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.)
The features of ICICI Pru Elite Life Super Plan are as under:
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 term | Loyalty Additions | Wealth 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 years | 0.10% | 0.10% | 1% |
| 7 years – 9 years | 0.20% | 0.35% | 1% |
| 10 years and above | 0.20% | 0.35% | 2% |
| Single Pay | 0.30% | 0.30% | 1.5% |
| Age at entry | Age at maturity |
|---|---|
| Minimum entry age: 0 years | Minimum maturity age: 18 years |
| Maximum entry age: Single Pay: 75 years | Maximum maturity age: Single Pay: 80 years |
| Limited Pay / Regular Pay: 65 years | Limited 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 years | For premium payment terms 7 years and above | |
| 0 to 39 | 10, 15 to 30 | 10, 15 to 30 |
| 40 to 44 | 10, 15 to 25 | 10, 15 to 25 |
| 45 to 51 | 10, 15 to 20 | 10, 15 to 25 |
| 52 to 56 | 10 | 10 |
| 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 times | For Sum Assured Multiple of 10 times | |
| 0 to 24 | 5 to 30 | 5 to 30 |
| 25 to 31 | 5 to 30 | 5 to 20 |
| 32 to 37 | 5 to 30 | 5 to 30 |
| 38 to 41 | 5 to 30 | 5 |
| 38 to 41 | 5 to 30 | - |
Premium payment term
| Premium payment option | Premium payment term |
|---|---|
| Single Pay | Single Premium |
| Limited Pay | 5 years to 10 years |
| Regular Pay | Same as policy term |
| Premium payment modes | Single, Yearly, Half-yearly and Monthly |
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.
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.
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.life insurance cover
What are the charges applicable under ICICI Pru Elite Life Super Plan?
The charges under ICICI Pru Elite Life Super Plan are as follows:
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.
