ICICI Prudential Smart Life Plan

ICICI Prudential Smart Life Plan is a Unit Linked Insurance Plan, designed to increase savings through participation in capital markets and also to provide life insurance coverage for future financial protection.

Best ULIP Plans
  • Guaranteed Tax Savings

    Guaranteed Tax Savings^

    Under sec 80C & 10(10D)
  • savings

    ₹1 Crore

    Invest ₹10k Per Month*
  • Zero LTCG Tax

    Zero LTCG Tax^

    Unlike 10% in Mutual Funds
Top performing plans with High Returns*
Invest ₹10K/month & Get ₹1 Crore returns*
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

ICICI Prudential Smart Life - Key Features

  • This ULIP plan provides both regular and single premium payment options.
  • There are two investment options offered by the plan-

Fixed Portfolio Strategy- this strategy provides 8 fund options for investment. 

  • Opportunities Fund
  • Multi Cap Growth Fund
  • Bluechip Fund
  • Maximiser V
  • Multi Cap Balanced Fund
  • Income Fund
  • Money Market Fund
  • Maximise India Fund 
  • Moreover, the insured can choose an option of Automatic Transfer Strategy(ATS). Under this strategy, all or part of your money gets invested in income fund or money market fund and is transferred systematically to any one of the following funds: Maximiser V, Blue Chip Fund, Maximise India Fund, Opportunities Fund and Multi Cap Growth Fund.

Lifecycle Based Portfolio Strategy- This strategy provides investment choice based on the policyholder’s age. Between the two fund options i.e. Multi Cap Growth Fund and Income Fund, the investment is divided equally depending on the age of the policyholder.  To protect the invested amount against market volatility, the fund is transferred to the income fund. The fund will be re-balanced quarterly for maintaining uniformity throughout the policy tenure.

ICICI Prudential Smart Life -  Benefits

  • At the time of the policy maturity, the insured receives the total fund value that includes top-up fund value. 
  • The insurance holder can avail the maturity benefits in equal installments through the settlement option, over a period of 5 years.
  • On death, the lump sum benefit and the smart benefit are paid to the nominee
  • The lump sum benefit is higher of the Sum Assured which includes Top-up Sum Assured or 105 percent of all premiums paid till death.
  • As per the Smart Benefit option, after the policyholder’sdeath, all future premiums will be waived off and paid by the company. The policy will remain active till the end of the term whereupon the maturity benefit will be paid out.
  • From the 6th year of the policy, at the rate of 0.25%, loyalty additions and additional loyalty additions are added every year.
  • In every 5 years after the completion of 10th policy year, wealth boosters are added to the Fund Value at 1.50% for single pay and 3.25% for regular pay options.
  • All these additions are expressed as a % of the average Fund Value over the last 8 quarters.
  • The plan offers tax benefit under section 80c and (10D) of Income Tax Act. 

People Also Read: ICICI Prudential Nifty Midcap 150 Index Fund

ICICI Prudential Smart Life - Product Specification:




Entry Age (Last Birthday)

20 years

 54 years

Maturity Age (Last Birthday)

30 years

64 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

Single Pay or equal to policy term

Premium Paying Frequency

Yearly, half-yearly, monthly

Yearly Premium

Regular Pay – 45,000

Single Pay – 48,000

No limit

Sum Assured

Regular Pay – Higher of 10*annual premium or 0.5*term*annual premium for ages<45 yrs. or higher of 7*annual premium or 0.25*term*annual premium for ages>=45 yrs.

Single Pay – 1.25*SP

Regular Pay – 30*annual Premium

Single Pay – 10*SP for ages<35 yrs. or 1.25*SP for ages>=35 yrs.

Details About Premium

Illustration for a policy term and PPT of 15 years:


35 years



Sum Assured


Fund Value @ 4% including all additions


Fund Value @ 8% including all additions


ICICI Prudential Smart Life - Policy Details

  • Grace Period: A grace period of 15 days is allowedfor the payment of due premiums that the policyholder had failed to pay within the allotted period for premium payments.
  • Policy Termination or Surrender Benefit: In case the insurance holder wants to surrender the policy before completion of the first 5 years of the policy term, then the plan will be ceased and the fund value will be transferred to the discontinued policy fund where a minimum 4% per annum growth is earned. In case the insured dies during this period then only the accumulated fund value is provided to the beneficiary of the policy. In case of policy surrenders after the completion of the 5thyear of the policy, the fund value which also includes top-ups is paid to the insured immediately and the tenure of the policy terminates.
  • Free Look Period:  The policyholder can cancel the policy within 15 days if he/she is not satisfied with the coverage provided by the policy. Cancellation during free look period is acceptable only if there is no claim that has already beenmade during this period.
    • The policy features multiple partial withdrawals annually. However, the aggregate of the annual withdrawals should not exceed 20% of the fund value.
    • The insured can switch between funds as per his/her investment strategy.       
    • The insured can use top-ups in order to increase the fund value. However, Rs.2000 is the minimum top-up amount.
    • The policyholder can change the portfolio strategy once every year free of cost.
    • The premium redirection option allows the future premiums to be redirected to anew fund. 

Additional Features or Riders

    The Sum Assured and the policy term can be decreased based on certain terms and conditions.


The benefit paid in case of suicide within 12 months of the policy inception is the fund value as on that date.

Documents Required 

Documents like address proof, KYC and an accurate medical history are required while filling the application form.

You may also like to read :  ICICI Prudential ULIP Plan

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Ulip Insurer2
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Ulip Insurer4
Ulip Insurer1

Ulip plans articles

Recent Articles
Popular Articles
Dynamic Asset Allocation

21 May 2024

Dynamic Asset Allocation involves actively adjusting investment
Read more
ULIP Plan Riders

17 Jan 2024

ULIP or Unit Linked Insurance Plans provide rider benefits. They
Read more
ULIP Returns in 40 Years

08 Jan 2024

Estimating the ULIP returns over 40 years offers a unique
Read more
ULIP Returns in 35 Years

04 Jan 2024

A 35-year ULIP (Unit Linked Insurance Plan) emerges as an
Read more
ULIP Returns in 30 Years

03 Jan 2024

A 30-year ULIP (Unit Linked Insurance Plan) is a type of
Read more
ULIP Calculator
A ULIP Calculator is a financial tool designed to help you compare ULIP plans and estimate the maturity amount
Read more
SBI Life Smart Privilege Plan: Benefits & Features
SBI Life Smart Privilege is a unit-linked, non-participating life insurance plan offered by SBI Life Insurance
Read more
ULIP Returns in 5 Years
ULIP means Unit Linked Insurance Plan. It is a unique financial instrument that combines insurance coverage with
Read more
Tata AIA ULIP Plan Calculator
A Tata AIA ULIP Plan Calculator is a premium and returns calculation tool that helps easily and quickly compare
Read more
7 Things to Know About the Tax Benefits of ULIPs
Nowadays, Unit Linked Insurance Plans, i.e., ULIPs, have evolved as the popular income tax saving investment
Read more


Become a Crorepati

Invest ₹10K/Month & Get ₹1 Crore returns*

Mobile +91
*T&C Applied.
Download the Policybazaar app
to manage all your insurance needs.