Introduction
ICICI Pru Protect N Gain is a unit-linked savings life insurance plan that offers a combination of protection and investment benefits. It provides a life insurance cover up to 100 times the annual premium, as well as accidental death and disability cover. It also allows you to choose from 18 funds across equity, debt and balanced categories to suit your risk appetite and financial goals. Additionally, it offers a maturity booster that adds 20% extra units to your fund value at the end of the policy term. You can also avail tax benefits on the premium paid and the maturity amount under section 80C and 10(10D) of the Income Tax Act, respectively.
Eligibility criteria for ICICI Pru Protect N Gain
The eligibility criteria for ICICI Pru Protect N Gain are as follows:
- The minimum entry age is 18 years and the maximum entry age is 60 years.
- The minimum sum assured is 5,00,000 and the maximum sum assured is subject to underwriting.
- The maximum maturity age is 90 years.
- The premium payment term can be single pay, regular pay or limited pay.
- The policy term can be 10, 15, 20 or 25 years.
Documents Required for ICICI Pru Protect N Gain
To buy ICICI Pru Protect N Gain plan, you need to submit some documents as proof of your identity, age, address and income. The documents required for ICICI Pru Protect N Gain are as follows:
- Identity proof: You can submit any of the following documents as your identity proof: PAN card, Aadhaar card, passport, voter ID card, driving license, etc.
- Age proof: You can submit any of the following documents as your age proof: birth certificate, school leaving certificate, passport, Aadhaar card, etc.
- Address proof: You can submit any of the following documents as your address proof: Aadhaar card, passport, voter ID card, driving license, bank statement, utility bill, etc.
- Income proof: You can submit any of the following documents as your income proof: salary slip, income tax return (ITR), form 16, bank statement, profit and loss account, balance sheet, etc
Benefits of ICICI Pru Protect N Gain
The benefits of this plan are as follows:
- Protection: You get a life insurance cover up to 100 times the annual premium, as well as accidental death and disability cover. This ensures that your family is financially secure in case of any unfortunate event.
- Investment: You get to choose from 18 funds across equity, debt and balanced categories to suit your risk appetite and financial goals. You also get the flexibility to switch between funds or redirect your premiums as per your preference.
- Maturity booster: You get a maturity booster that adds 20% extra units to your fund value at the end of the policy term. This helps you to boost your wealth creation and achieve your long-term goals.
- Tax benefits: You get tax benefits on the premium paid and the maturity amount under section 80C and 10(10D) of the Income Tax Act, respectively.
Charges for ICICI Pru Protect N Gain
The charges for this plan are as follows:
- Premium allocation charge: This is a percentage of the premium that is deducted before allocating units to your fund. It varies depending on the premium payment term and the policy year.
- Policy administration charge: This is a fixed amount that is deducted monthly by cancelling units from your fund. It increases every year by 5% or inflation rate, whichever is lower.
- Mortality charge: This is a charge that is deducted monthly by cancelling units from your fund. It depends on your age, gender, sum assured and health status.
- Fund management charge: This is a charge that is levied daily on the fund value at a percentage rate. It varies depending on the fund chosen by you.
- Discontinuance charge: This is a charge that is levied if you discontinue paying premiums or surrender your policy before completing five years from the date of inception. It depends on the premium payment term, policy year and fund value at the time of discontinuance.
- Switching charge: There is no switching charge for this plan. You can make unlimited free switches between funds as per your preference.
- Partial withdrawal charge: There is no partial withdrawal charge for this plan. You can make partial withdrawals from your fund value after completing five years from the date of inception as per your needs.
Lock-in period for ICICI Pru Protect N Gain
The lock-in period for ICICI Pru Protect N Gain is five years. This means that you cannot withdraw or surrender your policy before completing five years from the date of inception. This is a common feature of unit-linked insurance plans (ULIPs) that aim to in still focus and discipline in your investment journey. ULIPs are long-term investment products that offer the dual benefits of protection and wealth creation. By staying longer in the policy, you can also enjoy additional benefits such as return of premium allocation charges, return of mortality charges, and maturity booster.
How to track ICICI Pru Protect N Gain policy online
To track your policy online, you need to follow these steps:
- Visit the official website of ICICI Prudential Life Insurance.
- Click on the Login button on the top-right corner of the page and select Customer from the drop-down menu.
- Enter your username and password to log in to your account. If you are a new user, you can register using your policy number, mobile number or email ID.
- Once you are logged in, you can view your policy details, fund value, premium payment history, transaction history and other services.
- You can also download your policy/unit statement by clicking on View/Download Policy/Unit Statements under the Services tab.
Alternatively, you can also track your policy status by using the Track Claim Status option on the homepage of the website. You need to enter your policy number, type of claim, date of birth and captcha code to view the current status of your claim.
How to Pay Premiums online for ICICI Pru Protect N Gain
To pay your premiums online for ICICI Pru Protect N Gain, you can follow these steps:
- Visit the official website of ICICI Prudential Life Insurance.
- Click on the Pay Premium option on the menu.
- Log in with your policy number or email ID or mobile number and date of birth.
- Select the payment mode of your choice, such as debit card, credit card, net banking, UPI, e-wallet, etc.
- Proceed with the payment and receive the confirmation receipt.
You can also use the Bill Desk service2 to register and make your renewal premium payments via net banking. Alternatively, you can use the ICICI Bank website3 to make your premium payments if ICICI Prudential Life is one of the enrolled partners for payment.
Maturity Booster for ICICI Pru Protect N Gain
The maturity booster is a feature of ICICI Pru Protect N Gain plan that adds extra units to your fund value at the end of the policy term. This helps you to boost your wealth creation and achieve your long-term goals. The maturity booster will be equal to 20% of the average of the fund values including top-up fund value, if any, on the last business day of the last eight policy quarters1. This means that the plan will calculate the average of your fund values at the end of every three months in the last two years of your policy term and add 20% of that amount to your final fund value. This is a unique benefit that is available only with ICICI Pru Protect N Gain plan and it is applicable for all premium payment terms and policy terms.
Can I change My fund choice for ICICI Pru Protect N Gain later?
Yes, you can change your fund choice later for ICICI Pru Protect N Gain. This is a unit-linked savings life insurance plan that offers a combination of protection and investment benefits. It allows you to choose from 18 funds across equity, debt and balanced categories to suit your risk appetite and financial goals1.
According to the official website of ICICI Prudential Life Insurance1, you can make unlimited free switches between funds as per your preference2. You can use the switch fund service online or offline to transfer the current funds linked to your policy to another fund of your choice3. You can also use the premium redirection service to move your new premiums into a different fund4.
However, you should keep in mind that switching funds may affect your investment returns and risk exposure. Therefore, you should carefully evaluate your financial situation and goals before making any switch decision.
Can I withdraw My Policy for ICICI Pru Protect N Gain before five years?
No, you cannot withdraw your policy before five years for ICICI Pru Protect N Gain. This is a unit-linked savings life insurance plan that offers a combination of protection and investment benefits. It has a lock-in period of five years, which means that you cannot withdraw or surrender your policy before completing five years from the date of inception1. This is a common feature of unit-linked insurance plans (ULIPs) that aim to instill focus and discipline in your investment journey2. ULIPs are long-term investment products that offer the dual benefits of protection and wealth creation. By staying longer in the policy, you can also enjoy additional benefits such as return of premium allocation charges, return of mortality charges, and maturity booster
Can I Withdraw My Policy for ICICI Pru Protect N Gain after five years
Yes, you can withdraw your policy after five years for ICICI Pru Protect N Gain. This is a unit-linked savings life insurance plan that offers a combination of protection and investment benefits. It has a lock-in period of five years, which means that you cannot withdraw or surrender your policy before completing five years from the date of inception1. However, after the lock-in period, you can make partial withdrawals from your fund value as per your needs.
According to the official website of ICICI Prudential Life Insurance, 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 2,000 for each withdrawal. However, you should keep in mind that withdrawing your policy may affect your life insurance cover and your investment returns. Therefore, you should carefully evaluate your financial situation and goals before making any withdrawal decision.
Conclusion
With ICICI Pru Protect N Gain, you not only shield yourself and your family from life’s uncertainties but also seize the opportunity to grow your wealth over time. Its carefully designed features provide peace of mind, allowing you to navigate life’s twists and turns without compromising your financial goals.
This plan empowers you to make smart investment choices, enabling your money to work for you while safeguarding your family’s financial future. It’s not just an insurance policy; it’s a comprehensive strategy that offers financial security and prosperity.
So, whether you’re planning for your family’s future, building wealth, or simply seeking a reliable way to protect what matters most, ICICI Pru Protect N Gain is an option worth considering. It’s more than just an investment; it’s a promise of a brighter and more secure tomorrow.
With over 15 years of experience in Banking, investment banking, personal finance, or financial planning, Dkush has a knack for breaking down complex financial concepts into actionable, easy-to-understand advice. A MBA finance and a lifelong learner, Dkush is committed to helping readers achieve financial independence through smart budgeting, investing, and wealth-building strategies, Follow Dailyfinancial.in for practical tips and a roadmap to financial success!
