ICICI Prudential Pinnacle Super Plan
ICICI Prudential Pinnacle Super Plan is a unit linked insurance plan (ULIP) with highest NAV guarantee. In this plan, you can choose the guarantee option according to your risk appetite. If the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher as Death Benefit for 1-Pay Option and both Sum Assured + Fund Value as Death Benefit for 5-Pay Option. The Maturity Benefit is the Fund Value according to the fund option selected.
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Key Features of ICICI Pru Pinnacle Super Plan
- There is an option of choosing Dynamic Asset Allocation Fund where the professional Fund Managers aim to increase your portfolio
- Loyalty Addition of 2% of the fund value is provided at maturity
- There are 3 options for Highest NAV Guarantee Fund, which needs to be selected at inception
- Highest NAV Fund A- Guarantees the highest recorded NAV within the first 7 years subject to a minimum of Rs 10
- Highest NAV Fund B- Guarantees 110% of the highest recorded NAV within the first 7 years subject to a minimum of Rs 11
- Highest NAV Fund C- Guarantees the highest recorded NAV within the first 7 years subject to a minimum of Rs 15
- There are 12 Funds to choose for investment purpose and 2 portfolio strategies
- The Sum Assured can be increased and decreased at any policy anniversary
Benefits you get from ICICI Pru Pinnacle Super Plan
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or the Fund Value, whichever is higher for 1-Pay Option and both Sum Assured + Fund Value for 5-Pay Option.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in ICICI Pru Pinnacle Super Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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For age< 45 yrs, 125% of Premium for 1-Pay and 10 X AP for 5-Pay
For age>= 45 yrs, 125% of Premium for 1-Pay and 7 X AP for 5-Pay)
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For age< 60 yrs, 500% of Premium for 1-Pay and For age>= 60 yrs, 125% of Premium for 1-Pay
For 5-pay, As per the Sum Assured Multiples
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Policy Term (in years)
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10 years
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Premium Payment Term (in years)
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Single
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5 years
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Entry Age of Policyholder
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8 years
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70 years for 1-Pay
65 years for 5-Pay
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Age at Maturity
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18 years
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80 years for 1-Pay
75 years for 5-Pay
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Single Premium (in Rs.)
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Payment modes
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Single and Yearly
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Additional Features and Benefits of ICICI Pru Pinnacle Super Plan
Riders – There is 1 rider available in this policy
· Waiver of Premium on Critical Illness Rider
Investment Fund Options - There are 12 Investment Funds available
1. Opportunities Fund
2. Multi Cap Growth Fund
3. Bluechip Fund
4. Multi Cap Balanced Fund
5. Income Fund
6. Money Market Fund
7. Return Guarantee Fund
8. Dynamic P/E Fund
9. Maximiser V Fund
10. Highest NAV Fund A
11. Highest NAV Fund B
12. Highest NAV Fund C
And 2 Portfolio Strategies available
1. Fixed Portfolio Strategy
2. Trigger Portfolio Strategy
Top-up - The minimum and maximum amount for Top-up is Rs 2,000 and sum assured automatically increases either by 125% or 500% of the top up premium amount. Top Up can be done any time in the first 5 years of the policy and each Top Up is locked for 5 years.
Switching - Switching is allowed within Fixed Portfolio Strategy. Switching from a non-guaranteed NAV Option to Guaranteed NAV Option is not allowed.
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years or the life insured is at least 18 years old.
You stop paying the premium before 5 years – For Single pay Option, this condition is not available.
For 5-Pay Option, if the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – Surrender of Plan is not allowed in the first 5 years. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy - There is no loan available under this plan.
Alternate ULIPs from different insurance companies
BSLI Dream Endowment Plan
SBI Life Smart Performer
Tata AIG Life Invest Assure Flexi Supreme
Other ULIPs from ICICI Prudential Life Insurance
ICICI Prudential LifeStage Wealth II
ICICI Prudential LifeLink Wealth SP
ICICI Pru Life Time Premier
ICICI Prudential SmartKid Premier
ICICI Prudential Elite Wealth
ICICI Prudential Pinnacle Super
