ICICI Prudential Signature Plan is a Unit Linked Insurance Plan (ULIP). ULIPs have always been popular among people. They have some attention-grabbing features such as:

• They combine the advantages of investment and insurance in a single plan.
• The benefit of Life Cover.

As a result, your money is expected to grow, plus the future of your loved ones will remain protected from the unexpected turns of life.

With time, there have been significant improvements in ULIPs. Each new ULIP is coming up with innovative features and benefits.

What are the advantages(pros) and disadvantages(cons) of ICICI Prudential Signature Plan?

In this article, we will review the ICICI Prudential Signature Plan. Read on and find out whether it holds any major benefit for you or not!

Table of Contents:

1.)Advantages of ICICI Pru Signature Plan
2.)Disadvantages of ICICI Pru Signature Plan– Review
3.)ICICI Pru Signature Plan Review: Plan Options
4.)ICICI Prudential Signature: Special Features and Benefits– Review
5.)ICICI Pru Signature Plan Funds & Performance– Review
6.)Charges under The ICICI Prudential Signature Plan– Review

• Premium allocation charge
• Fund management charge
• Policy administration charge
• Mortality charges
• Discontinuance charges

7.)Review and Analysis of Premium Allocation Charges of ICICI Prudential Signature Plan
8.)Analysis and Review of ICICI Prudential Signature Plan

9.)Impact of Inflation on ULIP Returns
10.)Returns of ULIP as Compared to Mutual Funds

• ICICI Prudential Signature Plan vs ICICI Prudential Future Perfect
• ICICI Prudential Signature Plan vs ICICI Pru Guaranteed Income For Tomorrow

11.)ICICI Prudential Signature Plan vs Other Investment Plan – Review Conclusion
12.)How to Surrender Your ICICI Pru Signature Plan?

• Surrender During the Free-look Period
• Surrender After the Free-look Period

13.)Final Review: Should you invest in the ICICI Prudential Signature plan?

ICICI Prudential Signature Plan Review:

ICICI Pru Signature Plan – Advantages Review:

1. Control over your Investment:

You will have control of your invested money in the ICICI Pru Signature Plan in the ways given below

• Fund Switch: With this option, it is possible to move your money between equity, balanced, and debt funds. This feature is especially useful when you want to reduce risk in a volatile market or shift to growth-oriented funds during a bullish phase.
• Premium Redirection: With this option, it is possible to invest your future premium in a different fund of your choice. Premium redirection helps you rebalance your portfolio without disturbing your existing investment.
• Partial Withdrawal: It is an option where you can withdraw a part of your money, but it comes with certain restrictions with different ULIPs.

2. Significant Tax Benefits:

What is the ICICI Pru Signature Plan’s tax benefit?

Let us review what are the tax benefits offered by ICICI Prudential Signature Plan.

• Investments in ULIPs up to ₹1.5 Lacs per annum are Tax-Free u/s 80C of the Income Tax Act.
• The death benefit is also exempt from tax, under section 10(10D) of the income tax act.
• However, the maturity proceeds are taxable under the conditions mentioned in the Finance Act 2021.
• Also, it does not attract any tax while fund switching.

ICICI Prudential Signature Plan consists of all the tax benefits, listed above.

3. More benefits in long-term investments:

Depending on the policy you choose, it will have specific rewards and bonuses, such as; wealth boosters, loyalty additions, etc.

Disadvantages of ICICI Pru Signature Plan – Review

• The biggest disadvantage of the ICICI Pru Signature Plan is that the returns are not guaranteed.

For example, if you have chosen a ULIP that invests a large portion of money in equity stocks, and if the shares are not doing well, then the chances of losing money are inevitable.

• Returns are poor because there are multiple charges in this ICICI Pru Signature scheme, such as mortality charges, annual maintenance charges, administration charges, etc.
• Compared to mutual funds or ELSS, ULIPs generally have higher cost structures.

These charges bring down the returns significantly. In the first year itself, as high as 5% of the premium was lost in paying these charges.

• A Lock-in period of 5 years, it makes the investor difficult to come out of this ICICI Pru Signature policy.  Moreover, the policy also levies a discontinuance charge on the fund value.
• Under The Finance Act 2021, the maturity proceeding of ULIPs is taxable as capital gains if the Annual Premium in any year is more than ₹2.5 lakhs.

ICICI Prudential Signature Plan Review: Plan Options

How is the ICICI Pru Signature Plan performance?

Now, let’s know more about ICICI Pru Signature plan benefits:

Let’s understand each benefit of these options:

➢ i.) Wealth Boosters in ICICI Prudential Signature Scheme Premier Plan:

Extra units will be credited to your policy at the end of every 5th policy year, starting from the end of the 10th policy year till the end of your policy term. Each Wealth Booster will be equal to 3.25% of the average of the Fund Values, on the last business day of the last eight policy quarters.

Is ICICI Prudential a 5-year plan?

No. A policyholder can choose the premium term as per their financial convenience.

➢ ii.) Return of Mortality Charges and Policy Administration Charges:

The amount equal to total of mortality charges and policy administration charges deducted in the policy will be added back to the fund value at maturity (only for Whole-life option.

This feature is marketed as a benefit, but charges still affect compounding during the early years.

Can I pay ICICI Insurance through online premium payment?

Yes. You can.

Minimum Premium Amount: Rs. 30,000 p.a. & For Whole-life option – ₹ 60,000

Maximum Premium Amount: Unlimited

Premium Payment Modes: Single, yearly, half-yearly and monthly

2. Life Cover – Analysis

It is applicable for the entire policy term, to provide security to your family even in your absence.

In case of the unfortunate death of any policy-holder during the term of the policy, the nominee will receive the Death Benefits. Death Benefit would be the highest among:

• Sum Assured
• Fund Value, or
• Minimum Death Benefit of 105% of the total premiums paid

3. Systematic Withdrawal Plan and Partial Withdrawal Benefits – Analysis

This facility allows you to withdraw a pre-determined percentage of your fund value regularly, under the conditions, given below:

• A systematic Withdrawal Plan is allowed only after the first five policy years.
• The pay outs may be taken monthly, quarterly, half-yearly or yearly, on the 1st or 15th date of a month.
• This facility can be opted at policy inception or anytime during the policy term. You may modify or output out of the facility by notifying your branch manager.
• The maximum number of withdrawals in a year should not exceed 20% of the Fund Value.

How to withdraw partial amount from ICICI prudential?

Systematic Withdrawal Plan can be used simultaneously with Partial Withdrawal benefits, which is designed to help you provide liquidity so that any immediate financial need can be met.

Partial Withdrawal can be availed after the completion of 5 policy years, provided that the money is not in the Discontinued Policy (DP) Fund.

With partial withdrawal benefits, you can make an unlimited number of Partial Withdrawals and they are free of cost.

Despite this flexibility, frequent withdrawals impact long-term wealth creation under ULIPs.

4. Whole Life Policy Term – Analysis

For the Whole Life policy term option, the policy term will be equal to 99 minus Age at entry.

Here is an example for ICICI Pru term plan for 99 years.

For example, if you take this policy when you are 64 years old, then the policy term will be 99-64=35 years.

The maximum age of entry in this policy is 65 years under Limited and Regular Pay. And, 70 years under Single Pay.

The maturity age of the whole life policy term is 99 Years.

This long-term horizon is suitable for legacy planning but may not be ideal for short-term financial goals.

An assured sum of whole life policy is defined in the next section.

5. Sum Assured in ICICI Prudential Signature Plan: Analysis

Source: ICICI Pru Signature Plan Brochure PDF

The plan option and the additional benefits discussed here are only for the ICICI Pru Signature Plan Offline purchase a policy.

ICICI Pru also offers the same Signature Plan Online with slightly modified policy features. You can check it out here: ICICI Pru Signature Plan Online Brochure PDF.

Other than these minor differences, both of the ICICI Pru Signature Plan policies are the same.

Let’s take a look at the review of the performance of the funds under the ICICI Pru Signature Plan.

ICICI Pru Signature Plan Funds & Fund Performance: Review

Since ICICI Pru Signature Plan is a ULIP, it invests in various funds Equity, Debt, and Balanced funds.

These funds are created and managed by ICICI Pru itself. Also, they are not regulated by SEBI but by IRDA.

The table below shows the performance of these funds until 31 January 2023.

Data Source: ICICI Pru Official

As you can notice from the above data in illustration, 7 of the 15 funds in the ICICI Pru Signature Plan are relatively new funds with no long-term track record.

The CAGR of India Growth Fund since its inception in June 2019 is at 18.14%.

And even though the performance of equity funds seems to be on par with equity mutual funds, that is not the case in reality. The past couple of years—2022 & 2023—have been a stellar year for the equity market.

Hence, while the 5 year CAGR of equity mutual funds reached an exceptional range of 18% and above, these funds managed to the 10%-13% range.

However, even though no one can predict the market, you can expect this return rate to drop as the current market cycle completes. In addition, all of these funds have underperformed their respective benchmarks.

Balanced funds are expected to give returns of around 10%. But they have delivered less than the expectation. Debt funds have been delivered reasonably.

However, equity mutual funds still performed better over 5 years with 18%+ CAGR compared to ULIP funds achieving 10–13%.

Therefore, the overall performance of ICICI Pru Signature Plan funds had been mediocre till January 2023!

For more details on each fund, you can visit the official website of ICICI Pru Signature Plan performance details.

Charges under the ICICI Prudential Signature Plan – Review

1. Premium Allocation Charges Review

NIL

2. Fund Management Charges Review

What are the fund management charges in this ulip?

The Fund Management Charge in the ICICI Prudential Signature plan is fixed at 1.35% of the fund value per annum, except for the money market fund, which has 0.75% p.a.

However, if the monies are in the Discontinued Policy Fund, a Fund Management Charge of 0.50% p.a. will apply.

3. Policy administration Charges Review

What is the policy administration charges?
Policy administration charge will be charged throughout the policy term, which is 0.5% p.m. (6.0%) of Annual Premium limited to ₹ 500 p.m. (₹ 6000 p.a.)

4. Mortality Charges Review

What are the mortality charges in the ICICI Pru Signature plan?

Let’s figure out, how mortality charges can be made.

Mortality charges will be levied every month by the redemption of units based on the Sum at Risk. And, the sum at risk is equal to the highest Sum Assured, minimum death benefits, and Fund Value.

How to calculate mortality charges in ULIP?

Indicative annual charges per thousand life cover for a healthy male and female life are as shown below:

Age	30	40	50	60
Male (Rs)	1.06	1.81	4.95	11.54
Female (Rs)	1.02	1.55	3.99	9.95

That is, if a 30-year-old male has taken the life cover of Rs. 10 Lacs, then he will be paying Rs. 1060. It increases with age.

5.  Discontinuance Charge:

ICICI Pru Signature plan ULIP discontinued charges:

Source: ICICI Pru Signature Plan Brochure PDF

If you surrender the policy during the first five policy years, your money will be transferred to Discontinued Policy (DP) Fund after the deduction of the applicable Discontinuance Charge

Analysis & Review of ICICI Prudential Signature Plan:

What better way is there to review the ICICI Pru Signature Plan than to calculate the returns with an illustration?

Let’s take, for example, a 35-year-old health male buying the ICICI Pru Signature Plan.

He is choosing 20 years’ policy term with a 10-year limited premium payment term. And he will pay an annual premium of ₹1 lakh for a Sum Assured of ₹10.5 lakhs.

Many investors look at the ICICI Pru Signature Plan primarily for its “long-term wealth creation” appeal, but the actual numbers reveal how ULIP charges dilute returns despite seemingly attractive fund performance.

This makes analysing real returns essential before committing to any ULIP investment.

Male	35 years
Sum Assured	₹ 10,50,000
Policy Term	20 years
Premium Paying Term	10 years
Annualised Premium	₹ 1,00,000

Then what are the ULIP returns in 20 years?

Based on these specs, the official ICICI Pru suggests a maturity value of ₹27.11 lakhs at an assumed fund return rate of 8% p.a and ₹ 15.08 Lakhs at an assumed fund return of 4% p.a.

Now, this looks fair, and the 8% CAGR is achievable by the equity funds of the ICICI Pru Signature Plan.

However, the projected values do not reflect the actual investor experience because ULIP deductions—like policy administration charges, mortality charges, fund management charges—directly reduce the effective return or IRR.

This is why ULIPs often underperform compared to simple, low-cost investment products.

But, the 8% CAGR does not mean that the investor gets the same investment return.

This may be confusing or surprising, but you can verify it in the IRR of the ICICI Pru signature plan calculation table shown below.

		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	10,50,000	-1,00,000	10,50,000
36	2	-1,00,000	10,50,000	-1,00,000	10,50,000
37	3	-1,00,000	10,50,000	-1,00,000	10,50,000
38	4	-1,00,000	10,50,000	-1,00,000	10,50,000
39	5	-1,00,000	10,50,000	-1,00,000	10,50,000
40	6	-1,00,000	10,50,000	-1,00,000	10,50,000
41	7	-1,00,000	10,50,000	-1,00,000	10,50,000
42	8	-1,00,000	10,50,000	-1,00,000	10,50,000
43	9	-1,00,000	10,50,000	-1,00,000	10,50,000
44	10	-1,00,000	10,50,000	-1,00,000	10,50,000
45	11	0	10,50,000	0	10,50,000
46	12	0	10,50,000	0	10,50,000
47	13	0	10,50,000	0	10,50,000
48	14	0	10,50,000	0	10,50,000
49	15	0	10,50,000	0	10,50,000
50	16	0	10,50,000	0	10,50,000
51	17	0	10,50,000	0	10,50,000
52	18	0	10,50,000	0	10,50,000
53	19	0	10,50,000	0	10,50,000
54	20	0	10,50,000	0	10,50,000
55		15,08,000	10,50,000	27,11,000	10,50,000
	IRR	2.67%		6.53%

In the above illustration we have calculated the IRR at 6.53% for the 8% scenario and 2.67% for the 4% scenario.

While the ₹27.11 lakhs maturity value looked good, the net return rate from the policy reveals the truth. This big difference in the return rate is because of the various charges levied by the ICICI Pru Signature Plan.

Like every other ULIP, the ICICI Pru Signature Plan presents one thing and delivers another. In the best-case scenario, the IRR of ICICI Pru Signature plan is 6.53%. This return rate is something offered by fixed deposits and other assured return investment instruments.

When a long-term product delivers FD-like returns despite taking equity-market risk, it fails the basic purpose of wealth creation.

And when we take the inflation rate—6%-8% average—into account, 6% or even 6.5% will be ineffective in the long term.

Impact of Inflation on ULIP Returns

While the ICICI Pru Signature Plan shows a projected IRR of 6.53% in the best-case scenario, it is crucial to understand the impact of inflation on your real returns.

Inflation represents the rising cost of living over time, and historically, India’s inflation rate has averaged around 6%-8% per year.

Even if your ULIP delivers an 8% return on paper, after accounting for inflation, the real growth of your investment is significantly lower.

For example, with an 8% nominal return and 6% inflation, the effective real return is only around 2% per year.

Over a long-term horizon of 20 years, this means the purchasing power of your maturity amount could be far less than what you expect.

In contrast, equity-based investments like ELSS Mutual Funds typically offer inflation-beating returns in the range of 12%-15% CAGR, helping you preserve and grow your wealth in real terms.

Therefore, when evaluating any ULIP like the ICICI Pru Signature Plan, it’s not enough to look at the maturity value alone—you must consider the erosion of returns due to inflation to make a truly informed decision.

Hence, in reality, your investments will be losing value in terms of real return.

Of course, the ICICI Pru Signature Plan funds have delivered more than 8% as per the past performance.

But the point is that the IRR of ICICI Prudential Signature plan does not deliver the returns earned by the funds—and it is wildly misleading the policyholders.

No matter how much the ULIP’s funds earn, the charges in the ICICI Signature Plan will drag it down by at least 2% on all returns.

ICICI Pru Signature contains all the top-notch features that any ULIP holder will like to have. But if you choose to invest in ULIPs, you may be compromising on your most important financial goals.

On the bright side, all hope is not lost.

There are better alternative investment options available…

(ICICI Pru Signature Plan) ULIP vs Mutual fund:

Instead of investing in ICICI Pru Signature Plan, you may consider choosing the combination of Equity Mutual Fund and Term Insurance Policy.

Compare to the IRR of ICICI Prudential Signature plan, mutual fund offers much better—inflation-beating—returns and far more flexibility and control over your investments.

The combination of Equity Mutual Fund and Term Insurance Policy contains all the benefits of ULIPs such as Fund Switching, Partial Withdrawal, All tax benefits, and more benefits in Long-Term Investments.

Apart from having all these benefits, the combination of Mutual Funds and Term Insurance also overcomes the limitations of ULIPs.

Investing in ICICI Pru Signature Plan may seem attractive, but careful analysis shows ULIP returns lag behind Mutual Fund growth.

Returns of ULIP as compared to Mutual Funds: Who is better?

Are the returns of the ICICI Pru Signature Plan lower than the returns of the Mutual Fund or higher?

Let’s find out by taking the below example:

We have already seen that the ICICI Pru Signature Plan has a better chance of delivering ₹27.11 lakhs returns at the “8% CAGR” of the fund.

However, the same amount of investment in ELSS Mutual Funds will reap returns in the range of 12%-15% CAGR.

We are particularly choosing the ELSS Mutual Fund because it offers the same tax benefit as the ICICI Pru Signature Plan u/s 80C of the IT Act, 1961.

Using the same metrics in the previous example, we have worked out a pure-term and an ELSS fund combo. A pure term insurance policy for a sum assured of ₹ 10.5 Lakhs costs an annual premium of ₹ 6,800. The policy term is 20 years and the premium paying term is 10 years. The balance ₹ 93,200 can be invested in the first 10 years and allowed to grow in the following 10 years.

Pure Term Life Insurance Policy
Sum Assured	₹ 10,50,000
Policy Term	20 years
Premium Paying Term	10 years
Annualised Premium	₹ 6,800
Investment	₹ 93,200

Age	Year	Term Insurance premium + ELSS	Death benefit
35	1	-1,00,000	10,50,000
36	2	-1,00,000	10,50,000
37	3	-1,00,000	10,50,000
38	4	-1,00,000	10,50,000
39	5	-1,00,000	10,50,000
40	6	-1,00,000	10,50,000
41	7	-1,00,000	10,50,000
42	8	-1,00,000	10,50,000
43	9	-1,00,000	10,50,000
44	10	-1,00,000	10,50,000
45	11	0	10,50,000
46	12	0	10,50,000
47	13	0	10,50,000
48	14	0	10,50,000
49	15	0	10,50,000
50	16	0	10,50,000
51	17	0	10,50,000
52	18	0	10,50,000
53	19	0	10,50,000
54	20	0	10,50,000
55		51,10,276	10,50,000
	IRR	10.79%

12% CAGR is a conservative assumption even for an average-performing ELSS Mutual Fund.

And, the fund value at maturity is just shy of ₹ 51.10 lakhs. It is almost double the fund value of ICICI Pru Signature Plan.

ELSS Tax Calculation
Maturity value after 20 years	56,89,315
Purchase price	9,32,000
Long-Term Capital Gains	47,57,315
Exemption limit	1,25,000
Taxable LTCG	46,32,315
Tax paid on LTCG	5,79,039
Maturity value after tax	51,10,276

In the above illustration we have calculated the post – tax return of mutual fund at 10.79%.

As you can notice from the above example, the return of the ELSS Mutual Funds is still way higher than the ICICI Pru Signature Plan.

It is precisely ₹24 Lakhs higher return than the ULIP.

Some key highlights of ELSS Mutual Funds are: Analysis

• Only 3 years lock-in period (5 years for ULIPs)
• Similar investment risk as ULIPs
• Far better returns
• Much diversified portfolio than ULIPs
• No hidden charges
• Higher liquidity
• Similar tax treatment as ULIPs

The post-tax IRR of Mutual Funds demonstrates higher net returns compared to ICICI Pru Signature Plan ULIP returns.

It is noteworthy that despite the common belief, the returns from ULIP policies are also taxable as per the amendment in section 10(10D) by The Finance Act, 2021.

1. Who is more Goal focused? Mutual Funds or ULIPs! – Comparison Review

The Financial goals are the basic building block of any Financial Plan. Through any ULIP it is practically impossible to achieve any financial goal, due to their fixed lock-in periods and lesser returns on investments.

But, with Mutual Funds, you can list your short-term (2-5 years) and long-term (7+ years) goals and invest accordingly in the right scheme, where you will be benefitted from Higher Returns as compared to ULIPs.

This way, the investments in Mutual Funds provide a more focused and goal-oriented approach. For more details, read the 5-Steps Financial Planning Guide for beginners.

2. Fixed Lock-in Period – Review

In ICICI Prudential Signature Plan there is a fixed insurance lock-in period of 5 years and cancellation charges are significantly high as mentioned in the previous section.

But, if you want to cancel and come out from any Mutual Fund Scheme at any time, you can do so at a much lower cost as compared to ULIPs in the first year.

There are no cancellation charges in Mutual Funds from 1 year onwards.

3. Competitiveness of Fund Managers: Mutual Fund Vs. ULIP! – Comparison Review

Fund managers who are involved in managing Mutual Funds have strong pressure to perform the best among their various competitors.

Otherwise, investors may withhold their SIPs and invest in other mutual fund schemes, withdrawal of SIP may lead to the bad reputation of any scheme!

This competitive nature of work tends to maximize the profitability of the Mutual Funds significantly.

But with ULIPs, there is no such pressure among their Fund Managers, as the returns are lower, plus there are 5 years of the lock-in period.

Therefore, the fund managers handling Mutual Funds are highly competitive as compared to their ULIP counterparts.

4. Regulatory Authority: Mutual Funds Vs. ULIPs: Comparison Review

Mutual Funds are regulated by a reputed agency called SEBI. Whereas, ULIPs are regulated by IRDA, which basically regulates insurance policies.

SEBI ensures greater security and safeguards against all frauds in Mutual Funds or Stock investments. Whereas, SEBI has no such role to play in ULIPs.

IRDA’s regulations are predominantly focused on Insurance regulation and not on investment regulation.

SEBI’s regulation is well evolved in regulating the investments, protecting investor’s interest and proactively taking measures to stop misselling.

If your purpose is investing and getting returns, then SEBI’s regulation is better for you.

5. Transparency in Investment: Mutual Fund Vs. ULIP:

Mutual funds are more transparent than ULIPs about the fees charged and the portfolio holdings.

Also, there is transparency in the level playing field in the Mutual Fund investment, as the categorization of the mutual funds is defined by SEBI.

For example, if you choose to invest in the Large Cap Mutual Fund, your investment will be 100% in large-cap. And, you can easily compare various other Large-cap funds, and select the best choice.

Whereas the investment in the ULIP is rather complex, for example if you choose to invest in Large Cap funds through ULIP, it is NOT 100% in Large Cap; they may be exposed to Mid-Cap or other categories by 20%. Therefore, it becomes hard to compare one ULIP to another. The nature of ULIP investment is not transparent as compared to Mutual Fund investment.

Comparing ICICI Pru Signature Plan vs ELSS Mutual Funds shows a clear advantage in liquidity, diversification, and tax-efficient returns.

Financial planners recommend replacing ULIP investments like ICICI Pru Signature Plan with Mutual Funds plus Term Insurance for higher returns and flexibility.

Investors should be aware that ULIP returns are taxable, whereas long-term ELSS Mutual Funds offer strategic tax efficiency.

Lock-in period differences favour Mutual Funds over ULIPs, allowing earlier redemption and portfolio reallocation.

Competitiveness of fund managers in Mutual Funds often leads to superior fund performance vs ULIPs.

The combination of Mutual Fund growth and term insurance protection ensures risk-adjusted returns exceed those of ICICI Pru Signature Plan.

Transparent portfolio allocation in Mutual Funds ensures investors know exactly where their capital is invested, unlike ULIPs.

When planning long-term wealth creation, ICICI Pru Signature Plan ULIP returns are often overshadowed by Mutual Fund CAGR potential.

You can check your ICICI Prudential Signature Plan Policy Status here.

6. Affordability of Insurance: Term Insurance Vs. ULIPs – Review

Your investment in ULIP is divided among Insurance and Investment, you can choose to pay as a single payment or on a monthly basis. And the minimum premium amount is Rs. 2 Lacs per annum!

Existing Term Insurance plans come with a much more affordable price as compared to the ULIPs and provide the same amount of benefits.

For more details about the Best Life Insurance policy, you can read this Cheat Sheet to select the best term insurance plan for you.

You will earn way better returns in the combination of Mutual Fund and Term Insurance as compared to ULIPs and you will have more control over your investments.

Click here and watch the video for the Hindi version of ICICI Pru Signature Plan (आयसीआयसीआय प्रुडेन्शियल सिग्नेचर प्लॅन)-Watch here!

• ICICI Prudential Signature Plan vs ICICI Prudential Future Perfect

ICICI Prudential Future Perfect is an endowment plan and there are non-guaranteed bonuses such as reversionary and terminal bonuses.

To read the complete review of this plan check below

ICICI Prudential Future Perfect [Review]

• ICICI Prudential Signature Plan vs ICICI Pru Guaranteed Income For Tomorrow

The main focus of the ICICI Pru Guaranteed Income For Tomorrow(GIFT) plan is savings and protection.

It is a traditional Life insurance policy and you can get your guaranteed income either in the form of regular income or as a lump sum.

Read the below review with IRR analysis.

ICICI Pru Guaranteed Income For Tomorrow Review [2023]: Worth Buying Or Not?

ICICI Prudential Signature Plan Vs Other Investment Plan – Review Conclusion

After a thorough and detailed analysis of all the other alternatives for the ICICI Prudential Signature Plan, it is very clear that mutual funds are much more reliable for investment.

As we discussed earlier,

you can list your short-term (2-5 years) and long-term (7+ years) financial goals and invest in mutual funds accordingly in the appropriate scheme. You will gain Higher Returns compared to ULIPs.

How to Surrender Your ICICI Pru Signature Plan?

Whether you are buying a ULIP or surrendering one, I suggest you consult your Financial Advisor before taking any step. They will be able to analyse the situation and help you make the right decision.

• Surrender during the Free-Look Period:

Starting from the date of receipt of the policy document, you will have 15-day period to review the ICICI Prudential Signature Plan policy document.

If you find the policy terms and conditions are not satisfying, for any reason, you can surrender your policy.

ICICI Prudential should process your surrender request in a matter of days. And you get a refund of your policy premium.

You can cancel your policy by filling up this Free-look form and submitting it to any of the ICICI Prudential Insurance branches.

Note: The Free-look period is 30 days in case you bought the policy online.

• Surrender after the Free-Look Period: Review

Since the ICICI Pru Elite Life Super Plan is a ULIP, it has a lock-in period of 5 years. Hence you cannot get your fund value before that.

But you can still submit a surrender request before the completion of 5 policy years. In such a case, your policy will be considered a “Discontinued Policy” (like a paid-up policy). And all your investments will be moved to the “Discontinued Policy Fund” earning a minimum return.

You do not have to pay any more premiums. And you will receive the fund value on completion of 5 policy years.

Steps to Surrender ICICI Pru Signature Plan: Analysis

To surrender your ICICI Pru Signature Plan, you need to fill out the ICICI Prudential policy surrender form and submit it along with other documents at the nearest ICICI Prudential branch.

The documents are,

• Filled the Surrender Form
• Original Policy Document
• A signed copy of a photo ID (must carry original ID)
• A Cancelled cheque with the policyholder’s name

Once you submit your surrender request, ICICI Prudential will process it within 10 working days and confirm the same.

Can I surrender ICICI prudential policy online?

Yes. You can surrender the ICICI prudential policy online by sending them email.

Surrendering ICICI Pru Signature Plan may help investors recover capital tied up in ULIPs with high charges.

ICICI Prudential policy surrender process is straightforward if all required documents are correctly submitted.

Opting for online surrender ensures faster processing and avoids unnecessary branch visits.

Be aware that ICICI Pru Signature Plan surrender value may be lower than your total premiums due to ULIP charges and lock-in deductions.

Final Review: Should you invest in ICICI Pru Signature Plan?

So, what is our verdict on ICICI Prudential Signature Plan?

ICICI prudential is good or bad?

As we analysed earlier on various aspects, this ULIP policy is NOT up to the mark.

Do Not Invest in this ULIP!

The insurance agents would convince you to buy this plan for their agent commission. Please beware!

Our suggestion is to invest in Mutual Funds (and/or PPF) and Term insurance policies separately.

Not only they will provide you with higher returns and risk benefits, but it also takes away the limitations of any ULIP, including the ICICI Pru Signature Plan.

And, also beware of the mis-selling of this ULIP by your bank.

They may lure you to invest in this ULIP by showing its various benefits.

But, after reading the complete analysis, we hope that you get a clear idea about this ULIP.

Please don’t search for ICICI Pru Signature Plan Review in Quora or any other social media.

Financial Influencers can confuse. Instead, check with certified and experienced financial planners.

The ICICI Pru Signature Plan has hidden charges and low IRR, making it less effective than Mutual Funds.

Investing in term insurance plus Mutual Funds offers better long-term wealth creation than ULIP policies.

Mis-selling of ULIPs like ICICI Pru Signature Plan is common; always consult professional financial planners.

Do not rely on social media reviews for investment decisions; they may exaggerate benefits.

Are you interested in creating a Comprehensive Financial Plan for your financial goals?

Do you think you can make a long-term investment strategy based on information from social media sites like Quora, Facebook, Twitter, etc? Please consult a professional financial planner for reliable advice.

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