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ICICI Pru Elite Wealth II Plan

What is the Plan all About?

ICICI Pru Elite Wealth II is a savings oriented unit linked insurance plan that offers multiple fund options, so you can get better returns from your invested money. This plan helps you beat inflation, while protecting your investments.

What are the Key Features?

  • Option to invest in 7 varied fund options
  • Choice of portfolio strategies
  • Limited/Regular Premium Payment Term
  • Avail Loyalty Additions & Wealth Boosters
  • Lower Fund Manangement Charge
  • Choice of level of protection
  • Top-up Premium facility available
  • Unlimited free switches
  • Partial withdrawal to access your money
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 7 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
  • Multi Cap Balanced Fund
  • Income Fund
  • Money Market Fund

You have the option to choose from following two investment strategies that help manage your funds.

Fixed Portfolio Strategy: Under this investment strategy, you have the option to invest amongst 8 available investment funds and you can also switch from fund to another. 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 or Income Fund and allocate new units in  one of Bluechip Fund, Maximiser V, Multi Cap Growth Fund, or Opportunities Fund. The minimum transfer amount allowed under ATS is Rs 2,000.

LifeCycle based Portfolio Strategy: Under this investment strategy, you have the option to invest as per your financial requirement and life stage needs.

You have the option to change your portfolio strategy once every policy year and this facility is available free of cost.

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 higher of Sum Assured (including top-up sum assured), Fund Value (including top-up fund value) or Minimum Death Benefit. The Minimum Death Benefit is 105% of the total premiums paid.

    The sum assured is reduced by partial withdrawals, as follows.

    Before age 60 years of the life insured, Base Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. Upon attaining 60 years of age, Base Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years.

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.

Loyalty Additions

    Loyalty Additions is allocated at the end of every policy year, starting from the end of the sixth policy year. Loyalty Additions is 0.40%/0.60% (of the average of the Fund Values including Top-up Fund Value in the same policy year) from 6th to 10th policy year/11th policy year onwards, respectively.

    An additional Loyalty Addition of 0.25% is paid every year from the end of the sixth policy year, provided all premiums for that year have been paid. 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 fifth policy year, starting from the end of the tenth policy year. It is 1% of the average of Fund Values including Top-up Fund Value, as on the last business day of the last eight policy quarters. The allocation of Wealth Booster units is guaranteed and it cannot be revoked by the company.

Non-Negative Claw-Back Additions

    Non-Negative Claw-Back Additions is applicable after the completion of 5 policy years, in order to comply with the reduction in yield.

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 base premiums paid.

Switching

    You can avail unlimited free switches to switch among 7 available fund options to suit your changing investment needs, when opted for a fixed portfolio strategy.

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 a fixed portfolio strategy. This benefit is not applicable for One Pay option.

Partial Withdrawal

    Unlimited Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, life assured attains 18 years), provided the maximum partial withdrawal amount does not exceed 20% of the fund value in a policy year.

Increase/Decrease in 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 alteration in Sum Assured does not result to change in the premium amount payable under the policy. Increase in Sum Assured is allowed, prior the life assured is aged 60 years. Decrease in Sum Assured is allowed, as specified under the policy.

Bonus

    This plan is not eligible for the bonuses.

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. A fund management charge of 0.50% per annum of the Linked Discontinued Policy Fund is applicable. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum or 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 Year 70 Years (one Pay/regular Pay), 55 Years (five Pay)
Age at Maturity 18 Years 80 Years (one Pay/regular Pay), 75 Years (five Pay)
Policy Tenure One Pay: 10 Years Five Pay: 10 To 30 Years (age At Entry 0 To 45 Years), 10 To 20 Years (age At Entry 46 To 55 Years) Regular Pay: 10 To 30 Years (depending On The Age At Entry) -
Premium Paying Term (PPT) Single/Five Pay/Regular Pay -
Premium Paying Mode Single, Annually, Semi Annually & Monthly -
Premium Amount One Pay- Rs 5,00,000 Five Pay & Regular Pay- Rs 5,00,000 (per Annum) No Limit
Sum Assured One Pay- >&=41 Years - 1.25 Times The Single Premium =&<42 Years - 1.25 Times The Single Premium Five Pay & Regular Pay- >&=44 Years- Higher Of (10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium) =&<45 Years- Higher Of (7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium) One Pay- >&=41 Years - 10 Times The Single Premium =&<42 Years - 1.25 Times The Single Premium Regular 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/Offline -

Is any Rider Available with this Plan?

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

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. For five pay/regular pay (annual mode), the premium allocation charge is 3%/2% for 1st to 5th policy year/6th policy year onwards, respectively. When opted for semi annually or monthly mode, It is 4%/3%/2% for 1st to 3rd policy year/4th & 5th policy year/6th 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 five pay & regular pay, Policy administration charge is Rs 400 per month (Rs 4800 per annum) for the first five policy years. For one pay, Policy administration charge is Rs 60 per month (Rs 720 per annum) 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.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Maximiser V, Opportunities Fund, Multi Cap Growth Fund, Bluechip Fund, Multi Cap Balanced Fund, and Income Fund, 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?

In order to attain higher returns out of his investment, Jitendra opts to buy ICICI Pru Elite Wealth II with the policy term of 20 years (regular pay), annual premium amount of Rs 5,00,000 and sum assured of Rs 50,00,000.

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. Loyalty Additions and Wealth Booster is also applicable.

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 top-up fund value) or Minimum Death Benefit.

Benefit Illustration:
ICICI Pru Elite Wealth II Plan Benefit Illustration