ICICI Pru – Signature

The Premium for ICICI Pru Signature Plan

For policies other than Whole Life policies, the minimum premium is Rs. 30,000 P.A.
For Whole Life policies, the minimum premium is Rs. 60,000 P.A. 
Maximum premium amounts have no limit and are subject to underwriting guidelines.

Additional Riders for ICICI Pru Signature Plan

Under this risk management plan, the policyholder cannot avail of any additional rider.

Eligibility for ICICI Pru Signature Plan

Entry Age: 0- 60 years
Maturity Age: 

  • For policies other than Whole Life- 18 – 75 years
  • For Whole Life policies, Maximum age is 99 years.

What are the documents required to buy this policy?

  • Identity proof documents. This includes the driving license, passport, or the Aadhar card of the policyholder.
  • Address proof documents. This includes the driving license, voter ID passport or the Aadhar card of the policyholder.
  • Income proof documents. This includes the income tax returns and salary slips of the policyholder.

How to buy this plan online?

The applicant must follow the steps given below to buy online ICICI Pru Signature insurance plan:

Step 1: The buyer must enter his details such as age, health information, and coverage required.

Step 2: The ICICI Pru Signature insurance calculator will calculate the premium amount and the policy term for the given details.

Step 3: The applicant must then select the funds where he wishes to invest the money from the 13 options provided in the various combinations of equity, debt and balanced, from four portfolio strategies.

Step 4: He can then make the premium payment anywhere, anytime online through the various payment options available.

Step 5: Once the person’s details and documents are verified, the policy will be issued and the details will be sent to the insured through email or SMS message.

Exclusions of ICICI Pru Signature Plan

The ICICI Pru Signature Plan Insurance reviews suggest that is has a suicide clause that states that: 

If the life assured commits suicide within 12 months from date of policy commencement or policy revival, only the Fund Value including the Top-up Fund Value, if any available on the date of death intimation will be payable to the nominee. Charges other than the Fund Management and guarantee expenses that have been recovered after the date of death will be added back to the Fund Value as on the date of death.

In the scenario that the insured individual dies by committing suicide from the date of the increase in Sum Assured, the amount of increase will not be considered in the death benefit calculation.

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Why you need this Plan ?
Here is a rundown of the core benefits offered
1
Maturity Benefit: As the plan becomes matured, the policyholder will receive the Fund Value including the Top-Fund Value, if any. The insured has the option to receive this benefit as a single lump sum amount or opt to avail of a structured payout.
2
Death Benefit: In the scenario of the unfortunate death of the insured during the term of this plan, and given the funds are not in the discontinued policy fund, the nominee or beneficiary is entitled to the Death Benefit which is the highest of:
  • Sum Assured (including Top-up Sum Assured if any)
  • Minimum Death Benefit: (105% of the total premiums including Top-up premiums received)
  • Fund Value (including Top-up Fund Value if any)
3
Surrender Benefit: If the insured wishes to surrender the policy within the first five policy years, the Fund Value including the Top-up Fund Value, if any will be transferred to the Discontinued Policy Fund. The nominee will be entitled to receive the Discontinued Policy Fund Value on the death of the insured or expiry of the lock- in period, whichever is earlier. 
In case of surrender of the policy after the 5 years, the policyholder/nominee will receive the applicable Fund Value.
4
Tax Benefit:   The amount of premium paid, as well as the benefits received under the ICICI Pru Signature Insurance Plan, are eligible for tax benefits, as per the Section 10(10D) and Section 80 C of the Income Tax Act of 1961*.
*Tax benefit is subject to changes in tax laws