ICICI Pru Elite Life II Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
ICICI Pru Elite Life II Plan is a savings oriented unit linked insurance plan that offers multiple options for investment. This plan offers flexibility of premium payment where you can pay premiums for a limited period for the entire duration of the policy term. You also have the option of selecting a personalised portfolio strategy under the plan. Loyalty Additions and Wealth Boosters, along with unlimited free switches make this plan an ideal choice for you.
Eligibility - Who is the ICICI Pru Elite Life II Plan for?
Given below are certain eligibility criteria that need to be met when applying for the plan:
| Minimum age at entry | 0 years |
| Maximum age at entry | One Pay – 69 years Five Pay – 55 years Regular Pay – 69 years |
| Minimum age at maturity | 18 years |
| Maximum age at maturity | One Pay – 79 years Five Pay – 75 years Regular Pay – 79 years |
| Premium Payment Term | One Pay - Single Five Pay - 5 years REgular Pay - Same as policy term |
Sum Assured and Premium Range - What you Get and What it Costs?
The table given below indicates the Sum Assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Elite Life II Plan.
| Minimum Premium |
One Pay – Rs.2,00,000 Five and Regular Pay -
|
||
| Policy Term | Option | Age range (years) | Policy term (years) |
| One Pay | All ages | 10 | |
| Five Pay | 0 - 43 | 10 – 30 | |
| 44 - 55 | 10 – 20 | ||
| Regular Pay | 0 - 43 | 10 – 30 | |
| 44 - 55 | 10 – 20 | ||
| 56 and above | 10 | ||
| Sum Assured for One Pay *Sum Assured multiples in between the minimum and maximum limits are not available in One Pay option | Entry age | Min. Sum Assured | Max. Sum Assured |
| 0 to 39 years | 1.25 X Single Premium | 10 X Single Premium | |
| 40 years and above | 1.25 X Single Premium | 1.25 X Single Premium | |
| Sum Assured for Five Pay and Regular Pay | Entry age | Min. Sum Assured | Max. Sum Assured |
| 0 to 44 years | Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) | As per maximum Sum Assured Multiples. Maximum Sum Assured depends on age. | |
| 45 years and above | Higher of (7 X Annual Premium) and (0.25 X Policy term X Annual Premium) | ||
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru Elite Life II Plan Covers?
The ICICI Pru Elite Life II Plan offers the following benefits:
| Death Benefit | On death of the Life Assured, payable as Sum Assured, Minimum Death Benefit, or Fund Value, whichever is higher |
| Maturity Benefit | On the policy’s maturity, paid as lump sum or structured payout |
| Loyalty Additions | Allocated at the end of every policy year, starting from the end of the sixth policy year |
| Wealth Boosters | Allocated at the end of every fifth policy year, starting from the end of the tenth policy year |
| Surrender Benefit | On surrender in the first five policy years, the Fund Value including the Top-up Value is transferred to the DP Fund (Discontinued Policy Fund) |
| Tax Benefit | Can be availed subject to conditions under Sec.10 (10D) and Sec. 80C of the Income Tax Act, 1961 |
Benefits in Detail:
Death Benefit: In case of death of Life Assured under this plan, the Death Benefit is either paid as the Sum Assured or the minimum Death Benefit, or Fund Value, whichever is higher. Minimum Death Benefit is 105% of the total premiums paid, inclusive of Top-up premiums.
Maturity Benefit: On maturity of policy, ICICI grants the policyholder the Fund Value along with the Top-up Fund Value, if any. You can choose to opt for payments on a yearly, half yearly, quarterly or monthly (through ECS) basis, over a duration of one to five years, post maturity.
Loyalty Additions: Under this plan, the company allocates extra units at the end of every policy year starting from the end of the sixth policy year, as a percentage of the average of daily Fund Values including Top-up Fund Value, as given below:
| Year | Loyalty Addition |
| 6 to 10 | 0.30% |
| 11 onwards | 0.50% |
Surrender Benefit: If you wish to surrender your policy during the first five policy years, the Fund Value inclusive of the Top-up Fund Value is transferred to the DP Fund, after deduction of applicable Discontinuance Charge.
Portfolio Strategies under the ICICI Pru Elite Life II Plan:
Under this plan, you can choose from two portfolio strategies:
- Fixed Portfolio Strategy – Under this strategy, you can invest in any of the following funds in proportions of your choice:
| Fund Name | Risk Reward Profile |
| Opportunities Fund | High |
| Multi Cap Growth Fund | High |
| Bluechip Fund | High |
| Maximiser V | High |
| Multi Cap Balanced Fund | Moderate |
| Income Fund | Low |
| Money Market Fund | Low |
| Maximise India Fund | High |
- LifeCycle based Portfolio Strategy 2 – Under this strategy, your investments are distributed between Multi Cap Growth Fund and Income Fund, based on your age. The units are then rebalanced on a quarterly basis, as you grow older.
Add-On Plans – Additional Coverage under the ICICI Pru Elite Life II Plan:
Under the ICICI Pru Elite Life II Plan, the policyholder can opt for additional protection through the Unit Linked Accidental Death Rider. Which offers similar cover to that of the base ULIP plan, subject to maximum sum assured conditions. Policyholders are charged for this rider by cancelling units periodically every month.
Exclusions - What the ICICI Pru Elite Life II Plan doesn’t Cover?
Suicide Exclusion: Under the ICICI Pru Elite Life II Plan, if the Life Assured commits suicide despite being either sane or insane within a year from the policy’s issuance or revival date, only the Fund Value along with Top-up Fund Value is payable on the date of death.
Other Key Features:
Some of the other main features of the ICICI Pru Elite Life II Plan are:
| Particulars | Details |
| Free-look period |
|
| Policy Revival |
|
| Grace Period | Monthly mode – 15 days Other modes – 30 days |
| Premium Discontinuance |
Applicable only for Regular Pay Policies Two options:
|
Tax Benefits – How you can save with the ICICI Pru Elite Life II Plan?
Under the Elite Life II Plan, policyholders can avail tax benefits as per prevailing tax laws.
Other Benefits:
Other benefits that can be availed if you opt for the ICICI Pru Elite Life II Plan are:
- Facility to download online brochure of ICICI Pru Elite Life II Plan
- Get a financial advisor from the company
- Request for a call back from the company
- Purchase a plan online
- Locate the nearest ICICI Prudential branch
Why you should Buy the ICICI Pru Elite Life II Plan from ICICI Prudential?
ICICI Prudential Life is a financial company offering cost-effective policies, high quality of services, consistent fund performance and easy settlement process. The company’s key values makes it an ideal choice for purchasing a policy from.
Frequently Asked Questions (FAQs):
-
If I select the Lifecycle based Portfolio Strategy 2 under the ICICI Pru Elite Life II Plan, how can I ensure that my accumulated savings are not impacted by short-term market volatility?
A. In order to ensure that short-term market volatility does not have any effect on your savings, ICICI Prudential systematically transfers your investments in Multi Cap Growth Fund to Income Fund in ten instalments in the last ten quarters of your policy.
-
I have taken the Elite Life II Plan from ICICI Prudential. Is it possible to switch between the eight funds under the plan?
A. Yes, you can switch between funds provided the monies are not in the DP Fund. This facility is available to you only if you have all your funds in the Fixed Portfolio Strategy at the time you want to make the switch. The minimum value of a switch is Rs.2, 000.
-
Can I select the ATS (Automatic Transfer Strategy) under the ICICI Pru Elite Life II Plan for payment towards my investment options?
A. Yes, you can opt for ATS under the Fixed Portfolio Strategy of the plan, where the transfer is made in not more than 12 equal monthly instalments.
-
What is the minimum transfer amount under ATS for Fixed Portfolio Strategy under this plan?
A. The minimum transfer amount for ATS under this plan towards Fixed Portfolio Strategy is Rs.2, 000.
-
What are non-negative claw-back additions under the ICICI Pru Elite Life II Plan?
A. ICICI deduces specific non-negative claw-back additions in order to comply with the reduction in yield in the funds under the plan. In such cases, these additions are made to the unit Fund Value at different durations after first five years of the contract.
-
Do I have to pay any charges towards additional protection through the Unit Linked Accidental Death Rider (UL ADR) under the Elite Life II Plan from ICICI Prudential?
A. Under this plan, ICICI Prudential charges for your UL ADR by cancelling units on a monthly basis.
-
What is the minimum top-up Amount of premium in the ICICI Pru Elite Life II Plan?
A. The minimum top-up Premium amount is Rs.2, 000, which increases your Sum Assured.
-
How many times can I change my portfolio strategy, once already selected at the beginning of the policy?
A. You can change your portfolio strategy once every policy year. The only condition is that the monies should not be in the DP Fund. The facility is provided free of cost.
-
When can I choose to decrease my Sum Assured within the policy term?
A. You can choose to decrease your Sum Assured at any policy anniversary during the policy term, provided all premiums have been paid on time.
-
Does ICICI Prudential allow a partial withdrawal benefit under the Elite Life II Plan?
A. Yes, ICICI allows policyholders of the Elite Life II Plan to partially withdraw post completion of five policy years, provided monies are not in the DP Fund. Any number of partial withdrawals are allowed, provided the total amount of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy year.
*The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
