ICICI Pru Smart Goal Assure Plan

What is the ICICI Pru Smart Goal Assure Plan?

The ICICI Pru Smart Goal Assure is a flexible ULIP plan combining life insurance with investment. It helps you reach your financial goals. Features like Smart Benefit offer security with premium waivers and family income support during tough times. The Maturity Protect feature guarantees a maturity benefit, securing your investment. You can choose how to allocate premiums across different funds and strategies, giving you control over your financial growth. 

Features of ICICI Pru Smart Goal Assure Plan

The key features of the ICICI Pru Smart Goal Assure Plan are listed below:

• Watch your savings grow: Grow wealth with market-linked returns from 24 fund options.

• Boost your savings: Use the Top-up feature to match your evolving financial goals.

• Withdraw systematically: Set up monthly payouts through the Systematic Withdrawal Plan (SWP).

• Optimize your tax savings: Enjoy tax benefits on premiums paid and benefits received, as per current laws.

• Preserve your savings: Get at least 100% of the premiums paid back at policy maturity.

• Make the most of your savings: Save with an efficient charge structure and premium return at maturity.

• Rest assured about your family’s goals: Future premiums are waived off in case of your demise, ensuring continued wealth creation.

• Secure fixed income payouts: Ensure annual payouts to your loved ones throughout the policy period.

• Leave behind a legacy: Market-linked returns will be paid out to your loved ones at the end of the policy term.

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:7,657 Cr

7,657 Cr

NAV

102.62

-2.47%

Returns

22.84%

Returns

33.56%

Highest Returns

Returns

16.82%

Get Details

Top 200 Fund

Tata AIA

AUM:1,915 Cr

1,915 Cr

NAV

156.48

-1.85%

Returns

19.69%

Returns

33.06%

Highest Returns

Returns

16.57%

Get Details

Accelerator Mid-Cap Fund II

Bajaj Allianz

AUM:4,988 Cr

4,988 Cr

NAV

74.93

-1.64%

Returns

15.75%

Returns

26.11%

Highest Returns

Returns

13.25%

Get Details

Opportunities Fund

HDFC Standard

AUM:32,427 Cr

32,427 Cr

NAV

68.59

-1.36%

Returns

15.25%

Returns

26.28%

Highest Returns

Returns

13.43%

Get Details

Growth Plus Fund

Canara HSBC Oriental Bank

AUM:488 Cr

488 Cr

NAV

34.03

-0.20%

Returns

10.12%

Returns

18.66%

Highest Returns

Returns

9.13%

Get Details

Accelerator Fund

AEGON Life

AUM:206 Cr

206 Cr

NAV

43.95

-0.42%

Returns

14.44%

Returns

24.62%

Highest Returns

Returns

11.71%

Get Details

Grow Money Plus Fund

Bharti AXA

AUM:393 Cr

393 Cr

NAV

62.81

-0.33%

Returns

11.44%

Returns

23.24%

Highest Returns

Returns

12.71%

Get Details

Multiplier

Birla Sun Life

AUM:3,726 Cr

3,726 Cr

NAV

83.06

-1.91%

Returns

15.52%

Returns

27.71%

Highest Returns

Returns

14.1%

Get Details

Equity Top 250 Fund

Edelwiess Tokio

AUM:495 Cr

495 Cr

NAV

53.89

-0.44%

Returns

11.45%

Returns

22.63%

Highest Returns

Returns

10.7%

Get Details

Future Apex Fund

Future Generali India

AUM:78 Cr

78 Cr

NAV

50.02

-0.60%

Returns

11.87%

Returns

26.82%

Highest Returns

Returns

11.43%

Get Details

Opportunities Fund

ICICI Prudential

AUM:2,965 Cr

2,965 Cr

NAV

53.36

-0.50%

Returns

13.15%

Returns

24.94%

Highest Returns

Returns

10.91%

Get Details

Frontline Equity Fund

Kotak Mahindra OM

AUM:3,738 Cr

3,738 Cr

NAV

63.32

-0.55%

Returns

14.48%

Returns

26.3%

Highest Returns

Returns

12.95%

Get Details

Flexi Growth Fund

LIC

AUM:433 Cr

433 Cr

NAV

10.78

-0.05%

Returns

-

Returns

-

Returns

-

Get Details

Virtue II

PNB Metlife

AUM:2,891 Cr

2,891 Cr

NAV

65.16

-0.62%

Returns

13.28%

Returns

23.2%

Highest Returns

Returns

15.2%

Get Details

Pension Dynamic Equity Fund

Pramerica Life Insurance Limited

AUM:6 Cr

6 Cr

NAV

67.51

-0.19%

Returns

10.7%

Returns

22.07%

Highest Returns

Returns

9.52%

Get Details

Top 300 Fund

SBI

AUM:1,715 Cr

1,715 Cr

NAV

52.66

-0.14%

Returns

9.78%

Returns

20.12%

Highest Returns

Returns

11.03%

Get Details

Blue-Chip Equity Fund

Star Union Dai-ichi

AUM:1,193 Cr

1,193 Cr

NAV

32.73

-0.17%

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 Smart Goal Assure Plan

Benefits of ICICI Pru Smart Goal Assure Plan

• Maturity Benefits: At the end of the policy term, you'll receive the fund value based on investment performance, with an option to take the amount as a lump sum or in installments over up to 5 years. The investment plan guarantees at least 100% return of premiums paid, provided all premiums are paid.

• Death Benefits: In case of the policyholder’s death, the nominee receives a lump sum death benefit, with the option of regular income. Future premiums are waived, and the policy continues to help achieve the family’s financial goals.

• Tax Benefits: Premiums qualify for tax deductions under Section 80C (up to ₹1.5 lakh), while both death benefits and maturity amounts are exempt from tax under Section 10(10D). ULIPs with annual premiums below ₹2.5 lakh offer tax-free maturity benefits, and switches between debt and equity funds are tax-free.

• Change in Portfolio Strategy (CIPS): You can change your portfolio strategy up to four times a year, unless the funds are in the Discontinued Policy Fund. The nominee can also make changes after the life assured death with Smart Benefits.

• Settlement Option: You can choose to receive the Maturity Benefit as structured payouts over up to 5 years. If the life assured passes away, the claimant can receive either the Fund Value or 105% of premiums paid.

• Top-up: You can pay additional premiums at any time (except in the last 5 years), with a minimum of ₹500. The Top-up increases your Sum Assured, but it can't be withdrawn for 5 years.

• Partial Withdrawals: Partial withdrawals are allowed after the lock-in period, up to 20% of the Fund Value per year. Withdrawals are first from Top-up Fund Value and then from base premium’s Fund Value.

• Switches: Under the Fixed Portfolio Strategy, you can switch units between funds as often as you like, with a minimum of ₹2,000. No switches are allowed if funds are in the Discontinued Policy Fund.

• Premium Redirection: You can change how your premiums are invested under the Fixed Portfolio Strategy, without charge, at any time. The nominee can also make changes after the life assured’s death with Smart Benefits.

• Change in Premium Payment Frequency: You can change your premium payment frequency on the policy anniversary, except for Single Pay policies.

Portfolio Management Strategies of ICICI Pru Smart Goal Assure Plan

You can choose from four portfolio strategies to save your money according to your risk appetite. These are:

• Fixed Portfolio Strategy: This strategy lets you actively manage your savings by choosing fund allocations and switching between funds at no charge, with a minimum switch amount of ₹2,000. You can also redirect premiums to different funds without any extra charge.

  • Automatic Transfer Strategy (ATS): ATS allows you to transfer a fixed amount from debt/equity funds to other funds regularly, helping safeguard your savings from market fluctuations.

• Target Asset Allocation Strategy: This strategy enables you to allocate premiums between two funds based on your risk appetite, with your portfolio being rebalanced quarterly to maintain your chosen allocation.

• Trigger Portfolio Strategy 2: Your savings are initially split between an equity fund (75%) and a debt fund (25%). The allocation is adjusted automatically based on a 10% movement in the equity fund’s NAV, allowing you to take advantage of market swings.

• Lifecycle-based Portfolio Strategy 2: As your financial needs change with age, this strategy adjusts your fund distribution between equity and debt funds based on your age, ensuring your portfolio adapts to your life stage.

Policy Details of ICICI Pru Smart Goal Assure Plan

• Surrender: 

  • During Lock-in Period: If you surrender the policy during the lock-in (5 years), the Fund Value (after charges) will be moved to the Discontinued Policy Fund. No risk or rider covers will apply, and the proceeds will be paid at the end of the lock-in or upon the death of the life assured.

  • After Lock-in Period: You can surrender the policy anytime after the lock-in, and you will receive the Surrender Value, terminating all rights and benefits under the policy.

• Premium Discontinuance: 

  • During Lock-in Period: If premiums are not paid during the lock-in, the policy moves to the Discontinued Policy Fund, with risk covers ceasing. You can revive it within the Revival Period; otherwise, it will terminate after the lock-in period.

  • After Lock-in Period: If premiums are missed after the lock-in, the policy converts to a reduced paid-up policy with a reduced sum assured, and no rider cover.

• Policy Revival: 

  • During Lock-in Period: If the policy is revived within the lock-in period, due premiums are paid, and the risk cover and investments are restored. No additional charges except for policy administration charges.

  • After Lock-in Period: If revived after the lock-in, due premiums are paid, and the original risk cover is reinstated. There are no additional charges.

• Married Woman’s Property Act (MWPA): You can designate the policy benefits for your wife or children under the MWPA, ensuring they are protected from creditors or claims, unless done with fraudulent intent.

• Freelook Period: You have 30 days to review your policy after receiving the document. If you are dissatisfied, return it for a refund (less some charges), and the policy will be terminated.

• Grace Period: There is a 15-day grace period for monthly premium payments and 30 days for other modes. If the life assured passes away during this period, the death benefit will be paid.

• Maturity Protect: If the Fund Value at maturity is less than the Annualised Premium times the Premium Payment Term, extra units will be allocated to make up the difference, ensuring the policy reaches the minimum value.

• Smart Benefit: 

  • Future Secure Benefit: If the life assured dies during the premium payment term, future premiums are waived, and units are added to the policy until maturity.

  • Family Income Benefit: 10% of the sum assured is paid annually to the claimant until maturity, with the final income paid at maturity.

• Loans: No loans are available under this policy.

• Partial Withdrawals: Partial withdrawals are allowed after the lock-in period, starting with Top-up funds that have completed the lock-in, followed by the base premium funds.

How Does the ICICI Pru Smart Goal Assure Plan Work?

Follow the below-mentioned three simple steps to secure your loved ones’ goals by ICICI ULIP plans

• Choose your premium payment plan: Decide how often you want to pay your premiums (payment frequency) and for how long (payment term).

• Select your savings growth plan: Pick a savings strategy and fund options that align with your financial goals.

• Start saving for the future: Begin paying your premiums and continue saving to secure your family’s future and build wealth.

Suicide Exclusion Criteria of ICICI Pru Smart Goal Assure Plan

• If the life assured commits suicide within 12 months from the policy commencement date or policy revival date, only the Fund Value (as on the date of death, foreclosure, or maturity, whichever is earlier) will be paid to the claimant.

• Any charges (except Fund Management and guarantee charges) deducted after the death will be added back to the Fund Value.

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