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ICICI Pru Protect and Gain

ICICI Pru Protect N Gain is a life insurance plan that offers the combined benefits of pure risk protection and unit-linked returns, which means that with this plan, you get “Growth bhi, Protection bhi” (growth as well as protection). This comprehensive plan is specifically designed to secure your family members with an adequate life cover and grow your wealth to achieve your long term objectives.

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Key Features of ICICI Pru Protect and Gain

Here is a list of the key features of this ICICI Pru Term Insurance Plan:

  • This “Growth bhi, Protection bhi” term plan offers dual benefits of protection and wealth creation

  • The plan protects your family’s future with its life insurance cover of up to 100x of the annual premium

  • You get a chance to grow your wealth through market-linked returns

  • The policy offers a Maturity Booster on continuing the policy till maturity

  • You will be eligible to receive monthly payouts via Systematic Withdrawal Plan (SWP)

  • The plan offers tax benefits as per the prevailing tax laws

Benefits of ICICI Pru Protect and Gain Plan

Let us take a look at the benefits of this ICICI Pru Protect and Gain Plan:

  1. Death Benefit

    On the death of the policyholder during the policy term, the plan provides protection by paying an amount that is higher of the following:

    • Sum assured + Top-up (if any)

    • Fund value + top-up fund value (if any)

    • Minimum Death Benefit (105% of the total premiums paid)

  2. Maturity Benefit

    On survival of the policy term, the plan will provide the Fund value + Top-up fund value (if any), given that the policy has not been claimed and the premiums have been duly paid.

  3. Fund Options

    You can choose to invest your premium amount into any of the 18 available fund options across balanced, equity, and debt funds as per your risk appetite.

  4. Portfolio Strategy

    You can choose from the following 4 portfolio strategies as per your suitability. You can also change the portfolio strategy a maximum of 4 times a policy year.

    • Fixed Portfolio Strategy: Under this, you can choose the funds you want your premiums to be invested in and switch money among the fund options. You can also select Automatic Transfer Strategy (ATS) under this strategy.

    • Target Asset Allocation Strategy: Under this strategy, you can distribute your money under any two funds and choose asset allocation as per your risk appetite. Your portfolio will be rebalanced every quarter to balance asset allocation.

    • Trigger Portfolio Strategy 2: Under this, the premiums will be distributed in a 75:25 ratio in the Multi Cap Growth Fund and Income Fund. The fund distribution will be altered as per market performance.

    • Lifestyle Based Portfolio Strategy 2: This portfolio strategy distributes your fund in Multi Cap Growth Fund and Income Fund and allows you to adapt the fund allocation as per your changing needs with age.

  5. Settlement Option

    With this option, you can choose to receive the maturity amount as regular income paid over a span of 5 years. The available income options are monthly, quarterly, half-yearly, and yearly modes. However, under this option, the return of mortality and premium allocation charges, switching facility, and partial withdrawals are not applicable.

  6. Top-ups

    You can increase your sum assured by adding an additional amount as top-up premiums on top of the base premiums before the last five years of the policy term. The minimum top-up premium allowed is Rs. 2000, and once the top-up premium is paid, it cannot be withdrawn for 5 years from the date of payment. You can make a maximum of 99 top-ups during the policy term. 

  7. Partial Withdrawals

    You can make partial withdrawals after the end of the lock-in period (i.e. 5 years from the policy inception date). The partial withdrawals are free of cost, and the maximum value of the total withdrawal amount cannot exceed 20% of the fund value in a policy year. You can withdraw a minimum amount of Rs. 2000 for each withdrawal.

  8. Systematic Withdrawal Plan (SWP)

    Under this protection plan’s partial withdrawal facility, you can opt for the systematic withdrawal plan to receive regular income for fulfilling your financial needs. You can withdraw a predetermined percentage of your fund value. You can use this amount to pay for your child’s education or meet other financial expenses.

  9. Rider Benefits

    The following are the available riders that you can add to the base plan for enhanced coverage:

      • Accidental Death Benefit Rider

    This rider provides an additional benefit amount to the nominee on the accidental death of the life assured.

    • Accidental Total Permanent Disability Rider

    This rider offers the rider sum assured to the nominee of the policy in case of the policyholder’s accidental total permanent disability during the policy term.

  10. Change in Premium Payment Frequency

    You can change the premium payment frequency only at policy anniversaries during the premium payment term as per the policy T&Cs.

  11. Unlimited Free Switches

    With ICICI Pru Protect and Gain, you can make unlimited free switches between funds as per your preference.

  12. Tax Benefits

    You can claim term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961, as per the prevailing tax laws.

Eligibility Criteria of ICICI Pru Protect and Gain

Here is a list of all the eligibility conditions you need to satisfy to buy this term insurance plan:

Parameters Minimum Maximum
Entry Age 18 years  60 years
Maturity Age 48 years 90 years
Sum Assured 5 Lacs  No Limit
Policy Term 30 years 40 years
Premium Payment Term
  • Regular Pay - 30 - 40 years
  • Limited Pay - 5 - 12 years
Premium Payment Modes Annual, semi-annual, and monthly

Policy Details of ICICI Pru Protect and Gain

  1. Charges Applicable in this Policy

    This protection plan levies the following charges:

    • Premium allocation charge

    • Fund management charge

    • Policy administration charge

    • Mortality charge

    • Discontinuance charge

  2. Return of Charges

    You can get a return of the following charges at the end of the 10th policy year in the form of units to the fund value:

    • Return of 2X premium allocation charge

    • Return of 2X- 3X mortality charges

  3. Maturity Booster

    The policy will add additional fund units to the fund value at the maturity of the policy. The maturity booster will be 20% of the average fund value + Top-up fund value on the last business day of the last eight quarters. 

  4. Surrender Benefit

    In case you surrender the policy within the first 5 policy years, the Fund value, including the Top-up fund value, will be paid after the Discontinuance charge deduction. You will receive the Discontinued Policy Fund Value after the expiry of the lock-in period. 

  5. Premium Discontinuance

    The following will happen in case you discontinue the premium payments:

      • On premium discontinuance within the first five policy years

    The Fund value + Top-up fund value will be credited into the Discontinuance Policy Fund after the deduction of the applicable discontinuance charges.

    • On premium discontinuance after the first five policy years

    The policy will be converted into a reduced paid-up policy, and the life cover will be reduced.

  6. Policy Revival

    In case of a policy lapse, you can revive your lapsed policy within 3 years of the first unpaid premium due date. You would have to submit the evidence of health, the applicable T&Cs, and can be revived:

    • During the Lock-in period

    • After the Lock-in period

  7. Grace Period

    The policy provides a grace period of 15 days on monthly premium payments and 30 days on the rest of the premium payment modes. The coverage continues during the grace period, and the applicable sum assured will be paid in case of death during the grace period.

  8. Free Look Period

    This ICICI Pru Protect n Gain policy offers a 15 day free look period on policies purchased offline and a 30 day free look period on policies purchased online. During this period, you can review the policy documents and return them if unsatisfied with the policy T&Cs.

Exclusions under the ICICI Pru Protect N Gain

Suicide Clause: In case the policyholder commits suicide within the first 12 months of buying the policy or reviving the policy, only the fund value, along with the applicable top-up fund value as applicable on the date of death, will be paid to the nominee.

FAQs

  • Q: How is ICICI Pru Protect N Gain plan different from regular ULIP plans?

    Ans: The ICICI Pru Life Insurance plan is different from regular ULIP plans as it provides pure risk protection up to 10 times the annualized premiums. Not only that, but you also get a chance to get protection up to 100 times the annualized premium, along with building corpus through market-linked returns.
  • Q: Can I add riders to this term insurance plan?

    Ans: Yes, you can add the following available rider to the base plan for comprehensive coverage at affordable premiums.
    • Accidental Death Benefit Rider
    • Accidental Total Permanent Disability Rider
  • Q: Are partial withdrawals allowed within this plan?

    Ans: Yes, you can make partial withdrawals within this plan only after the end of the first five policy years, given all the premiums have been duly paid. To make partial withdrawals, the life assured should be at least 18 years of age.
  • Q: Does this policy provide any tax benefits?

    Ans: Yes, this plan provides tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act of 1961.
  • Q: What is a Systematic Withdrawal Plan (SWP)?

    Ans: A systematic withdrawal plan is a plan through which you can make regular withdrawals of the fund value at a predetermined percentage. This way, you can pay for your child’s education or take care of other such expenses during retirement.
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