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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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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.

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1 30

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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 ~
Fund Name
AUM
Returns (in %)
3 Year
5 Year
10 Year
7,657 Cr
Returns
22.84%
Returns
33.56%
Highest Returns
Returns
16.82%
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1,915 Cr
Returns
19.69%
Returns
33.06%
Highest Returns
Returns
16.57%
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4,988 Cr
Returns
15.75%
Returns
26.11%
Highest Returns
Returns
13.25%
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32,427 Cr
Returns
15.25%
Returns
26.28%
Highest Returns
Returns
13.43%
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488 Cr
Returns
10.12%
Returns
18.66%
Highest Returns
Returns
9.13%
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206 Cr
Returns
14.44%
Returns
24.62%
Highest Returns
Returns
11.71%
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393 Cr
Returns
11.44%
Returns
23.24%
Highest Returns
Returns
12.71%
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3,726 Cr
Returns
15.52%
Returns
27.71%
Highest Returns
Returns
14.1%
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495 Cr
Returns
11.45%
Returns
22.63%
Highest Returns
Returns
10.7%
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78 Cr
Returns
11.87%
Returns
26.82%
Highest Returns
Returns
11.43%
Get Details
2,965 Cr
Returns
13.15%
Returns
24.94%
Highest Returns
Returns
10.91%
Get Details
3,738 Cr
Returns
14.48%
Returns
26.3%
Highest Returns
Returns
12.95%
Get Details
433 Cr
Returns
-
Returns
-
Returns
-
Get Details
2,891 Cr
Returns
13.28%
Returns
23.2%
Highest Returns
Returns
15.2%
Get Details
6 Cr
Returns
10.7%
Returns
22.07%
Highest Returns
Returns
9.52%
Get Details
1,715 Cr
Returns
9.78%
Returns
20.12%
Highest Returns
Returns
11.03%
Get Details
1,193 Cr
Returns
9.12%
Returns
19.84%
Highest Returns
Returns
9.19%
Get Details
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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

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: â‚ą60,000;
- 6 - 9 Years: â‚ą60,000;
- PPT 10 - 30 Years: â‚ą60,000;
- Single Pay: â‚ą2,50,000.
â‚ą72,000
Minimum Sum Assured - Limited Pay:
  • 0 (to) 49 Years Age: 7/ 10 x Annualised Premium;
  • 50 Years and Above: 5/ 10 x Annualised Premium.
- Single Pay:
  • 0 (to) 49 Years Age: 1.25 x Single Premium;
  • 50 Years and Above: 1.1/ 1.25 x Single Premium.
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.
Name of insurers
Name of plans

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 â‚ą500), 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 â‚ą2,000. 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.

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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 â‚ą2,000 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.

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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.

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 â‚ą60,000 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.

˜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
*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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ICICI Prudential ULIP Plans Reviews & Ratings

4.6 / 5 (Based on 1249 Reviews)
(Showing Newest 10 reviews)
Amit
Guwahati, March 26, 2025
Reliable and Safe Investment
Policybazaar is reliable for investment. HDFC Life Dynamic Advantage Fund performs well and is safe for long term.
Raghavan
Ranchi, March 25, 2025
Easy and Helpful Investment Process
Policybazaar made it easy to invest in HDFC Life Dynamic Advantage Fund NFO. Simple process helpful customer service very happy.
Priya
Coimbatore, March 21, 2025
Quick and Secure Investment
Simple quick and secure way to invest in HDFC Life NFOs. Policybazaar makes everything clear and support is excellent.
Meenal
Kochi, March 21, 2025
Stable Steady Returns
I like this fund. Returns are stable but not fast. Best for people who want slow and steady growth in their portfolio.
Venkatesh
Hyderabad, March 19, 2025
Simple and Transparent Process
I found HDFC Life NFOs through Policybazaars platform. Very good process easy to understand and no hidden charges. Satisfied.
Manisha
Bangalore, March 17, 2025
Good for Long term Growth
Best for long term goals. HDFC Life Advantage Fund NFO gives a good growth chance.
Karthik
Chennai, March 17, 2025
Balanced Long term Investment
I invested in HDFC Life Dynamic Advantage Fund. Its balanced but sometimes market changes give negative returns. Better for long term.
Shalini
Bhopal, March 16, 2025
Great Platform for Investment
Policybazaar helped me choose HDFC Life Dynamic Advantage Fund NFO. Great platform for easy investments and the process was simple.
Satyendra
Jodhpur, March 16, 2025
Hassle Free Investment Process
Investing HDFC Life NFOs through Policybazaar is very good. Simple to follow no hassle and good advice from experts.
Priyanka
Indore, March 15, 2025
Flexi Cap Fund
This fund is flexi cap. I like how it adapts to market. Returns are ok but need patience for better growth.
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