ICICI Pru Smart Goal Assure Plan
Is the ICICI Pru Smart Goal Assure Plan the perfect blend of security and growth, or just another policy with hidden pitfalls?
Can the ICICI Pru Smart Goal Assure Plan truly help you meet your financial milestones, or will it leave your goals halfway?
Does the ICICI Pru Smart Goal Assure Plan live up to its promise of “smart” goal planning, or is it simply another product to decode?
This detailed review breaks down the plan’s features, benefits, and drawbacks to help you evaluate whether it fits into your financial strategy and make an informed decision.
What is the ICICI Pru Smart Goal Assure?
What are the features of the ICICI Pru Smart Goal Assure?
Who is eligible for the ICICI Pru Smart Goal Assure?
What are the benefits of the ICICI Pru Smart Goal Assure?
What are the Investment Strategies and Fund options in the ICICI Pru Smart Goal Assure?
What are the charges in the ICICI Pru Smart Goal Assure?
Grace Period, Discontinuance and Revival of ICICI Pru Smart Goal Assure
Free Look Period for ICICI Pru Smart Goal Assure
Surrendering ICICI Pru Smart Goal Assure
What are the advantages of the ICICI Pru Smart Goal Assure?
What are the disadvantages of the ICICI Pru Smart Goal Assure?
Research Methodology of ICICI Pru Smart Goal Assure
Benefit Illustration – IRR Analysis of ICICI Pru Smart Goal Assure
ICICI Pru Smart Goal Assure Vs. Other Investments
ICICI Pru Smart Goal Assure Vs. Pure-term + ELSS
Final Verdict on ICICI Pru Smart Goal Assure
ICICI Pru Smart Goal Assure is a non-participating Linked Individual Savings Life Insurance Plan. It is a savings and protection-oriented life insurance plan. The plan ensures your family’s dreams are safeguarded, even in case of unforeseen circumstances.
| Age at entry | Premium paying term | Minimum/Maximum age at entry | Minimum/Maximum age at maturity | Policy term |
| 18-45 | 5 to 15 | 18/50 | 38/65 | 15-25 |
| 46-50 | 7 to 15 | |||
| Base policy | Minimum Sum Assured: 7 times Annualised Premium Maximum Sum Assured: 10 times Annualised Premium | |||
| Top-ups | 1.25 times Top-up Premium or 10 times Top-up Premium | |||
| Premium Payment Frequency | Annual, Half-yearly, Monthly | |||
| Minimum Premium | ₹ 1,00,000 | |||
| Maximum premium | No limit | |||
On survival of the ICICI Pru Smart Goal Assure Plan policyholder till the date of maturity, provided he has paid all due premiums, he will get a lump sum corpus as the Maturity Benefit (i.e. Fund Value).
Fund Value payable on the date of maturity of the policy shall include return of Premium allocation charges and Policy administration charges.
Under the Maturity Protect benefit, on the date of maturity, policy policyholder gets a return of all premiums paid during the ICICI Pru Smart Goal Assure Plan policy term.
On the death of the policyholder during the ICICI Pru Smart Goal Assure Plan Policy Term, provided all due Premiums have been paid and the monies are not in the Discontinued Policy Fund, a lump sum benefit will be payable to the Claimant, which will be the higher of:
Under Future Secure benefit, the company waive all future premiums payable under the policy after the date of death and will allocate units equivalent to the instalment premium net of premium allocation charges into the policy, as and when due.
Under the Family Income Benefit, the nominee shall also receive an income (as a percentage of the sum assured) every year on the policy anniversary till the end of the policy term.
You can choose from four portfolio strategies to save your money in as per your risk appetite. These are given below:
Under this strategy, you can choose to save your money in any of the following fund options in the proportions of your choice. You can switch your investment amount among these funds using the switch option.
Within the Fixed Portfolio Strategy, you also have the option to select the Automatic Transfer Strategy (ATS).
To protect your savings against market uncertainties, you can save all or part of your savings in one or more debt/ equity fund(s) and transfer a fixed amount regularly to one or more equity/ debt fund(s).
Premium redirection and Unlimited free switches between funds are allowed for the Fixed Portfolio Strategy.
| S. no | Fund Name | Asset Allocation | Risk Profile | ||
| Equity and Equity-related Securities | Debt | Money market and cash | |||
| 1 | Focus 50 Fund | 90-100% | 0-10% | 0-10% | High |
| 2 | India Growth | 80-100% | 0-20% | 0-20% | High |
| 3 | Opportunities Fund | 80-100% | 0-20% | 0-20% | High |
| 4 | Value Enhancer Fund | 85-100% | 0-15% | 0-15% | High |
| 5 | Multi Cap Growth Fund | 80-100% | 0-20% | 0-20% | High |
| 6 | Blue-chip Fund | 80-100% | 0-20% | 0-20% | High |
| 7 | Maximiser V | 75-100% | 0-25% | 0-25% | High |
| 8 | Maximise India Fund | 80-100% | 0-20% | 0-20% | High |
| 9 | Multi Cap Balanced Fund | 0-60% | 20-70% | 0-50% | Moderate |
| 10 | Active Asset Allocation Balanced Fund | 30-70% | 30-70% | 0-40% | Moderate |
| 11 | Secure Opportunities Fund | 0% | 60-100% | 0-40% | Low |
| 12 | Income Fund | 0% | 40-100% | 0-60% | Low |
| 13 | Money Market Fund | 0% | 0-50% | 50-100% | Low |
| 14 | Balanced Advantage Fund | 65-90% | 10-35% | 0-35% | High |
| 15 | Sustainable Equity Fund | 85-100% | 0-15% | 0-15% | High |
| 16 | Mid-Cap Fund | 85-100% | 0-15% | 0-15% | High |
| 17 | Mid-Cap Hybrid Growth Fund | 65-80% | 20-35% | 0-15% | High |
| 18 | Constant Maturity Fund | 0% | 75-100% | 0-25% | Moderate |
| 19 | Mid-cap Index Fund | 90-100% | 0-10% | 0-10% | High |
| 20 | Mid-cap 150 Momentum 50 Index Fund | 90-100% | 0-10% | 0-10% | High |
| 21 | Multicap 50 25 25 Index Fund | 90-100% | 0-10% | 0-10% | High |
| 22 | Mid-Small Cap 400 Index Fund | 90-100% | 0-10% | 0-10% | High |
| 23 | MidSmallCap 400 Momentum Quality 100 Index Fund | 90-100% | 0-10% | 0-10% | High |
| 24 | Smallcap 250 Momentum Quality 100 Index Fund | 90-100% | 0-10% | 0-10% | High |
| 25 | India Consumption Fund | 90-100% | 0-10% | 0-10% | High |
This strategy enables you to choose an asset allocation that is best suited to your risk appetite and maintains it throughout the ICICI Pru Smart Goal Assure Plan policy term.
You can allocate your premiums between any two funds available with this policy, in the proportion of your choice. Your portfolio will be rebalanced every quarter to ensure that this asset allocation is maintained.
Under this strategy, your savings will initially be distributed between two funds Multi Cap Growth Fund, an equity-oriented fund, and the Income Fund, a debt-oriented fund, in a 75%: 25% proportion.
The fund allocation may subsequently be altered due to market movements. They will rebalance funds in the portfolio based on a trigger event.
At Policy inception, your savings are distributed between two funds, the Multi-Cap Growth Fund and the Income Fund, based on your age. As you move from one age band to another, your funds are redistributed based on age.
| Age of Policyholder (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% |
Premiums are allocated to the chosen funds after deducting the Premium Allocation Charges as shown below. The charges shown are as percentages of annualized Premium.
| For Annual Mode | |
| Year 1-7 | 5% |
| Year 8-9 | 2% |
| Year 10 | 1% |
| Thereafter | 0% |
| For other than annual mode | |
| Year 1-10 | 4.20% |
| Thereafter | 0% |
| Top-up | 2% |
Fund management charge is 1.35% p.a. for all funds except the Money market fund, for which the charge is 0.75%.
Policy Administration Charge will be levied at the beginning of every month by redemption of units. The monthly Policy administration charge in this product is 0.183% of annual premium.
This is subject to a maximum of Rs 500 per month for the entire ICICI Pru Smart Goal Assure Plan policy term.
Mortality charge will be levied every month by redemption of units and shall be calculated based on the Sum at Risk.
It depends on the year of discontinuance and the annualised premium amount. There is no discontinuance charge from the 5th policy year.
Inference from charges: The plan applies multiple charges before investing your premium, including Premium Allocation, Discontinuance, and Mortality Charges, which persist throughout the ICICI Pru Smart Goal Assure Plan policy term.
The plan returns a few charges, but only at the end of the policy term. These higher charges in ULIPs can significantly affect your returns over time.
The grace period for payment of the premium is 15 days for the monthly mode of premium payment and 30 days for other modes of premium payment, commencing from the premium due date.
In case of discontinuance during the first five policy years: the Fund Value, including Top-up Fund Value, if any, shall be credited to the DP Fund after deduction of applicable discontinuance charges, and the risk cover and rider cover, if any, shall cease.
If you do not exercise the option to revive the policy, the monies will remain in the DP fund and will be paid out at the end of the lock-in period (5 years).
In case of discontinuance after the first five policy years: the ICICI Pru Smart Goal Assure Plan policy will be converted into a reduced paid-up policy with a paid-up sum assured.
Reduced paid-up Sum Assured = Original Sum Assured X (Total number of premiums paid till the date of discontinuance/ Original number of premiums payable as per applicable terms and conditions of the policy)
The revival period is three years from the date of the first unpaid premium.
If you are not satisfied with the terms and conditions of this ICICI Pru Smart Goal Assure Plan policy, you can return the Policy Document within 30 days from the date you received it, whether received electronically or otherwise.
During the first five policy years: the Fund Value, including Top-up Fund Value, if any, after deduction of applicable Discontinuance Charge, shall be transferred to the Discontinued Policy Fund (DP Fund).
The proceeds of the discontinued policy shall be refunded only upon completion of the lock-in period (5 years)
In case of surrender of the ICICI Pru Smart Goal Assure Plan policy after the lock-in period, the surrender value, as on the date of surrender, shall be payable to you.
So far, we’ve covered the features, advantages, and drawbacks of the ICICI Pru Smart Goal Assure Plan. In this section, let’s evaluate its potential returns using a quote sourced from the insurer’s official portal.
This analysis aims to help you assess whether the plan aligns with your investment objectives.
Consider this scenario: a 35-year-old male invests in the plan with a sum assured of ₹10 lakhs. The policy term is 25 years, while the premium paying term is 10 years. The annual premium is ₹1,00,000.
| Male | 35 years |
| Sum Assured | ₹ 10,00,000 |
| Policy Term | 25 years |
| Premium Paying Term | 10 years |
| Annualised Premium | ₹ 1,00,000 |
The projected fund values are based on assumed annual returns of 4% and 8%. Please note, these are illustrative figures — not guaranteed outcomes or indicative of upper/lower return limits.
| At 4% p.a. | At 8% p.a. | ||||
| Age | Year | Annualised premium / Maturity benefit | Death benefit | Annualised premium / Maturity benefit | Death benefit |
| 35 | 1 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 36 | 2 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 37 | 3 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 38 | 4 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 39 | 5 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 40 | 6 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 41 | 7 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 42 | 8 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 43 | 9 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 44 | 10 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 45 | 11 | 0 | 10,00,000 | 0 | 10,00,000 |
| 46 | 12 | 0 | 10,00,000 | 0 | 10,00,000 |
| 47 | 13 | 0 | 10,00,000 | 0 | 10,00,000 |
| 48 | 14 | 0 | 10,00,000 | 0 | 10,00,000 |
| 49 | 15 | 0 | 10,00,000 | 0 | 10,00,000 |
| 50 | 16 | 0 | 10,00,000 | 0 | 10,00,000 |
| 51 | 17 | 0 | 10,00,000 | 0 | 10,00,000 |
| 52 | 18 | 0 | 10,00,000 | 0 | 10,00,000 |
| 53 | 19 | 0 | 10,00,000 | 0 | 10,00,000 |
| 54 | 20 | 0 | 10,00,000 | 0 | 10,00,000 |
| 55 | 21 | 0 | 10,00,000 | 0 | 10,00,000 |
| 56 | 22 | 0 | 10,00,000 | 0 | 10,00,000 |
| 57 | 23 | 0 | 10,00,000 | 0 | 10,00,000 |
| 58 | 24 | 0 | 10,00,000 | 0 | 10,00,000 |
| 59 | 25 | 0 | 10,00,000 | 0 | 10,00,000 |
| 60 | 12,23,448 | 10,00,000 | 28,55,270 | 10,00,000 | |
| IRR | 0.99% | 5.20% | |||
At 4% return: The projected fund value is ₹12.23 lakhs, resulting in an Internal Rate of Return (IRR) of just 0.99% as per the ICICI Pru Smart Goal Assure Plan maturity calculator, offering virtually no value addition.
At 8% return: The projected fund value is ₹28.55 lakhs, with an IRR of 5.20% as per the ICICI Pru Smart Goal Assure Plan maturity calculator, which is even lower than the returns typically offered by debt instruments.
The primary reason for these subdued returns is the impact of high charges. As the IRR figures suggest, this plan may not significantly accelerate wealth creation and could lead to a shortfall in achieving long-term financial goals.
Investing in low-return market-linked instruments often fails to deliver meaningful growth. As a prudent investor, your focus should be on returns that consistently outpace inflation.
Let’s now consider an alternative investment strategy that may offer better outcomes, using the same assumptions from the previous example for a fair comparison.
A pure term life insurance policy with a sum assured of ₹10 lakhs costs approximately ₹9,800 per year, with a 25-year policy term and a 10-year premium payment term.
In contrast, the ICICI Pru Smart Goal Assure plan requires an annual premium of ₹1.5 lakhs. By opting for a pure term plan, you save ₹90,200 each year — money that can be redirected into investments based on your risk appetite.
| Pure Term Life Insurance Policy | |
| Sum Assured | ₹ 10,00,000 |
| Policy Term | 25 years |
| Premium Paying Term | 10 years |
| Annualised Premium | ₹ 9,800 |
| Investment | ₹ 90,200 |
For instance, you could invest the surplus in a low-risk instrument like a PPF account, or a market-linked option like an ELSS (Equity Linked Savings Scheme) fund
| Term insurance + ELSS | |||
| Age | Year | Term Insurance premium + ELSS | Death benefit |
| 35 | 1 | -1,00,000 | 10,00,000 |
| 36 | 2 | -1,00,000 | 10,00,000 |
| 37 | 3 | -1,00,000 | 10,00,000 |
| 38 | 4 | -1,00,000 | 10,00,000 |
| 39 | 5 | -1,00,000 | 10,00,000 |
| 40 | 6 | -1,00,000 | 10,00,000 |
| 41 | 7 | -1,00,000 | 10,00,000 |
| 42 | 8 | -1,00,000 | 10,00,000 |
| 43 | 9 | -1,00,000 | 10,00,000 |
| 44 | 10 | -1,00,000 | 10,00,000 |
| 45 | 11 | 0 | 10,00,000 |
| 46 | 12 | 0 | 10,00,000 |
| 47 | 13 | 0 | 10,00,000 |
| 48 | 14 | 0 | 10,00,000 |
| 49 | 15 | 0 | 10,00,000 |
| 50 | 16 | 0 | 10,00,000 |
| 51 | 17 | 0 | 10,00,000 |
| 52 | 18 | 0 | 10,00,000 |
| 53 | 19 | 0 | 10,00,000 |
| 54 | 20 | 0 | 10,00,000 |
| 55 | 21 | 0 | 10,00,000 |
| 56 | 22 | 0 | 10,00,000 |
| 57 | 23 | 0 | 10,00,000 |
| 58 | 24 | 0 | 10,00,000 |
| 59 | 25 | 0 | 10,00,000 |
| 60 | 86,19,178 | 10,00,000 | |
| IRR | 10.84% | ||
If you choose to invest in an ELSS fund, the projected maturity value is ₹97.03 lakhs. After accounting for capital gains tax, the post-tax value comes to ₹86.19 lakhs.
This translates into a post-tax Internal Rate of Return (IRR) of 10.84% — significantly higher than what the ULIP offers when paired with the same life cover.
| ELSS Tax Calculation | |
| Maturity value after 25 years | 97,03,775 |
| Purchase price | 9,02,000 |
| Long-Term Capital Gains | 88,01,775 |
| Exemption limit | 1,25,000 |
| Taxable LTCG | 86,76,775 |
| Tax paid on LTCG | 10,84,597 |
| Maturity value after tax | 86,19,178 |
This strategy not only provides better returns but also offers greater flexibility, allowing you to align your investments with specific financial goals. Unlike standard ULIPs, this approach is more likely to generate inflation-beating returns and facilitate long-term wealth creation.
The ICICI Pru Smart Goal Assure plan may not be the most efficient option for achieving your financial goals when compared to the combination of a pure term plan and tailored investment products.
The ICICI Pru Smart Goal Assure Plan combines life insurance coverage with market-linked investment options. In the event of an untimely demise, the plan offers a premium waiver and continues till the end of the policy term.
The nominee receives a lump sum death benefit along with regular income for the remaining term.
However, a significant portion of the premium goes toward providing these insurance features, leaving only a smaller amount actually invested in the market.
Additionally, the plan includes multiple charges—such as allocation, administration, and fund management fees—which further reduce the investable amount. These factors contribute to the plan’s relatively low returns.
Choosing ICICI Pru Smart Goal Assure may not be ideal for wealth creation, as it can hinder your overall investment growth and it also has a high agent commission.
To make the most of your financial planning, it’s advisable not to combine insurance and investment. Instead, opt for a pure term insurance policy for life protection and invest separately in instruments aligned with your financial goals.
This approach offers better liquidity, transparency, and the potential for higher returns compared to ULIPs.
Do Quora, Facebook, and Twitter have the final say when it comes to financial advice?
For personalised investment guidance, consider consulting a Certified Financial Planner (CFP). A CFP can help craft a strategy tailored to your goals, risk appetite, and investment horizon—empowering you to navigate your financial journey with confidence.
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