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ICICI Pru Elite Life Super

ICICI Pru Elite Life Super is a non-participating unit linked insurance plan. It offers a life insurance cover to safeguard the life assured’s family in case of his or her demise and flexible investment options to help achieve different financial goals. The investment risk in the portfolio will be borne by the policyholder.

About ICICI Prudential Life Insurance Company - ICICI Pru Life is promoted by ICICI Bank and Prudential Corporation Holdings. The company commenced its operations in fiscal year 2001, and has been among the leading players in the life insurance sector. As on 31st March 2019, ICICI Pru Life’s Assets Under Management were Rs. 1,604.10 billion.

(Note - All the information contained in this page has been sourced from the official website of ICICI Prudential Life.)

Features of ICICI Pru Elite Life Super Plan

The features of ICICI Pru Elite Life Super Plan are as under:

  • Choice of 4 portfolio strategies
  • Loyalty additions from year 6 onwards
  • Wealth boosters once every 5 years, beginning from the end of the 10th policy year
  • Choice of protection level
  • Unlimited free switches

Benefits of ICICI Pru Elite Life Super Plan

Death Benefit:

In case of the life assured’s death during the policy term, the following will be payable to the nominee:

Death Benefit = A or B or C (whichever is highest)

Here, A = Sum Assured, including Top-up Sum Assured, if any

B = Minimum Death Benefit C = Fund Value, including the Top-up Fund Value (if any) The minimum sum assured will be 105% of the total premiums paid, including Top-up premiums, if any.

Maturity Benefit:

Once the policy matures, the policyholder will get the Fund Value, including the Top-up Fund Value, if any. He or she will have an option to receive the maturity benefit as a lump sum or as a structured pay-out using settlement option.

Loyalty Additions and Wealth Boosters:

The insurer will allocate extra units as below, provided all due premiums have been paid:

Premium payment termLoyalty AdditionsWealth Boosters
(End of year 6 and 7)(End of year 8 and onwards)(End of every fifth year, starting from the end of tenth policy year)
5 years – 6 years0.10%0.10%1%
7 years – 9 years0.20%0.35%1%
10 years and above0.20%0.35%2%
Single Pay0.30%0.30%1.5%

Eligibility Criteria

Age at entryAge at maturity
Minimum entry age: 0 yearsMinimum maturity age: 18 years
Maximum entry age: Single Pay: 75 yearsMaximum maturity age: Single Pay: 80 years
Limited Pay / Regular Pay: 65 yearsLimited Pay / Regular Pay 75 years

Limited Pay/ Regular Pay:

Age at entry (last Birthday)Policy Terms available (in years)
For premium payment terms less than 7 yearsFor premium payment terms 7 years and above
0 to 3910, 15 to 3010, 15 to 30
40 to 4410, 15 to 2510, 15 to 25
45 to 5110, 15 to 2010, 15 to 25
52 to 561010
57 to 65 -10

Single Pay:

Age at entry (last birthday)Policy Terms available (in years), subject to maximum maturity age
For Sum Assured Multiple of 1.25 timesFor Sum Assured Multiple of 10 times
0 to 245 to 305 to 30
25 to 315 to 305 to 20
32 to 375 to 305 to 30
38 to 415 to 305
38 to 415 to 30 -

Premium Details

Premium payment term

Premium payment optionPremium payment term
Single PaySingle Premium
Limited Pay5 years to 10 years
Regular PaySame as policy term
Premium payment modesSingle, Yearly, Half-yearly and Monthly

Documents Required

To avail a unit linked insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are usually acceptable include:

ID Proof - PAN card, Passport, Voter ID card, etc.

Address Proof - Passport, Driving License, Voter ID card, etc.

Exclusion - ICICI Pru Elite Life Super

If the life assured - sane or insane - commits suicide within a year from the date of the policy’s inception or from the date of its revival, only the fund value, including top-up fund value, if any, as available on the date of demise, shall be payable.

Review of ICICI Pru Elite Life Super

With ICICI Pru Elite Life Super, individuals can benefit from i) choice of four portfolio strategies, ii) unlimited fund switches, iii) bonus for staying invested and iv) life insurance cover. Loyalty additions are paid out from year 6 onwards, while wealth boosters are payable once every 5 years, starting from the end of the 10th policy year.

FAQs

What are the charges applicable under ICICI Pru Elite Life Super Plan?

The charges under ICICI Pru Elite Life Super Plan are as follows:

  • Premium Allocation Charge
  • Fund Management Charge
  • Policy Administration Charge
  • Mortality Charges
  • Discontinuance Charges

What are the premium payment modes under ICICI Pru Elite Life Super Plan?

The premium payment modes under ICICI Pru Elite Life Super Plan are Single, Yearly, Half-yearly and Monthly.

What is the minimum maturity age under ICICI Pru Elite Life Super?

The minimum maturity age is 18 years.

What are the tax benefits associated with ICICI Pru Elite Life Super Plan?

Tax deduction under Section 80C of the Income Tax Act, 1961, can be claimed for premiums paid toward ICICI Pru Elite Life Super Plan. The proceeds from the policy are tax-free in the hands of the receiver under Section 10(10D) of the Income Tax Act.

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