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Investment Plans 3982 views June 8, 2020
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.
Table of Contents
Key Features of Elite Life Super Plan
- Multiple options for choosing the portfolio management strategy.
- Choose the type of premium among single pay, regular pay, and limited pay.
Increase your fund value through loyalty additions and wealth booster benefits. - Add accidental death rider in the same insurance plan.
- You are free to switch between funds as per your choice.
- 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 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 Term | Loyalty Additions | |
|---|---|---|
| End of 6th and 7th Year | After 8th Year | |
| Single Payment of Premium | 0.30% | 0.30% |
| 5 Years to 6 Years | 0.10% | 0.10% |
| 7 Years to 9 Years | 0.20% | 0.35% |
| 10 Years and Above | 0.20% | 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 Term | Wealth Booster |
|---|---|
| 5 Years and 6 Years | 1% |
| 7 Years to 9 Years | 1% |
| 10 Years and Above | 2% |
| Single Payment of Premium | 1.5% |
Death Benefits
If in case the insured dies during the policy term then the nominee will receive the highest of the following benefits:-
- Sum Assured including the top-up Sum Assured
- Minimum Death Benefit that will be 105% of the Total Premiums Paid
- including the Top-up Premium.
- 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
- You are allowed to make partial withdrawals in case of an emergency after 5 policy years.
- You are allowed to make unlimited partial withdrawals without any extra charge.
- All premiums due for the first five years have to be paid regularly in order to enjoy this benefit.
- The minimum amount for making the partial withdrawal is Rs. 2000.
- 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.
- Minimum Age of Entry must be 18 years.
- Maximum Age of Entry must be 55 years.
- Maximum Cover Ceasing Age must be below 65 Years.
- INR 50 Lacs is the maximum sum assured for the rider benefit.
- 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
| Particulars | Details |
|---|---|
| Minimum Age of Entry | 0 Years |
| Maximum Age of Entry | 75 Years for Single Pay 65 Years for Limited and Regular Pay |
| Minimum Age of Maturity | 18 Years |
| Maximum Age of Maturity | 80 Years for Single Pay 75 Years for Regular and Limited Pay |
| Premium Paying Term | Single-Premium for Single Pay 5 Years to 10 Years for Limited Pay Same as the Policy Term for the Regular Pay |
| Minimum Premium Amount | Rs. 2 Lacs per annum |
| Maximum Premium Amount | Unlimited |
Types of Portfolio Management Strategy
There are four types of Portfolio Management Strategy in the Elite Life Super Policy and they are:-
- Target Asset Allocation Strategy
- Trigger Portfolio Strategy 2
- Lifecycle Based Portfolio Strategy 2
- Fixed Portfolio Strategy
Charges of the Policy
- Policy Administration Charge- Rs. 720 per annum for Single Pay and Rs. 4200 per annum for Regular and Limited Pay.
- Premium Allocation Charge- 3% for Single Pay and 2% to 5% for Regular and Limited Pay.
- Mortality Charges- 1.02 to 11.54 per thousand.
- Fund Management Charge- 0.75% to 1.35% per annum