India's 1st IRDAI Approved Insurance Web Aggregator
ICICI Pru Life Stage Wealth II Plan is a Limited Pay and Regular Premium Unit Linked Insurance Plan. Thus, it is a Market Linked Insurance Plan without Bonus facility.
How it works – In this plan, premium can be paid for a Limited Period of 5, 7 or 10 years under Limited Pay Option or for the entire Policy Tenure under Regular Policy Tenure. There is Loyalty Additions that are paid in this plan every year from the end of the 10th policy year onwards as a percentage of the average Fund Value.
|
Premium Payment |
Year 10 |
Year 11 onwards |
|
Regular Pay |
2% |
0.75% p.a. |
|
Limited Pay 5, 7 or 10 |
2% |
0.5% p.a. |
The premium net of charges is invested in the funds as per the choice of the policyholder. There are 3 Portfolio Strategies to choose from:
Life Cycle Based Portfolio Strategy- Portfolio is balanced between equity and debt exposure based on age
Fixed Portfolio Strategy- there is a choice of 8 funds to choose as per risk appetite
Trigger Portfolio Strategy which works on the principle of “Buy Low, Sell High”
The portfolio strategy can be changed once every year.
On survival till the end of the Policy tenure, the Fund Value is paid to the Policyholder as Maturity Benefit and the policy terminates. However, in case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + Fund Value as Death Benefit and the policy terminates.
It is a Limited and Regular Premium ULIP without Bonus facility
Loyalty Additions are paid every year from the end of the 10th policy year onwards as a percentage of Fund Value
There are 3 portfolio strategies available in this plan
There are 8 funds available for investment in this plan
The portfolio strategy can be changed once every year
In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + Fund Value as Death Benefit
On survival till the end of the Policy tenure, the Fund Value is paid to the Policyholder as Maturity Benefit
Sum Assured can be increased or decreased every year
There is an Automatic Transfer Facility that is available in this plan from Money Market Fund to Bluechip Fund, Multi Cap Growth Fund or Opportunities Fund
COMPARE THIS PLAN WITH OTHER ULIP PLANS
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + Fund Value, subject to a minimum of 105% of Premium Paid as Death Benefit and the policy terminates.
Maturity Benefit – On survival till the end of the Policy tenure, the Fund Value is paid to the Policyholder as Maturity Benefit and the policy terminates.
Income Tax Benefit - Premiums paid under a Life Insurance premiums are exempted from taxable income up to Rs. 1,00,000 under section 80c. Amount paid to nominee is also tax-free according to section 10(10D) of the Income Tax Act.
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
For ages < 45, SA= Higher of (10 x AP) and (0.5 X PT X AP) For ages 45 & above, SA=Higher of (7 x AP) and (0.25 X PT X AP) |
As per Sum Assured Multiples |
|
Policy Term (in years) |
10, 15, 20, 25 |
30 |
|
Premium Payment Term (in years) |
5, 7, 10 |
Equal to Policy Term |
|
Entry Age of Life Insured (in years) |
7 |
65 |
|
Age at Maturity (in years) |
18 |
75 |
|
Annual Premium (in Rs.) |
24,000 for Regular 48,000 for Limited 5 Pay 36,000 for Limited 7 Pay 24,000 for Limited 10 Pay |
1,00,000 |
|
Payment modes |
Monthly, Half Yearly, Yearly |
|
Riders – There are No Additional Riders in this plan
Investment Fund Options - In this plan, there are 3 Investment Strategies in this plan:
Top-up – In this plan, additional investment can be done at a minimum amount of Rs 2000 for which the Sum Assured also increases by 125% or 500% of the Top Up Premium. All Top Up Premiums are also locked for a period of 5 years.
Switching - There are 4 free switches that are allowed in every policy year. Subsequent switches will be charged at Rs. 100 per switch by cancellation of units.
Partial Withdrawal - In this policy, there is Partial Withdrawal Facility but after completion of 5 policy years or the Life Insured is 18 years of age, whichever is later. The minimum amount of Partial Withdrawal is Rs 2000 upto a maximum of 20% of Fund Value. One Partial Withdrawal is free every year.
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
|
Policy Year |
Premium Allocation Charge |
|
Year 1 |
2% |
|
Year 2 onwards |
NIL |
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
|
Policy Year |
Premium Allocation Charge |
|
Year 1 to PPT |
0.47% |
|
Thereafter |
0.10% |
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
|
Type |
Charge |
|
Opportunities Fund |
1.35% |
|
Multi Cap Growth Fund |
1.35% |
|
Bluechip Fund |
1.35% |
|
Multi Cap Balanced Fund |
1.35% |
|
Income Fund |
1.35% |
|
Money Market Fund |
0.75% |
|
Return Guarantee Fund |
1.25% |
|
Dynamic P/E Fund |
1.35% |
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.
|
Year of Discontinuation |
Annual Premium <= Rs 25,000 p.a. |
Annual Premium > Rs 25,000 p.a. |
|
1st |
Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000 |
Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000 |
|
2nd |
Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000 |
Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000 |
|
3rd |
Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500 |
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000 |
|
4th |
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000 |
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000 |
|
5th onwards |
NIL |
NIL |
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
You stop paying the premium before 5 years - 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 earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India 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.
The policy can be revived as well but within a period of 2 years from the Date of Discontinuance of the Policy or before completion of the Lock-in period of 5 policy years, whichever is earlier.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India 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 completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
You want a loan against your policy - There is no loan available under this plan.
