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Grow Smart - Whole Life ULIP Plan

Grow Smart - Whole Life ULIP Plan

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Grow Smart - Whole Life ULIP Plan

Grow Smart - Whole Life ULIP Plan
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About Grow Smart Plan

In this policy the investment risk in investment portfolio will be borne by the policyholder

UIN: 136L016V04

Grow Smart plan is a whole life unit linked plan which provide insurance cover throughout your life. This is an affordable insurance plan in which you can pay premiums for a limited duration and get lifelong insurance cover.

Why Buy

Life is all about the choices you make. With every choice you make your biggest concern is whether you have taken the right decision to fulfill your responsibilities. Keeping this in mind, the life insurance plan has been designed to provide you and your spouse with financial security throughout your retirement.

  • India Multi-Cap Equity FundNow generate capital appreciation in the long term through equity investments by investing in a diversified portfolio of Small Cap, Mid Cap and Large Cap companies.
  • Whole Life ProtectionLife cover throughout your life
  • Flexible Premium Payment TermYou can choose a premium paying term (10 years or more) to suit your earning capacity
  • Choose Life CoverYou have the flexibility to choose your Life Cover based on your protection needs.
  • Switching/Premium RedirectionYou can actively manage your investments by switching your money from one fund to another and through redirection of premiums.
  • Partial WithdrawalsYou can easily withdraw money from your fund in case of financial emergency through partial withdrawals, after 5 years.
  • Increase/Decrease of Sum AssuredYou can choose from a range of life cover as per your protection needs. Also you have the flexibility to increase or reduce your Sum Assured, depending upon your changing needs.
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Death Benefit


In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:

  • Sum Assured less applicable partial withdrawals
  • Fund value as on date of intimation of death claim or
  • 105% of all premiums paid upto date of death

Loyalty Additions


1% of your Fund Value added by way of additional allocation of units at the end of 15th policy year to boost your investments

Investment Funds


You can choose to invest in 5 investment funds with equity exposure ranging 0% to100%, depending on your investment philosophy:

  • India Multi-Cap Equity Fund
  • Equity II Fund
  • Growth Plus Fund
  • Debt Plus Fund
  • Liquid Fund

Tax Benefits#


You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80C of income Tax Act, 1961.

*Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

Mr. Vijay, age 40, chooses to pay annual premiums as shown below. He opts for a Sum Assured of 10 times the Annualized Premium and a fixed Policy Term of 10 years & fixed Premium Paying Term of 5 years. The table below shows the maturity for multiple scenarios assuming annual gross investment return of 4%* and 8%* with 100% investment in Equity II Fund and ECS as Premium Payment Mode.

Annual Premium (₹)
Sum Assured ( ₹ )
Fund Value ( ₹ ) at age 99 assuming Gross Investment Return of

4%*

8%*

50,000

5,00,000

2,65,136

3,63,654

75,000

7,50,000

3,97,704

5,45,481

1,00,000

10,00,000

5,30,271

7,27,308

2,00,000

20,00,000

10,60,543

14,54,615

5,00,000

50,00,000

26,51,357

36,36,539

*The assumed rates of return (4% p.a. or 8% p.a.) shown in the above illustrative examples of different scenarios are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The Fund Values shown in the above illustrative example are after deduction of all charges (including Goods and Services Tax & Applicable cess (es)/levy, if any @18%).

You can choose to invest in 7 investment funds with equity exposure ranging from 0% to100%, depending on your investment philosophy:

  • Entry Age (Life Assured)
Minimum

7 years

Maximum

65 years

Whole of Life

Minimum

For ages below 45 years:

Higher of:10 times Annualized Premium0.5 XTX Annualized Premium where (T=70 - age at entry)

For ages 45 years & above:

Higher of:7 times Annualized Premium0.25 *T* Annualized Premium where (T=70 - age at entry)

Maximum

No maximum limit,

subject to underwriting

  • Annual Premium
Minimum

₹ 25,000

Maximum

No Limit

  • Premium Payment Term
Minimum

10 years

Maximum

No Limit

In this policy, the investment risk in Investment Portfolio is borne by the policyholder.

The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.

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