Elite Wealth II
ICICI Pru Elite Wealth II : A Unit Linked Insurance Plan
This is a unit linked insurance plan. In this policy, the investment risk in investment portfolio is borne by the Policyholder. Unit linked Insurance products do not offer any liquidity during the first five years of the contract. The Policyholder will not be able to surrender/withdraw the monies invested in unit linked insurance products completely or partially till the end of the fifth year.
A quick look
Never settling for the second best option is your signature as an individual. So, your financial planning has to be the best in class and provide you with the greatest value for your hard earned savings.
With this objective in mind, we present ICICI Pru Elite Wealth II - a savings and protection oriented unit linked insurance plan, designed exclusively for preferred customers like you. This plan offers you multiple options for investments with respect to premium payment, investment horizon and fund choices. It also provides you a life insurance cover to protect your family in case of your unfortunate demise.
SPECIMEN POLICY DOCUMENTS
ICICI Pru Elite Wealth II - one pay
ICICI Pru Elite Wealth II - regular pay
|Age at entry||Minimum Sum Assured||Maximum Sum Assured|
|0 to 41 years||1.25 X Single Premium†||10 X Single Premium|
|42 years and above||1.25 X Single Premium||1.25 X Single Premium|
Premium and any benefit amount received under this policy will be eligible for tax benefit as per the prevailing Income Tax laws.
UIN of the ICICI Pru Elite Wealth II : 105L140V01
Key benefits of ICICI Pru Elite Life II
- Flexibility of premium payment : Pay premiums for a limited period or for the entire policy term.
- Choice of portfolio strategies: Choose a personalized portfolio strategy from
- Fixed Portfolio Strategy : Option to allocate your savings in the funds of your choice .
- LifeCycle based Portfolio Strategy : A unique and personalized strategy to create an ideal balance between equity and debt, based on your age.
- Lower Effective FMC: Get Loyalty Additions which reduce your effective Fund Management Charge (FMC).
Year FMC Loyalty Addition Rate Approximate effective FMC* 6 to 10 1.35% 0.40% 0.95% 11 onwards 1.35% 0.60% 0.75%
- Wealth Boosters: Once every 5 years starting from the end of the 10th policy year.
- Choice of protection level : Enjoy the safety of a life cover based on your desired level of protection.
- Unlimited free switches : Manage your changing financial priorities and investment outlook with unlimited free switches .
- Tax benefits : on premiums paid and benefits received as per the prevailing tax laws.
Benefits in detail:
- Death Benefit:
In the unfortunate event of death of the Life Assured during the term of the policy,the following will be payable :
Death Benefit = A or B or C whichever is highest
A = Sum Assured, including Top-up Sum Assured, if any. reduced by applicable partial
withdrawals, if any
B = Minimum Death Benefit less applicable partial withdrawals, if any
C = Fund Value including the Top-up Fund Value, if any
Minimum Death Benefit will be 105% of the total premiums paid including Top-up premiums, if any.
- Maturity Benefit:
On maturity of the policy, you will receive the Fund Value including the Top-up Fund Value, if any.
You will have an option to receive the Maturity Benefit as a lump sum or as a structured payout using Settlement Option.
- Loyalty Additions:
- A Loyalty Addition will be allocated at the end of every policy year starting from the end of the sixth policy year.
- Each Loyalty Addition will be a percentage of the average of daily Fund Values including Top-up Fund Value, if any, in that same policy year as shown in the table below.
Year Loyalty Addition 6 to 10 0.40% 11 onwards 0.60%
- An additional loyalty addition of 0.25% is paid every year from the end of year 6 if all premiums for that year have been paid.The additional loyalty additions will also be calculated as described above.
- Wealth Boosters
- Wealth Boosters will be allocated as extra units at the end of every fifth policy year starting from the end of the tenth policy year, provided the monies are not in DP Fund.
- Each addition will be equal to 1% of the percentage of the average of the Fund Values including Top-up Fund Value, if any, on the last business day of the last eight policy quarters.
- Wealth Booster will be allocated between the funds in the same proportion as the value of total units held in each fund at the time of allocation.
If you choose the Fixed Portfolio Strategy, you can switch units from one fund to another depending on your financial priorities and investment outlook as many times as you want. This benefit is available to you without any charge.
How does the plan work?
- Decide your premium amount and the premium payment option
- Select the Sum Assured as per your protection needs and age
- Choose one of the 2 available Portfolio Strategies
- On maturity of your policy, receive your maturity benefit as a lump sum or as structured pay out through settlement option to meet your financial goals
- In case of your unfortunate death during the policy term your family will get the death benefit