender: If you surrender the policy during the lock-in period, the unit fund value, after applicable charges, is transferred to the Discontinued Policy Fund, and all covers cease. The policy terminates after the lock-in, and the Discontinued Fund value is payable. If surrendered post-lock-in, the surrender value is paid, and the policy ends.
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Premium Discontinuance (Limited Pay Policies): If premiums stop during the lock-in, the policy moves to the Discontinued Policy Fund, and risk covers cease. After the lock-in, the policy can remain in the fund or be surrendered. If not revived, it ends, and all benefits are forfeited.
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Premium Discontinuance After Lock-in: After the grace period, if premiums remain unpaid, the policy becomes reduced paid-up with a lower sum assured. If the policyholder dies, the death benefit is based on the reduced sum assured. The policy can be revived within 3 years or surrendered for the surrender value.
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Policy Revival: The policy can be revived within 3 years from the first unpaid premium, subject to underwriting guidelines. Single Pay policies cannot be revived. If revived during the lock-in, risk covers and segregated fund investments are restored.
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Freelook Period: You have 30 days to review the policy after receiving the document. If dissatisfied, you can return it for a refund of the non-allocated premium and some charges, with the policy terminating and all benefits ending.
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Tax Benefits: Tax benefits are available as per the Income Tax Act, 1961, and are subject to change. GST and other applicable charges may apply. For the latest updates, consult a tax advisor.
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Decrease in Premium: After 5 years, you can reduce your premium by up to 50%, subject to minimum limits. Once reduced, it cannot be increased. This option is not available for Single Pay policies.
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Grace Period: The grace period is 15 days for monthly premiums and 30 days for other modes. Life cover continues during this period. If the Life Assured dies during the grace period, the Death Benefit will be paid.
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Loans: Loans are not offered under this policy.
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Partial Withdrawals: Partial withdrawals are allowed after the lock-in period, with withdrawals first from Top-up premiums, then base premiums. For minor lives, partial withdrawals are allowed only after auto vesting.
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Suicide Clause: If the Life Assured commits suicide within 12 months of policy start or revival, only the Fund Value is payable. Charges other than fund management are refunded, and Top-up sum assured is excluded if suicide occurs within 12 months of top-up.
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Policy on Life of a Minor: When a minor Life Assured turns 18, the policy vests in their name. They become the policyholder and can register a nomination as per the Insurance Act, 1938.
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Policies with Different Policyholder and Life Assured: If the policyholder dies, the policy vests with the guardian if the Life Assured is a minor, or directly with the Life Assured if they are an adult. The Life Assured becomes the policyholder and can register a nomination.
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Foreclosure of the Policy: For Limited Pay policies, if the Fund Value becomes zero after the lock-in period, the policy terminates with no benefits. For Single Pay policies, this applies after 5 years. A policy cannot be foreclosed before the lock-in period ends.
How Does the ICICI Pru Platinum Plan Work?
You can follow the steps mentioned below to understand the working of the ICICI Pru Platinum Plan:
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Step 1: Choose the plan that aligns with your financial goals and future needs.
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Step 2: Decide on your premium payment frequency and the duration for which you want to pay premiums.
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Step 3: Pick your preferred saving method and select the funds where you’d like to invest your money.
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Step 4: Begin paying your premiums and continue saving in the policy to work towards your wealth creation and protection goals.
Suicide Exclusion Criteria of ICICI Pru Platinum Plan
If the Life Assured commits suicide within 12 months from the policy commencement or revival date, only the Fund Value on the date of death, foreclosure, or maturity (whichever comes first) will be paid. Any charges (except Fund Management and Guarantee Charges) collected after the death will be added back to the Fund Value. Additionally, if suicide occurs within 12 months of any top-up, the top-up sum assured will not be included in the death benefit calculation. No other exclusions apply to death except the suicide clause.
FAQs
-
What is the ICICI Pru Platinum Plan?
The ICICI Pru Platinum Plan is a non-participating ULIP that combines life insurance and investment, helping you save and grow money for long-term goals while providing life cover for your family. -
What are the benefits of the ICICI Pru Platinum Plan?
Key benefits include maturity and death benefits, tax optimization under Section 80C and 10(10D), systematic withdrawals, top-ups, and partial withdrawals after the lock-in period. -
What is the eligibility for the ICICI Pru Platinum Plan?
Eligibility depends on the premium payment term and age. For instance, the entry age is 0-50 years for 5-9 years PPT, and the minimum premium is ₹60,000 annually for some options. -
How can I increase my savings with the ICICI Pru Platinum Plan?
You can increase savings with the Top-up feature, where you add extra premiums to boost your coverage and potential returns. -
What is the lock-in period for the ICICI Pru Platinum Plan?
The lock-in period for the ICICI Pru Platinum Plan is 5 years, during which you cannot withdraw your funds unless the policy is surrendered.
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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