Smart Insurance Plan Plus (SIP+)

What this product is

A market-linked ULIP with zero premium allocation or administration charges, offering a wide choice of funds and two variants — one focused on wealth building, one on protecting family income.

You might need this if…

• You might need this if you want to combine life cover with market-linked investment growth in a single product.
• You might need this if you're put off by ULIP charges elsewhere — this plan has zero premium allocation and administration charges.
• You might need this if you want flexibility to choose from 40+ funds and switch strategies (fixed, target allocation, trigger-based, lifecycle) as your needs change.
• You might need this if you want the Assure variant's income protection — waived future premiums plus an ongoing family income if something happens to you.

How it actually works

• Two variants: Wealth (death benefit = highest of sum assured, fund value, or 105% of premiums paid) and Assure (adds a "Smart Benefit" of waived future premiums plus 0-10% of sum assured as annual family income).
• Entry age 0-50; minimum premium ₹12,000/year (up to age 35) or ₹1,20,000/year (36-50); premium payment term 5-15 years.
• Policy term: 15-75 years for Wealth (depends on age/premium), 15-25 years for Assure.
• Zero premium allocation charge and zero policy administration charge; fund management charge ranges 0.75%-1.35% p.a. depending on fund.
• Unlimited free fund switches under the Fixed Portfolio Strategy; top-ups, partial withdrawals, and systematic withdrawal plans (SWP) are supported.
• A 5-year lock-in applies from inception, with a discontinuance charge (up to 20% in year 1, tapering to 0% by year 5) if you stop paying early.

Worked example

Worth knowing before you decide

• As a market-linked product, the investment risk is entirely borne by you — fund value can fall as well as rise, and past performance doesn't guarantee future returns.
• The 5-year lock-in means no withdrawals are permitted during the initial period, even in an emergency (other than via loan-type features if offered).
• The 4%/8% illustrated maturity figures are assumed scenarios only, not promised or guaranteed outcomes.
• Discontinuing premiums early triggers a discontinuance charge, which can meaningfully reduce the amount you get back in the early years.

Official source

⌟ Official product brochure

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