ICICI Prudential Life Insurance Pru Save N Grow Plan

Eligibility Criteria for the ICICI Prudential Life Insurance Pru Save N Grow Plan

The premium amount varies depending on the payment term and payment mode selected by the policyholder.

Features Of ICICI Prudential Life Insurance Pru Save N Grow Plan

Here are the major features under the ICICI Prudential Life Insurance Pru Save N Grow Plan:

1. Capital Guarantee

   The plan is guaranteed to return 100% of all premiums on maturity, ensuring the invested capital is returned.

2. Zero Premium Allocation Charges

   There is no deduction of the premium allocation fee, and hence a higher percentage of the premium will be invested.

3. Maturity Booster

   More units are also being credited at maturity to grow the fund value.

4. Multiple Fund Options

   Policyholders can invest in 29 funds, including equity, balanced, and debt funds, according to their risk preferences.

5. Unlimited Free Withdrawals

   One can make withdrawals without any extra charge, depending on the policy requirements.

6. Return Of Charges

   The sixth policy year and above refunds the mortality and policy administration charges.

   All these features make ICICI Pru Life Pru Save N Grow one of the most flexible long-term ICICI Prudential Investment Plans.

Benefits Of the ICICI Prudential Life Insurance Pru Save N Grow Plan

The following are the major advantages provided by the plan:

1. Guaranteed Capital Protection

   The plan will ensure that the total premiums are given back at maturity.

2. Market-Linked Growth Potential

   The assets in equity, balanced, and debt funds can offer the potential to achieve higher returns in the long run.

3. Life Insurance Protection

   The nominee will have the right to the life cover benefit in the event of the death of the policyholder during the policy term.

4. Tax Advantages

   The tax laws applicable to the premiums paid are deductible under Section 80C, and the maturity benefits are deductible under Section 10(10D), according to the existing tax regulations.

5. Flexible Investment Strategy

   Fund switches enable investors to allocate funds based on risk and adjust their portfolios over time.

   These benefits make the policy appealing to individuals searching for the best investment plans that combine insurance protection with investment opportunities.

Policy Details of the ICICI Prudential Life Insurance Pru Save N Grow Plan

1. Grace Period

   The monthly mode has a standard grace period of 15 days, while the others have a standard grace period of 30 days, both of which apply after the payment date.

2. Revival

   The policy can be reinstated within five years after the first unpaid premium, except that, if the premium is not paid and the cover lapses, it can be reinstated within the same time frame.

3. Free Look Period

   A free-look period of 15 days is provided to policyholders once they have been issued the policy document, to review the conditions and cancel the policy if they are not satisfied.

4. Surrender

   According to ULIP rules, you can only fully surrender a policy after the required five-year lock-in period. The surrender value is the total value of your accumulated units (Fund Value) in the market-linked funds at the time of the request, minus any fees that apply.

5. Fund Switching

   The policyholders are allowed to transfer the funds among the funds available to it so that it aligns with the changing financial goals or market conditions.

Exclusions Under the ICICI Prudential Life Insurance Pru Save N Grow Plan

As with most life insurance policies, there are conditions that limit coverage. Let’s take a look at the standard exclusions to the plan:

Suicidal Clause

In case the assured person dies by suicide within 12 months after the policy is taken or revived, the fund value or premiums paid (all excluding charges) according to the policy terms will be paid to the nominee.