ICICI Prudential Elite Wealth Super Plan
ICICI Pru Elite Wealth Super Plan is a simple Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
In ICICI Pru Elite Wealth Super Plan, premium needs to be paid either in a lumpsum under One Pay or for 5 years under 5 Pay but in an annual mode. The Minimum Premium for this plan is Rs 5,00,000 for both 1 Pay and 5 Pay options.
ICICI Pru Elite Wealth Super Plan offers Loyalty Additions from the 6th year onwards of 0.25% of the average daily Fund Value from 6th to 10th policy year and 0.6% from the 11th year onwards. Thus, once the Loyalty additions are paid, the effective Fund Management Charge is offset by that amount.
The Fund Value is paid as Maturity Benefit on survival till the end of the policy tenure. However, if the Life Insured dies within the policy tenure, higher of the Sum Assured or the Fund Value is paid as Death Benefit and the policy terminates is a simple unit linked insurance plan (ULIP) for the elite investors, such that if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value (whichever is higher) as Death Benefit. On Maturity, the Life Insured would receive the Fund Value. In ICICI Pru Elite Wealth Super plan, the effective Fund Management Charge is much low as compared to other similar plans as there are Loyalty Additions from 6th year onwards.
Key Features of ICICI Pru Elite Wealth Super Plan
- This is a simple ULIP where the higher of Sum Assured or Fund Value is paid on death and Fund Value is paid on maturity
- Loyalty Units are added to the fund from the 6th policy year onwards
- The Fund Management Charge is effectively reduced by the % of Loyalty additions received.
- There is a choice of 8 Investment Funds in this plan
- This plan provides for unlimited free switches
- The Sum Assured can be increased and decreased within the policy tenure for 1-Pay
Benefits you get from ICICI Pru Elite Wealth Super Plan
- Death Benefit – In case of death of the Life Insured, the nominee would get the higher of Sum Assured or Fund Value as Death Benefit
- Maturity Benefit – On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
- Income Tax Benefit – Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
The reasons why should you invest in ICICI Pru Elite Wealth Super Plan
- Choice of 4 portfolio strategies to match your needs.
- Target Asset Allocation Strategy: Allocate your investment between funds as per your risk appetite and maintain the allocation with quarterly rebalancing
- Trigger Portfolio Strategy 2: Takes advantage of substantial market swings and invests on the principle of “Buy low and Sell high”
- Life Cycle based Portfolio Strategy 2: A unique and personalized strategy to create an ideal balance between equity and debt, based on your age
- Or you can allocate your savings in any of the nine funds through Fixed Portfolio Strategy
- Loyalty Additions – Get Loyalty Additions from year 6 onwards which enhances your fund value
- Wealth Boosters – Once every 5 years starting from the end of the 10th policy year
- Choice of protection level – Enjoy the safety of a life cover based on your desired level of protection. Enhance your protection by opting for ICICI Pru Accidental Death Rider
- Unlimited free switches – Manage your changing financial priorities and investment outlook with unlimited free switches
- Tax Benefits – Tax benefits on premiums paid and benefits received as per the prevailing tax laws T&C 2