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:

• Systematic Withdrawals: You can receive monthly payouts through the Systematic Withdrawal Plan (SWP) to meet your additional income needs.

• Maximize Savings: Invest in a product with low charges and no Premium Allocation Charge, allowing more of your money to grow.

• Wealth Growth: Your savings can grow with market-linked returns, and you can choose from 22 different fund options.

• Increase Your Savings: You can add extra savings using the Top-up feature to stay on track with your evolving financial goals.

• Tax Optimization: Tax benefits can be availed on the premiums paid and benefits received under Section 80C and 10(10D).

• Protect Your Family: You can secure your family’s future with life insurance coverage, ensuring their protection.

• Choose Your Coverage: You can choose from two life cover options based on your specific needs and stage of life.

List of ULIP Funds ^~

Returns 3 Years 5 Years 10 Years

Fund Name

AUM

NAV

Returns (in %)

3 Year

5 Year

10 Year

High Growth Fund

Max Life

AUM:9,928 Cr

9,928 Cr

NAV

118.39

-0.56%

Returns

32.93%

Highest Returns

Returns

27.23%

Returns

18.4%

Get Details

Top 200 Fund

Tata AIA

AUM:2,323 Cr

2,323 Cr

NAV

181.72

-1.16%

Returns

27.98%

Returns

30.96%

Highest Returns

Returns

17.46%

Get Details

Accelerator Mid-Cap Fund II

Bajaj Allianz

AUM:5,652 Cr

5,652 Cr

NAV

83.8

-0.12%

Returns

23.46%

Returns

23.63%

Highest Returns

Returns

14.76%

Get Details

Opportunities Fund

HDFC Standard

AUM:37,289 Cr

37,289 Cr

NAV

78.97

-0.39%

Returns

24.37%

Returns

25.19%

Highest Returns

Returns

14.81%

Get Details

Equity II Fund

Canara HSBC Oriental Bank

AUM:3,556 Cr

3,556 Cr

NAV

42.84

-0.23%

Returns

17.73%

Returns

19.43%

Highest Returns

Returns

10.39%

Get Details

Accelerator Fund

AEGON Life

AUM:236 Cr

236 Cr

NAV

50.49

-0.24%

Returns

21.85%

Returns

23.1%

Highest Returns

Returns

13.52%

Get Details

Growth Opportunities Plus Fund

Bharti AXA

AUM:986 Cr

986 Cr

NAV

75.64

-0.57%

Returns

20.51%

Returns

23.07%

Highest Returns

Returns

14.6%

Get Details

Multiplier

Birla Sun Life

AUM:4,557 Cr

4,557 Cr

NAV

95.76

-0.51%

Returns

24.34%

Returns

26.07%

Highest Returns

Returns

15.6%

Get Details

Equity Top 250 Fund

Edelwiess Tokio

AUM:539 Cr

539 Cr

NAV

59.2

-0.33%

Returns

18.96%

Returns

19.96%

Highest Returns

Returns

11.66%

Get Details

Future Apex Fund

Future Generali India

AUM:101 Cr

101 Cr

NAV

58.45

-0.22%

Returns

21.89%

Returns

23.92%

Highest Returns

Returns

13.49%

Get Details

Pension Opportunities Fund

ICICI Prudential

AUM:155 Cr

155 Cr

NAV

60.14

-0.25%

Returns

21.43%

Returns

23.04%

Highest Returns

Returns

12.61%

Get Details

Frontline Equity Fund

Kotak Mahindra OM

AUM:4,348 Cr

4,348 Cr

NAV

70.48

-0.38%

Returns

22.49%

Returns

23.87%

Highest Returns

Returns

14.22%

Get Details

Flexi Growth Fund

LIC

AUM:717 Cr

717 Cr

NAV

11.96

-0.06%

Returns

-

Returns

-

Returns

-

Get Details

Virtue II

PNB Metlife

AUM:3,248 Cr

3,248 Cr

NAV

71.49

-0.37%

Returns

20.95%

Returns

24.23%

Highest Returns

Returns

15.14%

Get Details

Pension Dynamic Equity Fund

Pramerica Life Insurance Limited

AUM:6 Cr

6 Cr

NAV

74.86

-0.41%

Returns

17.32%

Returns

19.11%

Highest Returns

Returns

11.01%

Get Details

Equity Fund

SBI

AUM:78,278 Cr

78,278 Cr

NAV

209.47

-0.82%

Returns

19.17%

Returns

19.84%

Highest Returns

Returns

11.94%

Get Details

Blue-Chip Equity Fund

Star Union Dai-ichi

AUM:1,335 Cr

1,335 Cr

NAV

35.65

-0.15%

Returns

15.24%

Returns

16.78%

Highest Returns

Returns

10.29%

Get Details

see more plans

Disclaimer :
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Eligibility Criteria for ICICI Pru Platinum Plan

Benefits of ICICI Pru Platinum Plan

• 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.

• 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.

• 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.

• 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. 

• 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.

• 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.

• 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.

• 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:

1. 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:

   • Automatic Transfer Strategy (ATS): Transfer a fixed amount regularly from debt/equity funds to other funds to protect savings against market fluctuations.

   • Unlimited Free Switches: You can switch units between funds as many times as needed, with no charge (minimum ₹2,000 per switch).

   • 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).

2. 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.

3. 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.

4. 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.

Policy Details of ICICI Pru Platinum Plan

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• Loans: Loans are not offered under this policy.

• 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.

• 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.

• 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.

• 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.

• 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:

• Step 1: Choose the plan that aligns with your financial goals and future needs.

• Step 2: Decide on your premium payment frequency and the duration for which you want to pay premiums.

• Step 3: Pick your preferred saving method and select the funds where you’d like to invest your money.

• 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.