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ICICI Pru Elite Wealth II

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.
Why choose ICICI Pru Elite Wealth II?
We have 6 good reasons:
  • Flexibility of premium payment : Pay premiums for a limited period or for the entire policy term.
  • Choice of portfolio strategies : Choose between Fixed Portfolio Strategy & Life Cycle based Portfolio Strategy based on your requirement.
  • Wealth Boosters : Once every 5 years starting from the end of the 10th policy year.
  • 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.
  • 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%
#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.

KEY BENEFITS

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
Where,
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.
Additional Accidental Death Benefit (offered as Accidental Death Rider UIN: 105A025V01):
If you have an accident that results in your death during the term of the rider, the Rider Sum Assured will be paid to your nominee.
  • Charges:
    The charge for this rider will be deducted by cancellation of units on a monthly basis. The charge is independent of age and is `45 p.a. per `1 lakh of Rider Sum Assured. This charge is guaranteed for the term of the contract.
  • Rider Sum Assured:
    Equal to the Sum Assured of the base policy, subject to a maximum of Rs 50 lakh.
    For more information click here
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.
Unlimited free switches between funds:
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 IT WORKS

  • Decide your premium amount and the premium payment option
  • Select the Sum Assured as per your protection needs
  • Choose one of the 2 available Portfolio Strategies
  • On maturity of your policy, receive your maturity benefit as a lump sum or as a structured payout 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

AT A GLANCE

Details
One Pay
 
Five Pay
 
Regular Pay
Minimum Premium
Rs. 5,00,000
Modes of Premium Payment
Single
Premium Payment Term
Single Premium
Policy Term
10 years
Min / Max age at entry
0 years / 70 years
Min / Max age at maturity
18 years / 80 years
Sum Assured
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
Note Sum Assured multiples in between the maximum and minimum limits are not available in One Pay option.
UIN of the ICICI Pru Elite Wealth II : 105L140V01

SPECIMEN POLICY DOCUMENTS