ICICI Pru Signature (Online)
ICICI Pru Signature is a Unit-linked Insurance Plan which invests your entire premium to maximise your wealth whilst providing you a life cover up to 99 years of age with the whole life policy term option. The plan provides flexibility to choose from 4 portfolio strategies options with a wide range of 13 fund options available under its Fixed Portfolio Strategy option. Moreover, under this plan charges for mortality and policy administration are returned at the maturity of the policy. This plan also offers partial withdrawal benefit which allows you to withdraw a part of the fund value in the time of an immediate financial need.
Moreover, the plan gives you the option to change the portfolio strategy up to 4 times in a policy year which provides you a chance to use a financial opportunity to its full potential. The free-look period under this ULIP is for 15 days (30 days in case of purchase via distance marketing mode), which gives the investor full autonomy to cancel the policy upon dissatisfaction with the plan. Upon cancellation, the company terminated the plan after deducting minimal charges.
Best Features of ICICI Pru Signature
ICICI Pru Signature comes with the following features -
- Whole Life Policy Term Option- Under this option, you are provided with a life cover up to 99 years to ensure full financial protection of your family in your absence.
- Wealth Boosters- Wealth boosters are added to your fund value at the end of every 5th policy year starting from 10th policy year till maturity.
- Unlimited Free Fund Switching - The investor can switch the fund options as many times under fixed portfolio strategy without any charge during the policy term.
- Portfolio Strategy Change Option- Under this option, the investor can change the portfolio strategy upto 4 times in a policy year without any extra charge.
- Top-up Premium Option- The investor has the option to invest surplus money as top-up premium to maximise the returns on the investment.
- Flexible Portfolio Strategy Options- The plan provides 4 portfolio strategy options to meet the financial needs of the investor.
Benefits of ICICI Pru Signature
Following benefits are available under ICICI Pru Signature Term Plan which makes it distinctive among its parallels:
- Death Benefit
- In case of the death of the assured, whichever from the following is the highest is paid as the death benefit to the nominee -
- Sum assured and top-up sum assured (if any)
- Fund value and top-up fund value ( if any)
- Minimum death benefit (105% of all premiums paid including top-up premium).
- Maturity Benefit
At the maturity of the policy, the investor is entitled to the fund value along with the top-up fund value ( if any ) either as lump sum or structured payout using a settlement option.
- Partial Withdrawal Benefit
ICICI Pru Signature allows partial withdrawals after completion of 5 policy years, only if all the premiums are paid up to date. Unlimited number of withdrawals can be made in a year as long as the total withdrawal amount does not exceed 20% of the fund value.
The plan also allows you to opt for Systematic Withdrawal Plan (SWP) with which you can withdraw a predetermined percentage of your fund value on a regular basis. SWP helps you meet specific financial requirements such as child’s education or day-to-day retirement expenses.
- Whole Life Cover Benefit
The plan offers you to enjoy a life cover benefit till 99 years of age with its Whole Life option. With this benefit you can protect your family for an extended period of time even during your retirement.
ICICI Pru Signature Eligibility
| Eligibility Criteria for the Different Variants of ICICI Pru Signature | For Policies other than Whole Life | Whole Life Option |
| Minimum Age at Entry | 0 Years | |
| Maximum Age at Entry | 60 Years | |
| Minimum Age at Maturity | 18 Years | |
| Maximum Age at Maturity | 75 Years | 99 Years |
| Policy Term | 10-30 Years | 10 years - whole life (99 minus age at entry) |
| Premium Payment Frequency | Yearly, Half-Yearly and Monthly | |
| Premium Payment Term | Limited Pay- 5, 7, and 10 years Regular Pay- same as policy term | Limited Pay- 5, 7, and 10 years |
| Minimum Sum Assured | 7 X Annualised Premium | |
| Maximum Sum Assured |
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ICICI Pru Signature Fund Options
ICICI Pru Signature offers the following 4 different portfolio strategies:
- Target Asset Allocation Strategy
This strategy offers the investor to select any 2 fund options of your choice which are available under the policy and invest the premiums in any proportion to meet the financial requirements.
- Trigger Portfolio Strategy 2
Under this strategy option, the investments are distributed between 2 funds - Multi Cap Growth Equity Fund and Income Fund in a 75:25 proportion to balance the funds which in turns minimises risk.
- Fixed Portfolio Strategy
This option allows the investor to allocate the funds freely based solely on the financial choice. The fund options are as follows:
| Fund Name | Asset Class | Risk and Return Rating | ||
| Equity and Equity Related Issues | Debt | Money Market and Crash | ||
Fund Composition | ||||
| Focus 50 Fund | 90%-100% | 0%-10% | 0%-10% | High |
| Opportunities Fund | 80%-100% | 0%-20% | 0%-20% | High |
| Value Enhancer Fund: | 85%-100% | 0%-15% | 0%-15% | High |
| Multi Cap Growth Fund | 80%-100% | 0%-20% | 0%-20% | High |
| Bluechip Fund | 80%-100% | 0%-20% | 0%-20% | High |
| India Growth Fund | 80%-100% | 0%-20% | 0%-20% | High |
| Maximiser V | 75%-100% | 0%-25% | 0%-25% | High |
| Maximise India Fund | 80%-100% | 0%-20% | 0%-20% | High |
| Multi Cap Balanced Fund | 0%-60% | 20%-70% | 0%-50% | Moderate |
| Active Asset Allocation Balanced Fund | 30%-70% | 30%-70% | 0%-40% | Moderate |
| Secure Opportunities Fund | - | 60%-100% | 0%-40% | Low |
| Income Fund | - | 40%-100% | 0%-60% | Low |
| Money Market Fund | - | 0%-50% | 50%-100% | Low |
- Lifecycle based Portfolio Strategy 2
Under this strategy, the funds are allocated between 2 funds namely Multi Cap Growth Fund and Income Fund on the basis of the age of the investor. The distribution of fund based on age is shown in the table:
| Age of Life Assured (Years) | Multi Cap Growth Fund | Income Fund |
| Up to 25 | 80% | 20% |
| 26 – 35 | 75% | 25% |
| 36 – 45 | 65% | 35% |
| 46 – 55 | 55% | 45% |
| 56 – 65 | 45% | 55% |
| 66 + | 35% | 65% |
ICICI Pru Signature Review
ICICI Pru Signature is a plan best suited for the people who have a zest for investments. With 4 portfolio strategy options, the plan is quite flexible when it comes to allocating the premiums. The plan also ensures life protection upto 99 years under Whole Life Policy Term Option to provide your family the financial help in case of any mishappening. One of the best features of the plan is the return of Mortality and Policy Administration Charges at the maturity of the policy.
Along with tax benefits, the plan provides a grace period of 15 days for monthly mode of payment and 30 days for other modes of payment in case the investor fails to pay the premium on time. This plan can be shortlisted by individuals who are looking for a market-linked investment option which also offers high protection for their family’s financial security. With its benefits and features, this plan is an exceptional choice to maximise your wealth overtime.
ICICI Pru Signature FAQs
1. When can I start doing partial withdrawals?
Partial Withdrawals can only be made after the first 5 years of the policy, provided that all the premiums are paid till date.
2. Can I change my portfolio strategy in between the plan?
Yes, you are allowed to change the portfolio strategy but only upto 4 times in a policy year.
3. What are the different charges levied in the plan?
Fund Management Charge, Policy Administration Charge, Mortality Charges and Discontinuance Charges are levied under ICICI Pru Signature ULIP.
4. What is the minimum premium amount ?
The premium is based on the term option chosen at the inception of the policy as-
- For policies other than whole life the minimum premium - INR 30,000 p.a .
- For the whole life term plan option - INR 60,000 p.a .
5. When are the wealth boosters added in the fund value?
The company adds the wealth booster at the end of every 5th policy year starting from the 10th policy year till the maturity of the pla