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  • ICICI Pru Elite Wealth II Plan

    ICICI Prudential Life Insurance

    The Pru Elite Wealth II is a unit linked insurance policy made available by ICICI. The policyholder will bear all investment risks in the portfolios and no liquidity will be offered until five years of the policy have been completed. Customers will also not be allowed to withdraw / surrender the money that was invested in the policy, partially or completely, until five policy years have been completed. This protection and savings plan is exclusively tailored for preferred customers and provides various options with regards to investment. Customers can choose their own fund choices, investment horizons and premium payment options. The policy also provides cover to the family of the policyholder in case the policyholder expires during the course of the policy.

    Features of ICICI Pru Elite Wealth II

    • Flexible premium payments: Customers can choose whether they wish to pay premiums for the whole policy term or if the wish to pay it only for a limited period.
    • Options of portfolio strategies: customers can opt for personalised portfolio strategies.
    • Life Cycle based Portfolio Strategy: This is a personalised and distinctive strategy that allows you to form the perfect balance between debt and equity, depending on the individual’s age.
    • Fixed Portfolio Strategy: This option allows customers to allocate their savings in whichever fund they choose.
    • Wealth Boosters: This is an additional feature offered once every five years beginning after the tenth policy year has been completed.
    • Option of protection level: Customers have the option to choose a life cover depending on their desired level of cover.
    • No limit on free switches: The ever-changing investment outlooks and financial priorities of a customer can be managed by him / her with unlimited free switches.

    Benefits of ICICI Pru Elite Wealth II

    1. Death Benefit: If the Life Assured passes away when the policy term is still in progress, payables will be as follow:
      1. Death Benefit = A / B / C, whichever is highest. In this case,
      2. A = Sum Assured inclusive of top-up sum assured, if any
      3. B = Fund Value inclusive of the top-up fund value, if any
      4. C = Minimum death benefit minus applicable partial withdrawals, if any.
      5. Minimum Death Benefit offered will be 105% of the overall premiums paid inclusive of top-up premiums, if any.
    2. Maturity Benefit: When the policy matures, customers will be eligible for the Fund Value inclusive of the top-up fund value, if any. Customers will also be allowed 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. This is an extra feature that will apportioned when each policy year ends. However, the loyalty addition will commence only after the sixth policy year has been completed.
      2. Every Loyalty Addition will be a percentage of the average of daily fund values inclusive of top-up fund value, if any.
      3. The Loyalty Addition will be 0.40% from the sixth policy year to the tenth policy year, and 0.60% from the 11th policy year onwards.
      4. An extra loyalty addition of 0.25% will be paid each year starting from the end of the sixth year, but to avail this addition, customers must ensure that all premiums for the year have been paid.
    4. Wealth Boosters
      1. These are apportioned as additional units after the end of every five policy years beginning from the completion of the tenth policy year. Customers must ensure that their money is not in DP Fund to avail Wealth Boosters.
      2. Every addition will be 1% of the percentage of the average of the fund values inclusive of top-up fund value, if any.
    5. No limit on free switches between funds: Customers who opt for the Fixed Portfolio Strategy are allowed to switch units from one fund to another based on their investment outlook and financial priorities. The switches are unlimited and available for free of cost.

    Eligibility Criteria

    The eligibility criteria for individuals varies based on the ICICI Pru Plan they choose. Following is a table displaying the requirements for all of the three policies.

     

    One Pay

    Five Pay

    Regular Pay

    Minimum premium

    Rs.5 lacs

    Rs.5 lacs per annum

    Rs.5 lacs per annum

    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 for individuals who enter between the ages 0 and 45 years, and 10 years to 20 years for individuals who enter between the ages of 46 years and 55 years.

    10 years to 30 years for individuals who enter between the ages 0 and 45 years, 10 years to 20 years for individuals who enter between the ages of 46 years and 55 years, and 10 years for individuals who enter after 56 years of age.

    Entry age

    Minimum: 0 years

    Maximum: 70 years

    Minimum: 0 years

    Maximum: 55 years

    Minimum: 0 years

    Maximum: 70 years

    Maturity age

    Minimum: 18 years

    Maximum: 80 years

    Minimum: 18 years

    Maximum: 75 years

    Minimum: 18 years

    Maximum: 80 years

    Sum assured

    Minimum: 1.25 x Single Premium.

    Maximum: 10 x Single Premium for individuals who enter aged between 0 and 41 years, and 1.25 x Single Premium for those who enter aged 42 years and above.

    Minimum: Higher of (10 x Yearly Premium) and (0.5 x Policy Term x Yearly Premium) if individuals enter before 43 years of age, and Higher of (7 x Yearly Premium) and (0.25 x Policy Term x Yearly Premium) if they enter after 45 years of age.

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

    Minimum: Higher of (10 x Yearly Premium) and (0.5 x Policy Term x Yearly Premium) if individuals enter before 43 years of age, and Higher of (7 x Yearly Premium) and (0.25 x Policy Term x Yearly Premium) if they enter after 45 years of age.

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

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