ICICI Prudential Elite Wealth II
ICICI Pru Elite Wealth II Plan is a unit-linked insurance plan (ULIP) for the elite investors. The plan offers multiple investment options and fund choices. The policyholder will receive the fund value on the maturity date.
Key Features
Benefits
In case of death of the Life Insured, the nominee would get the higher of the below:
- Sum assured including top-up sum assured, if any minus partial withdrawals if done so far.
- Minimum Death Benefit 105% of total premiums paid including top up premium
- Fund value including top up fund value
– Guaranteed loyalty additions units will be allocated every policy year, from 6th policy year onwards. It’s a percentage of average daily fund value and top-up, if any. From 6-10 years its 0.40% and 11th year onwards its 0.60%
Wealth Boosters - Guaranteed extra units will be allocated at the end of 5th policy, starting from 10th policy year. Each addition will be 1% of average fund value and top-up, if any.
Change in portfolio strategy – you can change portfolio strategy once a year.
Increase and decrease of sum assured and policy Term – you can opt for this facility provided all the premiums are paid till date.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C
On maturity, the Fund Value (including top fund value) is paid to the policyholder according to the investment option chosen.
Guaranteed loyalty additions units will be allocated every policy year, from 6th policy year onwards. It’s a percentage of average daily fund value and top-up, if any. From 6-10 years its 0.40% and 11th year onwards its 0.60%
Guaranteed extra units will be allocated at the end of 5th policy, starting from 10th policy year. Each addition will be 1% of average fund value and top-up, if any.
you can change portfolio strategy once a year.
you can opt for this facility provided all the premiums are paid till date.
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C
Income Benefit rider is available under this plan
1.Fixed portfolio strategy – below are the funds options available:
- Opportunities Fund
- Multi Cap Growth Fund
- Blue-chip Fund
- Maximiser V
- Multi Cap Balanced Fund
- Income Fund
- Money Market Fund
2. Lifecycle based Portfolio Strategy - Your financial needs are not static and keep changing with your life stage. It is, therefore, necessary that your policy adapts to your changing needs. This need is fulfilled by the Lifecycle based Portfolio Strategy
Top-up
This is an additional saving over and above your fund value, the minimum top up is 2000. Your Sum Assured will increase when you avail this facility.
Switching
This plan provides for unlimited fee switches under fixed portfolio strategy.
Partial Withdrawal
Partial withdrawals are allowed only after completion of 5 policy years. One Partial Withdrawal is allowed in each policy year upto a maximum of 20% of the existing Fund Value. The minimum amount for partial withdrawal is Rs 2,000
Eligibility
|
Particulars |
Minimum |
Maximum |
|
Entry age (in years) |
0 |
One and regular pay – 70 years and five pay – 55 years |
|
Maturity age (in years) |
18 |
One and regular pay – 80 years and five pay – 75 years |
|
Premium (in Rs.) |
5 lacs |
|
|
Premium Payment modes |
Single, Yearly, Half-yearly and Monthly |
|
|
Premium payment term/options |
One pay – Single premium Five Pay – Five years Regular pay – equal to policy term |
|
|
Policy Terms |
||
|
Premium Payment option |
Ages (in years) |
Policy Term (in years) |
|
One |
0-70 |
10 |
|
Five |
0-45 46-55 |
10-30 10-20 |
|
Regular |
0-45 46-55 56 & above |
10-30 10-20 10 |
|
Sum Assured (SA) |
One pay |
||
|
Entry age (in years) |
Minimum SA |
Maximum SA |
|
|
0-41 |
1.25*Single Premium |
10*Single Premium |
|
|
42 and above |
1.25*Single Premium |
1.25*Single Premium |
|
|
Five and Regular Pay |
|||
|
Entry age (in years) |
Minimum SA |
Maximum SA |
|
|
0-44 |
Higher of (10*Annual Premium) and (0.5*policy Term*Annual Premium) |
As per Maximum Sum Assured multiples* |
|
|
45 and above |
Higher of (7*Annual Premium) and (0.25*policy Term*Annual Premium) |
||
Exclusions
If the Life Assured, commits suicide within one year from the date of issuance of the policy or from the date of policy revival, only the Fund Value, including Top- up Fund Value, if any, as available on the date of death, would be payable. No charges will be deducted after the date of death.
If the Life assured, within one year from the effective date of increase in Sum Assured, then the amount of increase shall not be considered in the calculation of the death benefit.
FAQs
What happens if policyholder stop paying the premium after 5 yearsPolicyholder can pay the unpaid premium, Surrender the policy, Convert the policy into paid-up policy, continue the policy for a period of up to 2 years. If nothing from the above is selected, then the policy will be auto-surrendered.
What happens if policyholder stop paying the premium before 5 yearsPolicy Holder can pay the unpaid premium and discontinue the policy, the funds will be moved to discontinue policy fund. If nothing from the above is selected, then the policy will be converted to a discontinued policy.
What happens if policyholder wants to surrender the policy If the policyholder wants to surrender the policy before completing 5 years, then 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 4% 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.
If the policyholder surrenders the policy after the completion of 5 policy years, then the insurance cover will cease and your fund value including top-up value shall be paid immediately and the policy would be terminated.
What happens if policyholder wants a loan against your policyThere is no loan available under this plan.
