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ICICI Pru Elite Wealth Super Plan

ICICI Pru Elite Wealth Super is a non-participating unit linked life insurance plan offered by ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life). ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The Assets Under Management (AUM) as on 31st March 2019 were Rs. 1,604.10 billion.

ICICI Pru Elite Wealth Super is a protection and savings oriented unit linked insurance plan which offers you a life insurance cover to protect your family in case of your unfortunate demise along with multiple options for investments with respect to premium payment, investment horizon and fund choices.

Note: All information has been sourced from the official website of ICICI Prudential.

Features of ICICI Pru Elite Wealth Super Plan

The key features of this plan are:

  • Option to select four portfolio strategies - Target Asset Allocation Strategy, Trigger Portfolio Strategy 2, LifeCycle based Portfolio Strategy 2 or Fixed Portfolio Strategy.
  • Loyalty Additions from year 6 onwards
  • Wealth Boosters every 5 years starting from the end of the 10th policy year
  • Option of ICICI Pru Accidental Death Rider
  • Unlimited Free Switches
  • Tax Benefits as per Section 80C and 10(10D) of the Income Tax Act, 1961

Benefits of ICICI Pru Elite Wealth Super Plan

The key benefits of this plan are:

Death Benefit - In case of unfortunate death of the life assured during the policy term, the following will be payable to the Nominee, or in the absence of a Nominee, the Legal heir. Death Benefit = A or B or C whichever is highest Where,

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

Minimum Death Benefit will be 105% of the total premiums paid including Top-up premiums, if any.

Maturity Benefit - The maturity benefit payable will be the Fund Value including the Top-up Fund Value, if any. You have the option to receive the Maturity Benefit as a lump sum or as a structured payout using Settlement Option. You can opt to get payments on a yearly, half yearly, quarterly or monthly (through ECS) basis, over a period of one to five years, post maturity. The first payout of the settlement option will be made on the date of maturity.

Loyalty Additions and Wealth Boosters - The insurer will allocate extra units provided all due premiums have been paid.

For single pay policies with a policy term of 5 years, a loyalty addition of 0.40% of the average of daily Fund Values, including Top-up Fund Value, if any, in that same policy year, will be payable at the end of the fifth policy year.

Additional Features and Riders

Unlimited free switches between funds - Under the Fixed Portfolio Strategy, you can switch units from one fund to another as many times as you want. The minimum switch amount is Rs. 2,000.

Top-up - You can invest any surplus money as Top-up premium. The minimum Top-up premium is Rs. 2,000. The Sum Assured will increase by Top-up Sum Assured when you avail of a Top-up. A lock-in period of five years would apply for each Top-up premium for the purpose of partial withdrawals only.

Partial Withdrawal Benefit - Partial withdrawals are allowed post completion of five policy years and on payment of all premiums for the first five policy years. 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.

Increase / Decrease of Sum Assured - You can choose to increase or decrease your Sum Assured at any policy anniversary during the policy term, provided all due premiums till date have been paid before the policy anniversary on which the life assured is aged 60 years completed birthday. Such increases or decreases would be allowed in multiples of Rs. 1,000, subject to maximum Sum Assured multiple limits.

Increase in Premium Payment Term - You can choose to increase the Premium Payment Term during the policy term, provided all due premiums till date have been paid. Decreasing the Premium Payment Term is not allowed.

Increase/Decrease in Policy Term - Increase or decrease in policy terms is allowed, subject to the Policy terms allowed under the given policy.

Grace Period - The grace period for payment of premium is 15 days for monthly mode of premium payment and 30 days for other modes of premium payment.

Documents Required to Purchase ICICI Pru Plan

The following documents are required to purchase ICICI Pru Plan-

  • Application Form
  • KYC Details - Proof of ID and Address
  • Income Statement
  • SIP/Auto Debit/SI Bank Mandate Form
  • Medical Check-up/report, if required

Why you should Buy ICICI Pru Elite Wealth Super Plan?

ICICI Pru Elite Wealth Super Plan is an excellent investment option. Under this plan, you can select any one of the investment strategies out of four. Each investment strategy comes with unique features which are beneficial for effective fund management. Also, you can enhance your policy cover by purchasing the ICICI Pru Accidental Death Rider.

Exclusions under ICICI Pru Elite Wealth Super Plan

Suicide - If the Life Assured, whether sane or insane, commits suicide within one year from the date of inception of the policy or from the date of policy revival, only the Fund Value, including Top- up Fund Value, if any, as available on the date of death, would be payable to the family.