ICICI Pru ACE the Super ULIP Review
ICICI Prudential Life Insurance has introduced ICICI Pru Ace, the Super ULIP plan, at least that is what they claim this insurance product is, super ULIP. Let’s see how super really it is. ICICI Prudential claims 5 super benefits to let it mention as Super ULIP plan at least in India.
The 5 super benefits of ICICI Prudential Ace ULIP are:
1. Low charges and thus improving the net yield.
2. Protection of profit from the volatility of the market
3. Dynamic P/E fund option.
4. Rewards with extra units every 5th policy year from 10 years.
5. Tax saving (obviously).
Low Charges:
To explain these super benefits: This plan i.e., the ICICI Pru Ace, comes with low charge structure when compared with any other ULIP plans in India. The policy administration charges being only Rs. 60 per month and fund management charges ranging between 0.75% to 1.35%.
Profit Protection:
With the option of automatic transfer between funds depending upon the volatility of the market, and distribution between 2 funds of equity and debt fund in the proportion of 75 and 25%, your money is safe even when the markets go down.
Dynamic P/E Fund:
With the dynamic asset allocation of funds between debt and equity and thus will provide you long term capital appreciation. That is your fund will be invested depending up on the P/E ratio and thus you can derive the maximum benefit out of your investment and protection as well.
Rewards:
With ICICI Pru Ace you will be rewarded at regular intervals with loyalty additions, that is every fifth policy year but only starting from the 10th policy year onwards only. After the 6th year of the policy you will be allocated with additional units from the premium paid.
Tax Saving:
Just like any other ULIP policies you can save up to Rs. 30,900 under section 80C for the premium paid every year.
Plan Details:
The minimum premium for ICICI Pru Ace is Rs. 18,000 per annum which you can pay either monthly, half yearly, or yearly. The minimum sum assured for this plan is 5 X annual premium but subject only to a minimum of Rs. 1 lakh. Minimum entry age is 0-65 years. The policy term for ICICI Prudential Ace is 10 years to 30 years.
The above are the facts and reviews on why ICICI Prudential calls this ICICI Pru Ace a Super ULIP, although the benefits and plans described above looks just like any other ULIP plans though with some additional benefits like rewards with loyalty additions and low charges, etc. In this ICICI Pru Ace ULIP you have two unique options to choose when it comes to portfolio strategies namely trigger portfolio strategy and fixed portfolio strategy.
You can get more details and get the free ICICI Pru Ace Brochure here.
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Hi ,
My ICICI Pure Protect proposal got approved and now have 15 days review period in which I can change product. Now there is new product iProtect which is 30% cheaper to Pure Protect. I am not sure if I should change Pure Protect with iProtect as in pure protect there is no disability rider. Also looks like accidential death benefits in iProtect are having more fine prints compare to pure protect!!! Please suggest earliest!!! Thanks.