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ICICI Pru Elite Life Super Plan

What is the Plan all About?

ICICI Pru Elite Life Super is a non-participating Unit Linked Life Insurance Plan that helps to grow your money by investing money in 9 fund options. This ULIP policy also offers a life insurance cover, which ensures protection for your family in the event of your unfortunate demise.

By investing in this plan, you can enjoy the dual benefits of savings plus protection.

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What are the Key Features?

  • 9 different investment fund options
  • 4 portfolio strategies to choose from
  • Loyalty Additions and Wealth Boosters for staying invested
  • Enhance coverage by opting for Accidental Death Rider
  • Unlimited free fund switches
  • Top-ups to boost your fund value
  • Increase/decrease in sum assured & policy term allowed
  • Flexible premium payment options
  • Partial withdrawals after 5th policy year
  • Tax benefits under section 80 C

What are the Fund Investment Options?

This policy offers following 9 investment funds and you have the option to invest in any one or combination of fund options.

  • Opportunities Fund
  • Multi Cap Growth Fund
  • Bluechip Fund
  • Maximiser V
  • Maximise India Fund
  • Multi Cap Balanced Fund
  • Active Asset Allocation Balanced Fund
  • Income Fund
  • Money Market Fund

You have the option to choose from following four investment strategies that help manage the funds and accomplish your financial goals.

LifeCycle based Portfolio Strategy 2: This investment strategy is designed on the basis of your age. The premium is invested in a manner that there is an ideal balance between equity and debt. With this investment strategy, you don’t need to actively manage your funds.

Fixed Portfolio Strategy: You have the option to invest amongst 9 available investment funds and you can also switch from fund to another. By investing funds in the portfolio of your choice, you can get the better returns over the policy term.

Under this investment option, you can choose Automatic Transfer Strategy (ATS) that provides you the flexibility to invest all or some part of investment in Money Market Fund or Income Fund and transfer a fixed amount in regular monthly installments into Bluechip Fund, Maximiser V, Multi Cap Growth Fund, Maximise India Fund or Opportunities Fund.

Target Asset Allocation Strategy: Under this investment strategy, you can invest in 2 funds and the company maintains the allocation through the entire policy term by rebalancing it every quarter.

Trigger Portfolio Strategy 2: This investment strategy works on ‘Buy low - Sell high. The premium is allocated in 2 funds to take advantage of market swings.

You are allowed to alter your portfolio strategy up to 4 times during a policy year.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured while the policy is in-force, the Death Benefit payable is the higher of Sum Assured, including Top-up Sum Assured, Fund Value including the Top-up Fund Value, or Minimum Death Benefit.

    The Minimum Death Benefit is 105% of the total premiums paid.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Total Fund Value including Top-up Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.

Settlement Option

    On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a period of 1 to 5 years, after the date of maturity. You also have the option to completely withdraw the fund value at any time during the settlement period.

    No life cover is applicable during this settlement period. No Loyalty Additions or Wealth Boosters will be added during this period. Partial withdrawals and Switches are not allowed during this period. The fund management charge is only levied during the settlement period.

Loyalty Additions

    Loyalty Additions is allocated as extra units at the end of every policy year, as specified under the policy. Each Loyalty Addition is expressed as a percentage of the average of daily Fund values including Top-up Fund Value.

    For 5 & 6 years PPT, the Loyalty Addition is 0.10% from the end of 6th year onwards. For 7 to 9 years PPT, it is 0.20%/0.35% at the end of 6th & 7th year/8th year onwards, respectively. For policies having PPT of 10 years and above, the Loyalty Addition is 0.20%/0.35% at the end of 6th & 7th year/8th year onwards, respectively. For Single Pay, it is 0.30% from the end of 6th year onwards.

    The allocation of Loyalty Addition units is guaranteed and it cannot be revoked by the company.

Wealth Boosters

    Wealth Boosters is allocated as extra units at the end of every 5th policy year, starting from the end of the 10th policy year. It is a percentage of the average of Fund Values including Top-up Fund Value, as on the last business day of the last eight policy quarters.

    For policies with 5 years to 9 years PPT, Wealth Boosters is 1%. For PPT of 10 years and above, it is 2%. For Single Pay, it is 1.50%.

    Wealth Boosters is guaranteed and it cannot be revoked by the company.

Top-Ups

    Facility for Top-up Premium is available through the entire policy term, except during the last five years of the policy. The minimum top-up premium is Rs 2,000. The total top-up premium should not exceed the sum of basic premiums paid. The maximum number of top-ups allowed is upto 99 during the entire policy term.

Switching

    You can make unlimited free switches among 9 available fund options to suit your changing investment needs, when opted for fixed portfolio strategy. The minimum amount allowed for switching is Rs 2,000.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums, when opted for fixed portfolio strategy. This benefit is not applicable for Single Pay option.

Partial Withdrawal

    Unlimited Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount is Rs 2,000. The maximum partial withdrawal amount is 20% of the fund value in a policy year.

Increase/Decrease of Sum Assured

    You can increase or decrease the sum assured at any policy anniversary during the policy term and such alteration in sum assured is allowed in multiples of Rs 1000, subject to limits. Any Increase or decrease in Sum Assured does not result to change in the premium amount payable under the policy.

Bonus

    Bonuses are available in form of Loyalty Additions and Wealth Boosters.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum guaranteed interest rate as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 0 Years 65 Years (limited/regular Pay), 75 Years (single Pay)
Age at Maturity 18 Years 75 Years (limited/regular Pay), 80 Years (single Pay)
Policy Tenure Single Pay: 5 To 30 Years Limited & Regular Pay: 10, 15 To 25 Years -
Premium Paying Term (PPT) Single/Regular/Limited Pay (5 To 10 Years) -
Premium Paying Mode Single, Annually, Semi Annually & Monthly -
Premium Amount Rs 2,00,000 Per Annum No Limit
Basic Sum Assured Single Pay- 1.25 Times The Single Premium Regular & Limited Pay- For Age At Entry Up To 44 Years- Higher Of (10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium) For Age At Entry 45 Years & Above- Higher Of (7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium) Single Pay- 10 Times The Single Premium (0 To 41 Years), 1.25 Times The Single Premium (42 Years & Above) Regular & Limited Pay- Depending On Maximum Sum Assured Multiples
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Online -

Is any Rider Available with this Plan?

ICICI Pru Unit Linked Accidental Death Rider can be opted, on payment of additional rider premium.

What are the Plan Charges?

Premium Allocation Charge: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. For regular/limited pay (annual mode), the premium allocation charge is 5%/3%/2% for 1st to 5th policy year/6th & 7th policy year/8th policy year onwards, respectively. When opted for other mode of premium payment, the premium allocation charge is 5%/4%/3.5%/3%/2% for 1st policy year/2nd policy year/3rd to 5th policy year/6th & 7th policy year/8th policy year onwards, respectively. A discount of 1.0% in the premium allocation charge in the year 1 is given to customers who buy directly from the Company’s website.

For one pay, the premium allocation charge is 3%. A discount of 0.5% in the premium allocation charge is given to customers who buy directly from the Company’s website. The premium allocation charge of 2% is levied on the top-up premiums.

Policy Administration Charge: For regular/limited pay, Policy administration charge is Rs 4200 per annum (Rs 350 per month) through the entire policy term. For single pay, Policy administration charge is Rs 720 per annum (Rs 60 per month) for the first five policy years. This charge is deducted at the start of every month by cancelling appropriate units from the fund value.

Mortality Charges: Mortality charge is levied at Sum at Risk and it is applicable for providing you with the risk cover. Sum at Risk is the higher of Sum Assured,  Fund Value (including Top-up Fund Value), or Minimum Death Benefit less Fund Value (including Top-up Fund Value).

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Opportunities Fund, Multi Cap Growth Fund, Bluechip Fund, Maximiser V, Maximise India Fund, Multi Cap Balanced Fund, Active Asset Allocation Balanced Fund, Income Fund. It is 0.75% p.a for Money Market Fund.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Hitesh aged 35 years wants to build a corpus amount, so his family can achieve their dreams. He also wants to ensure financial security of the family, in case of a mishap. He decides to buy ICICI Pru Elite Life Super with the policy term of 15 years, annualized premium amount of Rs 3,00,000 for 7 years and sum assured of Rs 30 Lacs.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund Value including Top-up Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.

 

ICICI Pru Elite Life Super Plan Scenario A- Maturity Benefit


Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured, including Top-up Sum Assured, Fund Value including the Top-up Fund Value, or Minimum Death Benefit.