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  • ICICI Pru Elite Life II Plan

    ICICI Prudential Life Insurance

    ICICI Pru Elite Life II is a unit linked insurance policy (ULIP Plan) wherein the policyholder bears the investment risks that arise in the investment portfolio. The policy will not provide any liquidity in the first five years policy years and neither will the policyholder be able to withdraw or surrender the money invested in the plan, partially or completely, until the end of the fifth policy year. This protection and savings oriented policy is tailored exclusively for preferred customers and offers various options when it comes to investments, allowing you the freedom to choose premium payments, fund choices and investment horizons. It also offers coverage to your family members and ensures that their financial future is secure in case of your unfortunate death.

    Features of ICICI Pru Elite Life II

    • Flexible premium payments: Customers can choose whether they wish to make premium payments for the whole policy term or for a limited period of time only.
    • Options of portfolio strategies: Customers can select their own personalised portfolio strategy.
    • Life Cycle based Portfolio Strategy: This is a personalised and distinctive strategy that allows individuals to create the perfect balance between debt and equity depending upon the customer’s age.
    • Fixed Portfolio Strategy: This option allows individuals to apportion their savings in the fund of their choice.
    • Lower Effective Fund Management Charge through Loyalty Additions.
    • Wealth Boosters: An additional feature that can be availed once every five years, but can only be availed after 10 policy years have been completed.
    • Option of protection level: Customers can choose their own desired level of coverage.
    • No limit on free switches: The ever-changing investment outlook and financial priorities of an individual can be effectively managed with unlimited free switches.

    Benefits of ICICI Pru Elite Life II

    1. Death Benefit: In case the Assured individual passes away at any time when the policy term is ongoing, payables will be as follow:
      • Death Benefit = A / B / C, whichever is highest. In this case,
        • A = Sum insured, inclusive of top-up sum insured, if any
        • B = Fund value inclusive of the top-up fund value, if any
        • C = Minimum Death Benefit minus applicable partial withdrawals, if any
        • Minimum Death Benefit is usually 105% of the overall premiums paid inclusive of top-up premiums, if any.
    2. Maturity Benefit: When the policy matures, individuals will be eligible for the fund value inclusive of the top-up fund value, if any. Customers will also be granted the option to claim the maturity benefit either as a structured payout through the Settlement Option, or as a lump sum.
    3. Loyalty Additions
      1. These are special features that can be claimed by the customer at the completion of each policy year. However, customers will have to complete at least six policy years to be eligible for loyalty additions.
      2. Every loyalty addition is a percentage of the average of daily fund values inclusive of top-up fund value, if any. Between the sixth and tenth year, the loyalty addition that can be claimed will be 0.30%, and after the tenth year, the rate increases to 0.50%.
      3. An extra loyalty addition of 0.25% will be paid each year after the completion of the sixth policy year provided that all premium payments for that particular year have been made.
    4. Wealth Boosters
      1. These are also special features that will be granted to customers as additional units after the completion of every five policy years, but it commences only after the customer has completed 10 policy years and ensures that the money is not in DP Fund.
      2. Every addition will be around 1.5% of the percentage of the average of the fund values inclusive of top-up fund value, if any
      3. This additional unit will be apportioned between the funds in a similar proportion to the value of overall units held in each fund during allocation.
    5. No limit on free switches: In case the customer opts for the Fixed Portfolio strategy, they can switch units from one fund to another based on their investment outlook and financial priorities. There is no limit on the number of times you can switch units and the feature can be availed for free of cost.

    Eligibility Criteria

    The eligibility criteria is different for individuals depending upon the type of ICICI Pru policy they choose. Following is a table that displays the criteria for One Pay policies, Five Pay policies and Regular Pay policies:

     

    One Pay Policy

    Five Pay Policy

    Regular Pay Policy

    Minimum premium

    Rs.2 lacs

    Rs.2 lacs per annum for annual and semi-annual payments, Rs.3 lacs for monthly payments

    Rs.2 lacs per annum for annual and semi-annual payments, Rs.3 lacs for monthly payments

    Modes of premium payment

    Single

    Monthly, half-yearly and annual

    Monthly, half-yearly and annual

    Premium payment term

    Single premium

    Five years

    Same as policy term

    Policy term

    10 years

    10 years to 30 years if the individual enters when he / she is between 0 and 43 years of age, and 10 years to 20 years if the individual enters the policy when he / she is between 44 and 55 years of age.

    10 years to 30 years if the individual enters when he / she is between 0 and 43 years of age, 10 years to 20 years if the individual enters the policy when he / she is between 44 and 55 years of age, and 10 years if the individual enters the policy when he / she is 56 years and above.

    Entry age

    Minimum: 0 years

    Maximum: 69 years

    Minimum: 0 years

    Maximum: 55 years

    Minimum: 0 years

    Maximum: 69 years

    Maturity age

    Minimum: 18 years

    Maximum: 79 years

    Minimum: 18 years

    Maximum: 75 years

    Minimum: 18 years

    Maximum: 79 years

    Sum assured

    Minimum: 1.25 x Single Premium

    Maximum: 10 x Single Premium if the individual enters between 0 and 39 years of age, and 1.25 x Single Premium if the individual enters after 40 years of age.

    Minimum: Higher of (10 x Yearly Premium) and (0.5 x Policy Term x Yearly Premium) if the individual enters between 0 and 44 years, and Higher of (7 x Yearly Premium) and (0.25 x Policy Term x Yearly Premium) if the individual enters after 45 years of age.

    Maximum: As per maximum Sum Assured multiples.

    Minimum: Higher of (10 x Yearly Premium) and (0.5 x Policy Term x Yearly Premium) if the individual enters between 0 and 44 years of age, and Higher of (7 x Yearly Premium) and (0.25 x Policy Term x Annual Premium) if entry is made after 45 years of age.

    Maximum: As per maximum Sum Assured multiples which will depend on the individual’s age.

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