Investment Plans 203 views May 6, 2021

ICICI Pru Elite Life II Plan is a unit-linked life insurance plan that provides dual benefits of protection and savings. In case of your unfortunate demise, your family will get a life insurance cover that will help maintain their lifestyle. Before going any further, let’s check out the prominent features of the ICICI Pru Elite Life II Plan mentioned below.

  1. Premium payment flexibility
  2. Multiple portfolio strategies
  3. Wealth Boosters starting from the end of 10th year
  4. Choice of protection level
  5. Lower fund management charges
  6. 15 or 30-day free look period
  7. Tax Benefits under Income Tax Act, 1961

Here, we will talk about these features of the ICICI Pru Elite Life II Plan in detail. Without any further delay, let’s start!

Let’s Understand the Features of the ICICI Pru Elite Life II Plan in Detail

As we mentioned earlier, ICICI Pru Elite Life II Plan is a unit-linked insurance plan where the investment risk in the investment portfolio is borne by the policyholder. We are showing its crucial features so that you can get a clearer idea about the same. Let’s start!

Choice of Multiple Portfolio Strategy

ICICI Pru Elite Life II Plan provides two portfolio strategy options — Fixed and LifeCycle based strategy. With a Fixed portfolio strategy, policyholders can manage their investment actively by investing their money in any of the following seven funds.

  1. Opportunities Fund
  2. Multi-Cap Growth Fund
  3. Bluechip Fund
  4. Maximiser V Fund
  5. Multi-Cap Balanced Fund
  6. Income Fund
  7. Money Market Fund

You can also switch between these funds anytime during your policy term using the ‘Switch’ option without any cost. With the fixed portfolio strategy under the ICICI Prudential Elite Life II Plan, you can also choose ‘Automatic Transfer Strategy’.

On the other hand, LifeCycle based portfolio strategy allows you to change your investments as per your changing lifestyle needs. Some of the key features of this strategy are age-based portfolio management, asset allocation details at the inception of the policy, quarterly rebalancing, and safety when you approach maturity.

Death Benefit

This unit-linked insurance plan from ICICI Prudential will provide a death benefit to the nominee/ legal heir if the policyholder dies during the policy term. This benefit will be the highest among the following –

  1. Sum Assured, including Top-up Sum Assured, if any, reduced by applicable partial withdrawals (if any)
  2. Minimum Death Benefit
  3. Fund Value including the Top-up Fund Value (if any)

Note: The minimum death benefit will be equal to 105% of the total premiums paid, including top-up premiums (if any).

Maturity Benefit

If a policyholder survives until the end of the policy term, he/she will receive the overall fund value including the top-up fund value (if any) as maturity benefits. ICICI Prudential Elite Life II Plan also offers an option to get this benefit as a lump sum or as a structured payout with the settlement option. With the settlement option, you can get payments on a yearly, half-yearly, quarterly or monthly basis over 1 to 5 years after maturity.

Loyalty Additions

Starting from the end of the 6th policy year, you will get loyalty additions at the end of every policy year. These additions will be a percentage of average daily fund values (including top-up fund values). To know more, check the below table.

Policy YearLoyalty Additions
6 to 10th Year0.30%
11th Year onwards0.50%

Wealth Boosters

ICICI Prudential Elite Life II Plan also provides guaranteed wealth boosters as a few extra units at the end of every fifth policy year starting from the end of the tenth policy year. Each addition will amount to 1.50% of the percentage of the average of the fund values including top-up fund value.

ICICI Prudential will allocate these wealth boosters between the funds in the same proportion as the value of total units held in each fund at the time of allocation.

What will be the Policy and Premium Payment Term?

Policyholders can choose from different premium payment term options – One Pay (Single premium), Five Pay (5 years) and Regular Pay (same as the policy term). The policy term will depend on the premium payment term and the age of the policyholder. To know more, check the below table.

Premium Payment OptionAge of the PolicyholderPolicy Term (In Years)
One PayAll ages10
Five Pay0 - 43 years10 to 30
44 - 55 years10 to 20
Regular Pay0 - 43 years10 to 30
44 - 55 years10 to 20
56 years and above10

What will be the Minimum Premium for ICICI Pru Elite Life II Plan?

The minimum premium amount will vary according to the premium payment mode chosen by the policyholder. For the One Pay option, the minimum premium will be INR 2,00,000. For Five Pay and Regular Pay, the minimum amount stands at INR 2,00,000 per annum for yearly and half-yearly premium payment modes, and INR 3,00,000 per annum for the monthly mode.

ICICI Pru Elite Life II Plan Eligibility Criteria

Do remember to check the eligibility conditions of the ICICI Prudential Elite Life II Plan mentioned in the below table.

Eligibility ConditionsDetails (In Years)
Minimum age at entry0
Maximum age at entryOne Pay - 79
Five Pay - 55
Regular Pay - 69
Minimum age at maturity18
Maximum age at entryOne Pay - 79
Five Pay - 75
Regular Pay - 79

People Also Read