ICICI Pru Protect N Gain Plan

What is the ICICI Pru Protect N Gain Plan?

ICICI Protect N Gain is a Unit Linked Insurance Plan (ULIP) that offers both wealth growth and comprehensive protection. It is designed to help you achieve your long-term financial goals while providing adequate life cover for your family. With ICICI Pru Protect N Gain, you can secure your future and grow your wealth, ensuring peace of mind for you and your loved ones. This ICICI prudential ULIP plan is the right choice for a financially stable and stress-free life.

Features of ICICI Pru Protect N Gain Plan

The key features of the ICICI Pru Protect N Gain Plan are as follows:

• Plan Options: You can choose from two plans – Life and Growth.

• Accidental Death Cover: If you pass away due to an accident, a lump sum amount will be paid to your beneficiaries.

• Accidental Disability Cover: If you suffer permanent disability due to an accident, a lump sum amount will be provided.

• Policy Additions: The maturity benefit includes various additions made to the policy during the term.

• Portfolio Strategies: Choose from 4 different portfolio strategies with a wide range of funds, including equity, balanced, and debt, to meet your investment goals.

• Unlimited Free Switches: You can switch between funds as many times as you want under the Fixed Portfolio Strategy, without any extra charges.

• Systematic Withdrawals: You have the option to receive regular payments from your fund value through the Systematic Withdrawal Plan (SWP).

• Tax Benefits: You can avail of tax benefits under Section 80C and Section 10(10D) as per the current tax laws.

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:8,769 Cr

8,769 Cr

NAV

108.85

-0.58%

Returns

24.28%

Returns

27.23%

Highest Returns

Returns

17.84%

Get Details

Top 200 Fund

Tata AIA

AUM:2,072 Cr

2,072 Cr

NAV

164.86

-0.39%

Returns

20.92%

Returns

31.99%

Highest Returns

Returns

17.52%

Get Details

Accelerator Mid-Cap Fund II

Bajaj Allianz

AUM:5,366 Cr

5,366 Cr

NAV

77.74

-0.58%

Returns

16.56%

Returns

25.24%

Highest Returns

Returns

13.61%

Get Details

Opportunities Fund

HDFC Standard

AUM:34,818 Cr

34,818 Cr

NAV

72.46

-0.51%

Returns

16.51%

Returns

26.51%

Highest Returns

Returns

14.3%

Get Details

Equity II Fund

Canara HSBC Oriental Bank

AUM:3,410 Cr

3,410 Cr

NAV

40.28

-0.10%

Returns

10.32%

Returns

21.15%

Highest Returns

Returns

9.16%

Get Details

Blue Chip Equity Fund

AEGON Life

AUM:189 Cr

189 Cr

NAV

30.64

-0.05%

Returns

15.12%

Returns

22.79%

Highest Returns

Returns

11.6%

Get Details

Grow Money Plus Fund

Bharti AXA

AUM:421 Cr

421 Cr

NAV

66.38

-0.11%

Returns

13.78%

Returns

21.74%

Highest Returns

Returns

13.64%

Get Details

Multiplier

Birla Sun Life

AUM:4,095 Cr

4,095 Cr

NAV

89.36

-0.53%

Returns

16.94%

Returns

27.78%

Highest Returns

Returns

14.93%

Get Details

Equity Top 250 Fund

Edelwiess Tokio

AUM:527 Cr

527 Cr

NAV

56.08

-0.23%

Returns

12.97%

Returns

21.14%

Highest Returns

Returns

11.38%

Get Details

Future Apex Fund

Future Generali India

AUM:87 Cr

87 Cr

NAV

53.81

-0.12%

Returns

14.31%

Returns

25.82%

Highest Returns

Returns

12.5%

Get Details

Opportunities Fund

ICICI Prudential

AUM:3,159 Cr

3,159 Cr

NAV

56.68

-0.19%

Returns

15.56%

Returns

24.14%

Highest Returns

Returns

11.8%

Get Details

Frontline Equity Fund

Kotak Mahindra OM

AUM:4,047 Cr

4,047 Cr

NAV

66.95

-0.21%

Returns

16.75%

Returns

25.42%

Highest Returns

Returns

13.98%

Get Details

Flexi Growth Fund

LIC

AUM:541 Cr

541 Cr

NAV

11.3

-0.01%

Returns

-

Returns

-

Returns

-

Get Details

Virtue II

PNB Metlife

AUM:3,132 Cr

3,132 Cr

NAV

67

-0.08%

Returns

13.64%

Returns

23.2%

Highest Returns

Returns

15.2%

Get Details

Pension Dynamic Equity Fund

Pramerica Life Insurance Limited

AUM:6 Cr

6 Cr

NAV

70.55

-0.04%

Returns

12.45%

Returns

20.54%

Highest Returns

Returns

10.29%

Get Details

Equity Fund

SBI

AUM:74,702 Cr

74,702 Cr

NAV

196.93

-0.42%

Returns

13.25%

Returns

21.02%

Highest Returns

Returns

11.34%

Get Details

Blue-Chip Equity Fund

Star Union Dai-ichi

AUM:1,267 Cr

1,267 Cr

NAV

34.11

-0.04%

Returns

11.03%

Returns

18.5%

Highest Returns

Returns

9.83%

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 Protect N Gain Plan

Benefits of ICICI Pru Protect N Gain Plan

• Death Benefit: If the Life Assured dies during the policy term, the Death Benefit will be the highest of: Sum Assured (including any Top-up), Fund Value on the date of death (or foreclosure/maturity), and 105% of premiums paid (including Top-up).
  If the policy is in the Discontinued Policy Fund, the Death Benefit will be the fund value. The policy ends once the Death Benefit is paid.

• Maturity Benefit: If the Life Assured survives the policy term, the Maturity Benefit will be the Fund Value, based on the performance of selected funds. The policy will terminate once the Maturity Benefit is paid.

• Settlement Option: At policy maturity, you can opt for a structured payout over 5 years. Payments can be monthly, quarterly, semi-annually, or annually, based on the number of units and their NAV. During the settlement period, no additional charges or bonuses are added, and switches or partial withdrawals are not allowed. If the Life Assured passes away, the Death Benefit will be the higher of Fund Value or 105% of premiums paid.

• Top-up Premiums: You can pay top-up premiums at any time, except in the last 5 years of the policy. The minimum top-up amount is ₹2,000, and your sum assured increases accordingly. Top-up premiums cannot be withdrawn for 5 years, except in case of policy surrender. You can make up to 99 top-ups during the policy term.

• Partial Withdrawals: Once the lock-in period is over, you can withdraw up to 20% of the Fund Value per year, with a minimum withdrawal of ₹2,000. Partial withdrawals are free and can be done after the first 5 policy years. The Systematic Withdrawal Plan (SWP) allows you to receive regular withdrawals for specific needs.

• Systematic Withdrawal Plan (SWP): SWP enables regular withdrawals (monthly, quarterly, semi-annually, or annually) after the first 5 years. Withdrawals are first made from top-up funds, then from the base fund. You can modify or opt out of SWP during the policy term.

• Change in Premium Payment Frequency: You can change your premium payment frequency during the premium payment term, effective on the policy anniversary. This change is allowed as long as all limits are met.

• Return of Premium Allocation Charges: Life & Growth Options: From the 11th policy year, 2x the premium allocation charges (excluding taxes and top-ups) deducted in the 120th month prior will be added back to the fund as units. This addition will be in the same proportion as your existing units. This continues as long as premiums are paid. No return if no charges were deducted in the 120th month.

• Return of Mortality Charges: 

  • Life Option: Starting from the 11th year, 2x the mortality charges (excluding extra premiums and taxes) deducted in the 120th month prior will be added back as units up to the 25th year. From the 26th year, 4x fees will be added.

  • Growth Option: Similar to Life Option, but from the 26th year, 2.5x the charges will be added back.

• Maturity Booster: At policy maturity, a Maturity Booster of 20% of the average Fund Value over the last 8 quarters will be allocated as extra units based on your current unit distribution. This is only available if the policy is in force.

Rider Benefits under ICICI Pru Protect N Gain Plan

1. ICICI Pru Linked Accidental Death & Disability Rider

   • Accidental Death: If death occurs due to an accident, the accidental death sum assured will be paid in addition to the death benefit.

   • Accidental Disability: If the life assured suffers a covered permanent disability due to an accident, the rider sum assured will be payable.

2. ICICI Pru Linked Waiver of Premium Rider

   • Waiver of Premium: If unforeseen events like death, accidental total permanent disability, terminal illness, or critical illness occur (depending on the plan), all future premiums will be waived.

Portfolio Management Strategies of ICICI Pru Protect N Gain Plan

You can choose from four portfolio strategies based on your risk appetite:

• Fixed Portfolio Strategy: You can actively manage your savings by choosing how to invest in different funds. You also have the flexibility to switch between funds whenever needed. Unlimited free switches are allowed between funds, with a minimum switch amount of ₹2,000. Premium redirection is also available.

• Automatic Transfer Strategy (ATS): With this option, you can automatically transfer a fixed amount from safer funds (like the Money Market Fund) to growth funds (like the Bluechip Fund) at regular intervals, with no extra charges.

• Target Asset Allocation Strategy: You can divide your premiums between two funds based on your risk preference. Your portfolio will be rebalanced quarterly to maintain desired asset allocation. 

• Trigger Portfolio Strategy 2: Your savings will initially be split between an equity fund (Multi Cap Growth Fund) and a debt fund (Income Fund). If the equity fund’s NAV changes by 10%, the allocation will be adjusted to capture capital gains and maintain the right balance.

• Lifecycle-based Portfolio Strategy 2: Your fund allocation will automatically adjust based on your age. As you grow older, your savings will be distributed between equity and debt funds to match your changing risk appetite.

Change in Portfolio Strategy (CIPS): You can change strategies up to four times a year without charge. Switching between strategies may alter fund allocation based on selected options.

Policy Details of ICICI Pru Protect N Gain Plan

• Surrender of Policy: During the lock-in period (5 years), if you surrender the policy, the unit fund value (after deducting applicable charges) will be transferred to the discontinuance policy fund. Risk and rider coverage, if any, will end. You can receive the Discontinued Policy Fund Value after the death of the Life Assured or after the lock-in period ends. If you surrender after the lock-in period, you’ll receive the surrender value.

• Premium Discontinuance (For Limited Pay): It is recommended to pay all premiums to enjoy full policy benefits. If premiums are not paid during the lock-in period, the policy will be discontinued after the grace period, with the fund value moved to the Discontinued Policy Fund. If premiums are discontinued after the lock-in period, the policy will convert into a reduced paid-up policy.

• Reduced Paid-Up Policy: If premiums are discontinued after the lock-in period, the policy will become reduced paid-up with a reduced sum assured. The reduced sum is calculated based on the premiums paid so far.

• Policy Revival: You can revive your policy within 3 years of the first unpaid premium. If revived during the lock-in period, the risk cover and investments will be restored, with less applicable charges.

• Freelook Period: After receiving the policy document, you can review the terms and conditions. If dissatisfied, you can cancel the policy within 30 days. On cancellation, you’ll receive a refund, including non-allocated premiums, charges, and fund value, minus certain deductions (e.g., risk premium and stamp duty).

• Premium Adjustment: You cannot increase or decrease the premium amount under the policy.

• Grace Period: The grace period for premium payment is 15 days for monthly premiums and 30 days for other modes. Life cover continues during this period. If the Life Assured passes away during the grace period, the Death Benefit will be paid.

• Policy Loans: No loans are provided under this policy.

• Top-Up Premiums & Partial Withdrawals: The lock-in period for top-up premiums is 5 years. Partial withdrawals are first made from the top-up fund after the lock-in period, then from the base premium fund.

• Foreclosure: If the Fund Value becomes nil after the lock-in period and all due premiums are paid, the policy will terminate, and no benefits will be payable. The policy cannot be foreclosed before the lock-in period ends.

• Force Majeure: In case of extreme events (force majeure), the company may defer the valuation of assets for up to 30 days.

How Does the ICICI Pru Protect N Gain Plan Work?

You can follow the steps mentioned below to start investing in the ICICI Pru Protect N Gain ULIP Plan:

• Step 1: Choose your plan – “Life” or “Growth” – based on your financial goals and life stage.

• Step 2: Decide on the amount of life cover you need, considering your goals, income, and stage in life.

• Step 3: Set the duration for premium payments (premium payment term) and how long you want coverage (policy term).

• Step 4: Pick your preferred funds to save money and decide your investment strategy.

• Step 5: Begin paying your premiums regularly and stay covered to achieve both protection and wealth creation goals.

Suicide Exclusion Criteria of ICICI Pru Protect N Gain Plan

• If the Life Assured commits suicide within 12 months from the policy commencement or its revival date, only the Fund Value as of the death notification or the policy's foreclosure/maturity date will be payable to the claimant. Any charges (excluding Fund Management and guarantee charges) recovered after the death date will be added back to the fund value.

• If suicide occurs within 12 months of any top-up, the top-up sum assured will not be included in the death benefit calculation.