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ICICI Pru LifeLink Wealth SP is a single premium unit-linked insurance policy (ULIP) where the premium amount is invested in the capital markets which could be debt, equity and/or cash market instruments. It is important to note that the risk in unit-linked policies is always borne by the policy holder.
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Death Benefit – In case of death of the policy holder, the nominee gets higher of the Sum Assured minus Partial withdrawals (if any) or Fund value (includes top up made if any)
Maturity Benefit - If the policy holder survives the policy term, then he/she gets the Fund Value which will include the top up fund value. The policy holder will get an option to receive the maturity proceeds as a lump sum amount or as structured payments.
Loyalty Benefits - Loyalty addition will be allocated at the end of every fifth policy year and it will start from the tenth policy year. The percentage of loyalty addition will be calculated as follows –
|
Single Premium Amount |
Loyalty Addition % |
|
Rs.40,000 to Rs.49,999 |
0.0% |
|
Rs.50,000 to Rs.99,999 |
1.5% |
|
Rs.1,00,000 to Rs.4,99,999 |
2.0% |
|
Rs.5,00,000 and above |
2.5% |
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. The maturity amounts you receive from this plan are exempt from tax under section 10(10D)
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
125% of single premium |
500% of single premium |
|
Policy Term (in years) |
10 |
30 |
|
Premium Payment Term (in years) |
Single |
Single |
|
Lock-in period |
5 years |
|
|
Entry Age of Policyholder |
0 |
60 |
|
Age at Maturity |
18 |
70 |
|
Regular premium |
Not available |
Not available |
|
Single premium |
Rs.40,000 |
- |
|
Payment modes |
Not applicable |
|
|
Top-up premium |
Rs.2,000 |
- |
Riders – There are no riders available in this policy
|
Type of Rider |
Available with Policy |
|
Accidental death benefit |
No |
|
Permanent disability benefit |
No |
|
Waiver of premium benefit |
No |
|
Critical illness (or dread diseases) benefit |
No |
|
Increased death benefit / Term rider |
No |
|
Hospital cash benefit |
No |
|
Surgical Care benefit |
No |
Investment Fund Options– Under this plan the policy holder gets to choose from two portfolio strategies namely:
1. Trigger Portfolio Strategy
2. Fixed Portfolio Strategy
The Trigger Portfolio Strategy works on the principle of “buy low, sell high.” Under the Trigger Portfolio Strategy, the investments of the policy holder will be distributed between two funds –
1. 75% in Multi Cap Growth Fund which is an equity oriented fund, and
2. 25% in Income Fund which is a debt oriented fund
The fund allocation may subsequently get altered due to market movements. The fund managers of the insurance company will reallocate or re-balance funds in the portfolio to achieve maximum returns for the policyholder.
Under the Fixed Portfolio Strategy, the policy holder has an option of eight investment funds; they are –
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
Top-up - This policy offers a top-up facility. So if the policy holder feels that the policy is performing well and generating good returns, he/she can invest further money in the same. The minimum top-up amount in this policy is Rs.2,000.
Switching - The policyholder has the option to switch existing funds in this policy into the fund of choice.
Partial Withdrawal - The policy holder is allowed to make partial withdrawals in this policy after completing 5 policy years to the extent of one partial withdrawal in every three policy years. The minimum amount of partial withdrawal should be Rs. 2000 and they can be done for free of cost.
Increase / Decrease in Sum Assured - The policy holder has an option to increase the Sum Assured any time during the policy term, subject to underwriting. An increase of sum assured would be allowed from 125% to 500% of the single premium paid and a decrease in Sum Assured is allowed from 500% to 125% of the single premium paid. The expenses on any medical reports have to be borne by the policyholder. The same will be levied by the insurance company by redemption of units in the policy.
Premium Allocation Charges
The policy levies a 5% charge as premium allocation for premiums below Rs.5,00,000. and for single premium amount of Rs.5,00,000 and above, the premium allocation charge is 4%.
Fund Management Charge
|
Fund |
Charges |
|
Opportunities Fund, Multi Cap Growth Fund, Bluechip Fund, Dynamic P/E Fund, Multi Cap Balanced Fund, Income Fund |
1.35% p.a. |
|
Return Guarantee Fund |
1.25% p.a. |
|
Money Market Fund |
0.75% p.a. |
Sum Assured = Rs.5,00,000
Age at Entry = 30 years
Premium Amount = Rs.1,00,000
Fixed Portfolio Strategy
You want to surrender the policy – The policy can be surrendered after the completion of five policy years. The surrender value will be equal to the fund value which will include the top up fund value. There is no surrender charge in this plan.
You want a loan against your policy – There are no loans available under this policy.
