ICICI Pru Single Premium Policy

One unique advantage of the Single premium type policies is that you only need to pay your premium once and you’ll be under cover for the term period selected by you. But, it is worth noting that, over years, it is found that regular premium payment plans yield higher returns than Single premium payment plans.

One such Single Premium payment plan is the new ICICI Pru Lifelink Weath SP, a wealth creation Unit Linked Insurance plan.

The minimum premium amount should be Rs.40000 and any one up to 60 years can invest in this policy. The policy term can be chosen from 10, 20 or 30 years. You can also choose the Sum Assured value between 125% or 500% of the Single premium you chose to pay. In case of death, the nominee will get the higher of Sum Assured and the Fund value.

Tax benefits are also application as per tax laws (See ICICI Pru Pinnacle)

Two types of Strategies are present for the investors to chose from, Trigger Portfolio strategy and Fixed Portfolio Strategy. Trigger strategy is a unique one which you can select to protect your gains from future volatile market conditions.

If you’d rather want to actively maintain your allocations, you can choose Fixed Strategy where you can chose from up to 8 fund options, risk ranging from High to low.

The management will also add a loyalty addition to your fund every 5 year starting from the 10 th policy year. Depending on the premium amount you paid, you will get  loyalty addition from 1.5% (for premiums between Rs.50 K to 1 lakh) to 2.5% (for premiums above Rs.5 lakhs).

For premiums from Rs.40000 to Rs.4,99,999, the premium allocation charges are 5% of the premium and for any thing from Rs.500000, it is 4%.

Top-ups and partial Withdrawals’ are allowed. Withdrawal can be made once 5 policy years are completed. You can withdraw a maximum of 20% of fund value once in every 3 years.