Insurance Plans 908 views June 8, 2020

ICICI Pru Elite Life Super Plan

The Unit Linked Investment Plan is a kind of investment with a life cover. You can accumulate and grow your wealth through this plan and also enjoy a life cover until the policy term. But in such a massive competition it is difficult to choose the best investment insurance plan. You can explore the ICICI Pru Elite Life Super Plan that has a lot of benefits and it helps you to boost your wealth. This insurance plan has death benefits and maturity benefits. You are also allowed to take tax deductions through this plan. Your future risks are covered in this plan and you can save a lot of money for your future. So, have a look at the features and benefits of this ULIP plan.

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Key Features of Elite Life Super Plan

  1. Multiple options for choosing the portfolio management strategy.
  2. Choose the type of premium among single pay, regular pay, and limited pay.
    Increase your fund value through loyalty additions and wealth booster benefits.
  3. Add accidental death rider in the same insurance plan.
  4. You are free to switch between funds as per your choice.
  5. Get tax deductions under section 80C of the Income Tax Act 1961.

Benefits of the ICICI Elite Life Super Policy

Now, you must see the benefits of this investment insurance plan and see how it will help you to cover future financial risks. You can accumulate a lot of funds for your future through this insurance plan.

Loyalty Additions

The company will add units into your funds as the loyalty additions every year. This benefit will start from 6th policy and it will be only given if you have paid all the premiums due regularly. The Addition will be as follows:-

Premium Paying TermLoyalty Additions
End of 6th and 7th YearAfter 8th Year
Single Payment of Premium0.30%0.30%
5 Years to 6 Years0.10%0.10%
7 Years to 9 Years0.20%0.35%
10 Years and Above0.20%0.35%

Wealth Booster

Wealth booster is given to the policyholder if he has taken the policy for the long term. In this benefit of the ICICI Pru Elite Life Super Plan, the company will give you extra unites on the period of every 5 years after the 10th policy year. The wealth booster given will be as follows:-

Premium Paying TermWealth Booster
5 Years and 6 Years1%
7 Years to 9 Years1%
10 Years and Above2%
Single Payment of Premium1.5%

Death Benefits

If in case the insured dies during the policy term then the nominee will receive the highest of the following benefits:-

  1. Sum Assured including the top-up Sum Assured
  2. Minimum Death Benefit that will be 105% of the Total Premiums Paid
  3. including the Top-up Premium.
  4. Value of the Funds including the Top-up Fund Value.

Maturity Benefits

You will receive the Fund Value including the Top-up fund value at the time of maturity. You can take the maturity amount as a lump sum or divide it into a structured payout. The company also gives you the option to receive the maturity amount monthly, quarterly, half-yearly, and yearly.

Switch Between Funds

There are different funds offered by the ICICI Prudential in which your amount of premium is invested. You are free to switch between funds anytime as per your needs. Keep a balance between the debt funds and equity funds and switch according to the market fluctuations.

Partial Withdrawal Benefits

  1. You are allowed to make partial withdrawals in case of an emergency after 5 policy years.
  2. You are allowed to make unlimited partial withdrawals without any extra charge.
  3. All premiums due for the first five years have to be paid regularly in order to enjoy this benefit.
  4. The minimum amount for making the partial withdrawal is Rs. 2000.
  5. The maximum amount of the partial withdrawal in a policy year is 20% of the Fund Value.

Add a Rider to the Plan

In the Elite Life Super Plan, you can add Accidental Death Rider for additional protection. Go through the terms and conditions for adding a rider in the policy.

  1. Minimum Age of Entry must be 18 years.
  2. Maximum Age of Entry must be 55 years.
  3. Maximum Cover Ceasing Age must be below 65 Years.
  4. INR 50 Lacs is the maximum sum assured for the rider benefit.
  5. The term of the rider will be the same as the term of the ICICI Pru Elite Life Super Policy.

About ICICI Pru Elite Life Super Plan

ParticularsDetails
Minimum Age of Entry0 Years
Maximum Age of Entry75 Years for Single Pay
65 Years for Limited and Regular Pay
Minimum Age of Maturity18 Years
Maximum Age of Maturity80 Years for Single Pay
75 Years for Regular and Limited Pay
Premium Paying TermSingle-Premium for Single Pay
5 Years to 10 Years for Limited Pay
Same as the Policy Term for the Regular Pay
Minimum Premium AmountRs. 2 Lacs per annum
Maximum Premium AmountUnlimited

Types of Portfolio Management Strategy

There are four types of Portfolio Management Strategy in the Elite Life Super Policy and they are:-

  1. Target Asset Allocation Strategy
  2. Trigger Portfolio Strategy 2
  3. Lifecycle Based Portfolio Strategy 2
  4. Fixed Portfolio Strategy

Charges of the Policy

  1. Policy Administration Charge- Rs. 720 per annum for Single Pay and Rs. 4200 per annum for Regular and Limited Pay.
  2. Premium Allocation Charge- 3% for Single Pay and 2% to 5% for Regular and Limited Pay.
  3. Mortality Charges- 1.02 to 11.54 per thousand.
  4. Fund Management Charge- 0.75% to 1.35% per annum

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