ICICI Prudential · ULIP · Protection + wealth structures
Protect N Gain
A protection-oriented ULIP with a Life option (emphasizes cover) or Growth option (emphasizes returns), designed for very long terms (30-40 years) and refunds a chunk of your charges back from year 11 onward.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeSavings — Linked (ULIP)
CategoryProtection + wealth structures
InsurerICICI Prudential
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureYes — fund-value linked
LiquidityNot available in the current product data
Lock-in5 years (statutory minimum for ULIPs)
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A protection-oriented ULIP with a Life option (emphasizes cover) or Growth option (emphasizes returns), designed for very long terms (30-40 years) and refunds a chunk of your charges back from year 11 onward.
You might need this if…
- You might need this if you're starting young and want a decades-long combined insurance + investment plan — terms run 30-40 years.
- Useful if you want to choose between prioritizing family protection (Life option) or prioritizing wealth growth (Growth option) under one product.
- Fits if you like the idea of getting previously-deducted charges refunded as extra units starting in year 11, which lowers your effective cost the longer you stay invested.
- Good if you want a maturity booster — extra units worth 20% of your average fund value over the last 8 quarters — added automatically at maturity.
How it actually works
- Entry age 18-55 (Life option) or 18-50 (Growth option); premium payment term 5-12 years; minimum annual premium ₹40,000-₹1,00,000; minimum sum assured ₹4-10 lakh.
- Death benefit is the highest of Sum Assured (with top-ups), fund value, or 105% of premiums paid.
- Return of Charges: from year 11, premium allocation charges are refunded at 2x (Life option) or 1x (Growth option), and mortality charges at 1.5x-3.5x (Life) or 1x-2.5x (Growth) depending on the year.
- Maturity Booster: extra units equal to 20% of the average fund value over the last 8 policy quarters.
- Premium allocation charge starts at 6% (years 1-3), drops to 3% (years 4-7), then 0% from year 8; fund management charge 0.75%-1.35% p.a.
- Riders available: Accidental Death & Disability, and Waiver of Premium. Partial withdrawals after 5-year lock-in (min ₹2,000, up to fund reaching 4x annualized premium); up to 99 top-ups allowed.
Worked example
A 30-year-old male, Life option, ₹1 crore sum assured, paying ₹80,000/year for 10 years over a 40-year term (total premiums ₹8,00,000): projected maturity fund value is about ₹89.84 lakh at 8% assumed return, or about ₹30.17 lakh at 4%. Reduction in Yield for a ₹40,000/year premium example drops from 1.26% at year 15 to -0.08% at year 40, reflecting the long-term charge refunds.
Worth knowing before you decide
- 5-year lock-in; no surrenders or withdrawals allowed before that.
- The Return of Charges and Maturity Booster benefits only materialize with very long holding periods (11+ years, and full term for the booster) — early exits don't get these perks.
- Funds don't offer a guaranteed or assured return; investment risk is entirely the policyholder's.
- Suicide clause: only fund value payable if death occurs within 12 months of commencement or revival.
Official source
⌟ Official product brochure
Learn about this category
Read the full ulips explainer → · See all ulip products →