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Investment Plans 1689 views June 9, 2020
In recent years, ICICI Prudential insurance company has amazed many individuals with its policies whether it is a health insurance plan or a ULIP plan. Many people have secured their future with ULIP plans and accumulated a lot of funds. Now, the ICICI Prudential has come with a new investment insurance plan known as ICICI Pru Elite Wealth Super Plan. In this insurance plan, you can make an investment into different portfolio management strategies and grow your wealth. On the other hand, this plan gives you a life cover and it means that in case of unfortunate death during the policy term your family will receive the Sum of money. So, if you find this plan interesting then you must explore the various features and benefits of this investment insurance plan.
Table of Contents
Key Features of Elite Wealth Super Plan
- Flexibility of choosing the mode for paying the premium.
- Get a Life Cover until the policy term expires.
- The company will give you wealth booster benefits and increase the fund value.
- Add Accidental Death Rider in the same policy.
- Switch between funds as per your needs.
- Choose the Premium Paying Term among Single Pay, Limited Pay, and Regular Pay.
- Enjoy tax benefits under section 80C of the Income Tax Act 1961.
Benefits of the Elite Wealth Super Plan
Here you can see the benefits of this ULIP plan and see how it will help you to accumulate funds for your future. This insurance plan also gives you a life cover so that your family can enjoy the benefits after you.
Death Benefits
During unfortunate death of the insured, the nominee is entitled to receive the highest of the following benefits:-
- Sum Assured including the top-up Sum Assured
- Minimum Death Benefit that will be a minimum of 105% of the Total
- Premiums Paid including the Top-up Premium.
- Value of the Funds including the Top-up Fund Value.
Maturity Benefits
If you successfully survive the policy term then in the maturity benefit you will receive the Fund Value including the Top-up fund value. You have various options for taking the maturity benefits either as a lump sum or divide it into a structured payout. The options for receiving the maturity amount are monthly, quarterly, half-yearly, and yearly.
Loyalty Additions
You will get loyalty additions from 6th policy in the ICICI Pru Elite Wealth Super Plan and it will be only given if you have cleared all the premiums due regularly. The additions will be done on a yearly basis and the company will add units to the fund value. The Addition will be as follows:-
| Premium Paying Term | Loyalty Additions | |
|---|---|---|
| End of 6th and 7th Year | After 8th Year | |
| Single Payment of Premium | 0.40% | 0.40% |
| 5 Years to 6 Years | 0.10% | 0.10% |
| 7 Years to 9 Years | 0.25% | 0.40% |
| 10 Years and Above | 0.25% | 0.40% |
Wealth Booster
If he has taken the policy for the long term then you can enjoy the wealth booster benefits given by the company. The company will add extra units in 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% |
Switch Between Funds
There are a number of funds offered by the ICICI Prudential Insurance Company in which you can invest the amount of your premium. There is no restriction for switching between funds as you can switch anytime as per your needs. You must remember to maintain a balance between the debt funds and equity funds and switch between funds according to the market fluctuations.
Partial Withdrawal Benefits
- In case of an emergency you are allowed to make partial withdrawals after 5 policy years.
- The company allows you to make unlimited partial withdrawals without any extra charge.
- In order to enjoy this benefit, you must pay all premiums due for the first five years regularly.
- Rs.2000 is the minimum amount for making the partial withdrawal.
- You can make a maximum of 20% of the Fund Value as the partial withdrawal in a year.
Add a Rider to the Plan
In the Elite Wealth Super Plan, you have the option to add Accidental Death Rider for additional protection. Go through the terms and conditions before adding a rider in the policy.
- 18 years the minimum age of entry.
- 55 years is the maximum age of entry.
- 65 Years is the Maximum Cover Ceasing Age.
- Rs.50 Lacs is the maximum limit for the sum assured for the rider benefit.
- The policy term for the rider benefit will be the same as the term of this insurance plan.
About ICICI Pru Elite Wealth Super Plan
| Particulars | Particulars |
|---|---|
| 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.6 Lacs per annum |
| Maximum Premium Amount | Unlimited |
Types of Portfolio Management Strategy
There are four types of Portfolio Management Strategy in the ICICI Pru Elite Wealth 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.6000 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