You all would not be aware of ICICI Pru Smart Life Insurance Death Benefits as normally we all prefer LIC policies. ICICI Prudential Life Insurance brings to you a dual protection unit linked plan for insurance, ‘ICICI Pru Smart Life’ that offers a lump sum money in the event of death of the policy holder. Additionally, it also offers the nominee to receive a particular fund value when the policy term ends.
ICICI Pru Smart Life Insurance Death Benefits
As per this plan, if unfortunately the policy holder dies; there are two ways in which the nominee would receive the benefits:
Lump Sum Amount Benefit: in case of unfortunate death of the policy holder, the lump sum amount would be given to the nominee so that he/she meets the immediate responsibilities. At the same time, the amount given would be higher than the following:
- Higher than the Sum Assured
- Higher than the Minimum Death Benefit assured, this is 105% of the overall premiums paid
Smart Benefit: After the death of the policy holder, all the forthcoming premiums to be paid under the policy would be waived off and the equal amount of premiums would be contributed by the company along with Wealth Boosters and Loyalty Additions.
Maturity/Survival Benefits ICICI Pru Smart Life Insurance Plan
As a normal policy works, in this too, the policy holder can withdraw the matured amount after the term ends. However, he/she can either withdraw or chose to use the settlement option and defer the payout.
What are the investing strategies of the premiums?
Fixed Portfolio Strategy: These funds can be switched only one time in a given years.
Life Cycle based Portfolio Strategy: With this strategy, the premiums have to be invested in a Multi-Cap Growth Fund and also in income fund, depending upon the age of the policy holder.
Wealth Boosters and Loyalty Additions
There are certain loyalty additions and wealth boosters with this plan. The loyalty additions can be given every year at the end and the policy holder starts getting it from the sixth year. After the end of tenth year, the policy holder gets wealth boosters every five years.
In all, ICICI Pro Smart Life is a preferable option for those who want to secure a better future and still get their money growing at a steady pace.