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ICICI Pru Elite Wealth II Plan

ICICI Pru Elite Wealth 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 Wealth 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 and Regular Pay – 70 years Five Pay – 55 years
Minimum age at maturity 18 years
Maximum age at maturity One Pay and Regular Pay – 80 years Five Pay – 75 years
Premium Payment Term Single, Yearly, Half-yearly, Monthly

Sum Assured and Premium Range - What you Get and What it Costs?

The table given below the Sum Assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Elite Wealth II Plan.

Minimum Premium One Pay – Rs.5,00,000 Five and Regular Pay – Rs.5,00,000 p.a.
Policy Term Option Age range (years) Policy term (years)
One Pay All ages 10
Five Pay 0 - 45 10 – 30
  46 - 55 10 – 20
Regular Pay 0 - 45 10 – 30
  46 - 55 10 – 20
  56 and above 10
Sum Assured for One Pay *Sum Assured multiples in between the maximum and minimum limits are not available in One Pay option Entry age Min. Sum Assured Max. 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
Sum Assured for Limited 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 Wealth II Plan Covers?

The ICICI Pru Elite Wealth II Plan offers the following benefits:

Death Benefit On death of the Life Assured, payable as Sum Assured or Minimum Death Benefit, or Fund Value, whichever is higher
Maturity Benefit On maturity of the policy, payable as lump sum or structured payout
Loyalty Additions End of every policy year, starting from the end of the sixth policy year – 0.25%
Wealth Boosters 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) – Discontinuance Charge is deducted
Tax Benefit Subject to 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 the Sum Assured or the minimum Death Benefit, or the Fund Value inclusive of the Top-up Fund Value, if any, whichever is higher. Minimum Death Benefit is 105% of the total premiums paid, inclusive of Top-up premiums.

Maturity Benefit: On maturity of policy, you will get the Fund Value along with the Top-up Fund Value, if any. You can choose the Settlement Option and receive the Maturity Benefit as a lump sum or structured payout. You also have the option to withdraw the entire Fund Value at any time during the policy term.

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 0.40%
11 onwards 0.60%

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. If there is no policy revival, either you or the nominee will receive an amount not less than the Fund Value including Top-up Fund Value, if any, which was transferred to the DP Fund, on the earlier of death and the expiry of the lock-in period.

Portfolio Strategies under the ICICI Pru Elite Wealth 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.

Add-On Plans – Additional Coverage under the ICICI Pru Elite Wealth II Plan:

Under the ICICI Pru Elite Wealth 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. The policyholder is charged for the rider by deduction from cancellation of units on a monthly basis.

Exclusions - What the ICICI Pru Elite Wealth II Plan doesn’t Cover?

Suicide Exclusion: Under the ICICI Pru Elite Wealth 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. No charges are deducted after the date of death.

Other Key Features:

Some of the other main features of the ICICI Pru Elite Wealth II Plan are:

Particulars Details
Free-look period
  • 15 days from the date you have received the policy document (if policy not purchased through Distance marketing)
  • 30 days from the date you have received, if policy purchased through Distance marketing
Policy Revival
  • If policy is surrendered in the first five policy years, policy can be revived by paying overdue premiums within two years from the date of discontinuance
  • In case premium is discontinued after five policy years, policy can be revived within two years from the date of receipt of intimation of your preferred choice on revival
Grace Period Monthly mode – 15 days Other modes – 30 days
Premium Discontinuance Applicable only for Regular Pay Policies Two options:
  • Within first five policy years
  • After the first five policy years

Tax Benefits – How you can save with the ICICI Pru Elite Wealth II Plan?

Under the Elite Wealth II Plan, policyholders can avail tax benefits as per prevailing tax laws.

Other Benefits:

Some of the benefits that can be utilised by a policyholder while purchasing the ICICI Pru Elite Wealth II Plan are:

  • Opt for a financial advisor from the company
  • Download online brochure of ICICI Pru Elite Wealth II Plan
  • Make comparison with other plans
  • 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 Wealth II Plan from ICICI Prudential?

ICICI Prudential Life Insurance boasts of a strong customer base owing to its hassle-free settlement, consistent fund performance, cost-effective initiatives, and superior quality of services. The company functions on four core values – Passion, Customer focus, Integrity, Humility, and Boundaryless, thereby making it an ideal company to purchase a policy from.

Frequently Asked Questions (FAQs):

  1. Does ICICI Prudential allow a partial withdrawal benefit under the Elite Wealth II Plan?

    A. Yes, ICICI allows policyholders of the Elite Wealth II Plan to partially withdraw after the completion of five policy years, provided all premium payments are made on time.

  2. Is there a minimum value of partial withdrawal allowed under the ICICI Pru Elite Wealth II Plan?

    A. Yes, the minimum partial withdrawal under this plan should be Rs.2, 000.

  3. How are the Mortality Charges levied on the policyholder of the ICICI Pru Elite Wealth II Plan?

    A. The Mortality Charges are levied each month by redemption of units depending on the Sum at Risk.

  4. Is there any Discontinuance Charges that the policyholder should pay under the Elite Wealth II Plan?

    A. Yes, ICICI charges Discontinuance Charges based on the policy year when the policy is discontinued.

  5. Is there an option to modify the premiums during the policy year of the ICICI Pru Elite Wealth II Plan?

    A. No, the company does not allow any modification such as increase or decrease in the premium of the policy.

  6. Is there an option to select ATS (Automatic Transfer Strategy) under the ICIC Pru Elite Wealth II Plan towards investment options?

    A. Yes, you can opt for ATS under the Fixed Portfolio Strategy of the plan, where you can invest all or some part of your monies in Money Market Fund and transfer a specific amount into any of the other funds.

  7. 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.

  8. What does age based portfolio management mean in the ICICI Pru Elite Wealth II Plan?

    A. Under this plan, at the beginning of the policy term, your investments are distributed according to your age, between Multi Cap Growth Fund and Income Fund. As you grow older, your funds are re-distributed accordingly.

  9. Can I switch between the eight funds under the plan? If yes, what is the condition to make the switch?

    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.

  10. Can I top-up my premium into the policy? If yes, what is the minimum amount that is permitted as top-up?

    A. Yes, you can invest additional money as Top-up premium, over and above the base premium into the policy. The minimum top-up premium that is allowed is Rs.2, 000.