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Why is ICICI Pru Elite Life II special?

You can enjoy the opportunity to get potentially better returns and grow your money by investing in equity and debt funds for the long term. This combination helps you beat inflation while protecting your investments.

How do equity and debt funds beat inflation?

Inflation is the rate at which the price of goods and services increases over a period of time. For example, the average price of petrol has increased from `40 in 2005 to `62 in 2015 as a result of inflation over the same period*.

On the other hand, savings rate is the rate at which your savings grow. To gain from your investments, your savings rate should be higher than the inflation rate.

In order to get better returns in the long run, it is advisable to have exposure to equity. Although equity markets are subjected to short term market volatility, the impact of this short term volatility on long term investments made to equity funds in ULIPs is negligible.

Below is an example of how investing in a mix of equity and debt can help in building your savings, while protecting your investment over the long run.

If 60% your money was invested in the equity market and 40% in debt market## in the last 10 years, your investment would have grown by around 12% on an annualized basis. This growth would have helped you stay ahead of the inflation rate of about 6%# in the same period.

*As per the IOCL Petrol Prices in Delhi
#Source: Bloomberg - WPI inflation average of 10 years (from March 2005 to March 2015)
##Equity market: BSE 100; Debt market: CRISIL Composite Bond Index (from March 2005 to March 2015)

You may want to manage your investments yourself, or want an expert to do it for you. ICICI Pru Elite Life II brings the best of both worlds. With the Fixed Portfolio Strategy, you can manage your money by investing it according to your risk appetite in equity and debt funds. On the other hand, with the Lifecycle-based Portfolio Strategy, we carefully manage your investments to create an ideal balance of equity and debt funds depending on your age.

Which portfolio strategy suits me the best?

  • Fixed Portfolio Strategy: With this option, you can invest your money in the equity and debt funds of your choice. You can also move your money from one fund to another to suit your investment needs.

  • Lifecycle-based Portfolio Strategy: With this option, your money is automatically allocated to debt and equity funds based on your age. As you grow older, your money is systematically transferred from equity to debt to secure it when the policy matures.

You can choose the number of years for which you wish to pay premiums. You can opt for either the One Pay option (one-time premium payment), the Five Pay option (payment of premiums for 5 years), or the Regular Pay option (regular payment of premiums throughout the policy term)*.

While multiple premium payment options are available, it is advisable to invest for at least 10 years to enjoy the maximum benefits offered by the policy.

*To know more about the minimum premium for both options, please refer to the ‘Product at a glance’ section.

To reward you for being a loyal customer, the company further adds to your savings with Loyalty Additions, which help your wealth grow.

What are Loyalty Additions?

Loyalty Additions will be a percentage of the average of your daily Fund Value# including Top-up Fund Value, if any, in that same policy year and will help reduce the Fund Management Charge^ as shown below:

Year Fund Management Charge (FMC) Loyalty Addition Rate Approximate effective FMC*
6 to 10 1.35 % 0.30 % 1.05 %
11 onwards 1.35 % 0.50 % 0.85 %

An extra Loyalty Addition of 0.25% will be paid 6th policy year onwards, if all due premiums until that year have been paid. Additional Loyalty Additions will also be calculated as described above. These Loyalty Additions will be added to your fund in the form of units.

*This illustration is for all funds other than Money Market Fund for a One Pay or a Five Pay policy. Also, this illustration does not consider service tax and timing implications. ^Fund Management Charge is the fee, the insurance company charges for managing your investment fund for providing you better returns.
#Fund Value is the total value of the money that is invested in equity and debt fund of your choice.

The company also adds Wealth Boosters to your savings. This helps you grow your money without having to make extra investments.

What is the value of Wealth Boosters that I will get?


Each addition will be equal to 1.50% 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. This will be added once in every 5 years starting from the end of the 10th policy year.

Is this a guaranteed feature of the product?

Yes, the allocation of Wealth Booster units is guaranteed and is subject to regular premium payment.

#Fund Value is the total value of the money that is invested in equity and debt fund of your choice.
**Top-up is any extra amount that you can invest and add to your Fund Value.

You can choose to invest your money in equity or debt funds of your choice. You also have the option to transfer your money from one fund to another using the Switch Option*, without any additional charges.

How does unlimited free Switch Option benefit me?

You can transfer your money from one fund to another as many times as you like as ICICI Pru Elite Life II gives you the freedom to switch without any limitations.

*Switch is an option to move your allocated money between equity and debt funds.

ICICI Pru Elite Life II provides you and your family all-round protection. In case of an unfortunate event during the policy term, your family receives a lumpsum amount. This amount will help to ensure that your loved ones are able to live the life you planned for them.

How much money does my family receive in my absence?

Your loved ones will receive a lump sum amount, which will be the higher of:

  • A fixed Sum Assured^, including Top-up** Sum Assured, if any and reduced by partial withdrawals+ made by you

  • Minimum Life Cover*  

  • Fund Value# including Top-up** Fund Value, if any

*The minimum Life Cover will be 105% of the total premiums paid including Top-ups, if any.
#Fund Value is the total value of the money that is invested in equity and debt fund of your choice.
**Top-up is any extra amount that you can invest and add to your Fund Value.
^Sum Assured is the fixed minimum amount that your nominee receives in your absence.
+Partial withdrawals are allowed after the completion of five policy years provided monies are not in DP Fund. You can make unlimited number of partial withdrawals as long as the total amount of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy year. The partial withdrawals are free of cost. DP Funds refer to Discontinued Policy fund and consist of money from lapsed policies.

With this plan, you can reduce your taxable income by investing up to ` 1.5 lakh under Section 80C. This will help you save tax. What’s more, even shifting your money from equity to debt or debt to equity is completely tax-free. The money you get on maturity/death is also tax-free*.

*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Service tax and applicable cesses will be charged extra by the redemption of units, as per prevailing rates. Tax laws are subject to amendments from time to time.

Product Snapshot

Enjoying the best life has to offer is what you have always desired. Be it creating a luxurious lifestyle or managing your finances, you have always strived for special things for yourself and your loved ones. Presenting ICICI Pru Elite Life II, a plan that offers you exclusive benefits and works exactly as you want it to while offering unmatched value for your money.

Product at a Glance - ICICI Pru Elite Life II

This product allows you to choose the number of years for which you wish to pay premiums. You can opt for either the One Pay option (payment of premium once), Five Pay option (payment of premiums for 5 years), or the Regular Pay option (regular payment of premiums throughout the policy term).

How much premium can I pay?

You need to pay a minimum of `2 lakh per year for the yearly and half-yearly premium payment modes and `3 lakh per year for the monthly premium mode.

Can I pay the premium yearly, half-yearly or monthly?

Yes, you can pay your premiums yearly, half-yearly or monthly.

How many years do I have to pay premiums for?

You need to pay the premiums throughout the policy term.

How long does the policy last?

The policy term will depend on your age at entry:

0-43 years 44-55 years 56 years and above
You can choose for the policy to last from 10 to 30 years. You can choose for the policy to last 10 to 20 years. Your policy will last 10 years.

At what age can I start this plan?

There is no minimum age to start this plan. But, the maximum age should not exceed 69 years.

What should my age be upon plan maturity?

Your minimum age at policy maturity should be equal to or above 18 years and the maximum age should not exceed 79 years.

How much money will my family receive in my absence?

The maximum amount your family receives is as per the Sum Assured multiples.#

The minimum Sum Assured is as follows: 

Age at Entry Minimum Sum Assured
0-44 years Higher of (10 X Annual Premium) and (0.5 X Policy Term X Annual Premium)
45 years and above Higher of (7 X Annual Premium) and (0.25 X Policy term X Annual Premium)

How much premium can I pay?

You need to pay a minimum of `2 lakh per year for the yearly and half-yearly premium payment modes and `3 lakh per year for the monthly premium mode.

Can I pay the premium yearly, half-yearly or monthly?

Yes, you can pay your premiums yearly, half-yearly or monthly.

How many years do I have to pay premiums for?

You need to pay the premiums for 5 years.

How long does the policy last?

The policy term will depend on your age at entry:

0-43 years 44-55 years
You can choose for the policy to last from 10 to 30 years. You can choose for the policy to last from 10 to 20 years.

At what age can I start this plan?

There is no minimum age to start this plan. But, the maximum age should not exceed 55 years.

What should my age be upon plan maturity?

Your minimum age at policy maturity should be equal to or above 18 years and the maximum age should not exceed 75 years.

How much money will my family receive in my absence?

The maximum amount your family receives is as per the Sum Assured multiples.#

The minimum Sum Assured is as follows: 

Age at Entry Minimum Sum Assured
0-44 years Higher of (10 X Annual Premium) and (0.5 X Policy Term X Annual Premium)
45 years and above Higher of (7 X Annual Premium) and (0.25 X Policy term X Annual Premium)

What is the minimum premium I can pay?

You need to pay a minimum premium of `2 lakh per year.

Can I pay the premium yearly, half-yearly or monthly?

No, you only need to pay your premium once at the beginning of the policy in the One Pay option.

How many years do I have to pay premiums for?

You need to pay the premium once.

How long does the policy last?

The policy lasts for 10 years.

At what age can I start this plan?

There is no minimum age to start this plan. However, the maximum age to start should not exceed 69 years.

What should my age be upon plan maturity?

Your minimum age at policy maturity should be equal to or above 18 years and the maximum age should not exceed 79 years.

How much money will my family receive in my absence?

The minimum Sum Assured^ your family receives is (1.25 X Single Premium) paid.

The maximum Sum Assured* is as follows: 

Age at Entry Maximum Sum Assured
0-39 years 10 X Single Premium
40 years and above 1.25 X Single Premium

 

 

ICICI Pru Elite Life II benefit illustration

 

The above illustrations are for a healthy male life with 100% of his investments in Maximiser V (SFIN: ULIF 114 15/03/11 LMaximis5 105). The above are illustrative maturity values, net of all charges, service tax and applicable cesses. Since your policy offers variable returns, the given illustration shows different rates of assumed future investment returns. The returns shown in the benefit illustration are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy depends on a number of factors including future investment performance.

 

 

ICICI Pru Elite Life II benefit illustration

 

The above illustrations are for a healthy male life with 100% of his investments in Maximiser V (SFIN: ULIF 114 15/03/11 LMaximis5 105). The above are illustrative maturity values, net of all charges, service tax and applicable cesses. Since your policy offers variable returns, the given illustration shows different rates of assumed future investment returns. The returns shown in the benefit illustration are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy depends on a number of factors including future investment performance.

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*The minimum Life Cover will be 105% of the total premiums paid including Top-ups, if any.
#Maximum Sum Assured multiple depends on age. For example, for age 18 maximum multiple is 40, for age 69 maximum multiple is 7.
^Sum Assured is the fixed minimum amount your family receives in your absence.
ICICI Pru Elite Life II (UIN: 105L141V01)

Unlike traditional products, Unit Linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.

This is only a provisional certificate and does not communicate acceptance or commencement of risk under proposal submitted by you. This document may be used as a proof for claiming deductions while filing your tax returns subject to provisions of relevant tax sections and acceptance of risk, i.e. on policy issuance by the company. For any confirmation / impact analysis customer is advised to refer the matter to his Tax consultant.

W/II/0424/2016-17

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