ICICI Pru Elite Wealth II Plan

• Option to invest in 7 varied fund options
• Choice of portfolio strategies
• Limited/Regular Premium Payment Term
• Avail Loyalty Additions & Wealth Boosters
• Lower Fund Manangement Charge
• Choice of level of protection
• Top-up Premium facility available
• Unlimited free switches
• Partial withdrawal to access your money
• Avail tax benefits

This policy offers following 7 investment funds and you have the option to invest in any one or combination of fund options.

• Opportunities Fund
• Multi Cap Growth Fund
• Bluechip Fund
• Maximiser V
• Multi Cap Balanced Fund
• Income Fund
• Money Market Fund

You have the option to choose from following two investment strategies that help manage your funds.

Fixed Portfolio Strategy: Under this investment strategy, you have the option to invest amongst 8 available investment funds and you can also switch from fund to another. Under this investment option, you can choose Automatic Transfer Strategy (ATS) that provides you the flexibility to invest all or some part of investment in Money Market or Income Fund and allocate new units in  one of Bluechip Fund, Maximiser V, Multi Cap Growth Fund, or Opportunities Fund. The minimum transfer amount allowed under ATS is Rs 2,000.

LifeCycle based Portfolio Strategy: Under this investment strategy, you have the option to invest as per your financial requirement and life stage needs.

You have the option to change your portfolio strategy once every policy year and this facility is available free of cost.

Death Benefit

In the event of death of the life assured while the policy is in-force, the Death Benefit payable is higher of Sum Assured (including top-up sum assured), Fund Value (including top-up fund value) or Minimum Death Benefit. The Minimum Death Benefit is 105% of the total premiums paid.

The sum assured is reduced by partial withdrawals, as follows.

Before age 60 years of the life insured, Base Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. Upon attaining 60 years of age, Base Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years.

Maturity Benefit

On survival of the life insured till the end of the policy term, the Total Fund Value including Top-up Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.

Settlement Option

On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a period of 1 to 5 years, after the date of maturity. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period.

Loyalty Additions

Loyalty Additions is allocated at the end of every policy year, starting from the end of the sixth policy year. Loyalty Additions is 0.40%/0.60% (of the average of the Fund Values including Top-up Fund Value in the same policy year) from 6^th to 10^th policy year/11^th policy year onwards, respectively.

An additional Loyalty Addition of 0.25% is paid every year from the end of the sixth policy year, provided all premiums for that year have been paid. The allocation of Loyalty Addition units is guaranteed and it cannot be revoked by the company.

Wealth Boosters

Wealth Boosters is allocated as extra units at the end of every fifth policy year, starting from the end of the tenth policy year. It is 1% of the average of Fund Values including Top-up Fund Value, as on the last business day of the last eight policy quarters. The allocation of Wealth Booster units is guaranteed and it cannot be revoked by the company.

Non-Negative Claw-Back Additions

Non-Negative Claw-Back Additions is applicable after the completion of 5 policy years, in order to comply with the reduction in yield.

Top-Ups

Facility for Top-up Premium is available through the entire policy term, except during the last five years of the policy. The minimum top-up premium is Rs 2,000. The total top-up premium should not exceed the sum of base premiums paid.

Switching

You can avail unlimited free switches to switch among 7 available fund options to suit your changing investment needs, when opted for a fixed portfolio strategy.

Premium Re-direction

Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums, when opted for a fixed portfolio strategy. This benefit is not applicable for One Pay option.

Partial Withdrawal

Unlimited Partial Withdrawal is allowed from 6^th policy year onwards (in case of minor lives, life assured attains 18 years), provided the maximum partial withdrawal amount does not exceed 20% of the fund value in a policy year.

Increase/Decrease in Sum Assured

You can increase or decrease the sum assured at any policy anniversary during the policy term and such alteration in sum assured is allowed in multiples of Rs 1000, subject to limits. Any alteration in Sum Assured does not result to change in the premium amount payable under the policy. Increase in Sum Assured is allowed, prior the life assured is aged 60 years. Decrease in Sum Assured is allowed, as specified under the policy.

Bonus

This plan is not eligible for the bonuses.

Loan Benefit

No loan benefit can be availed under this plan.

Surrender Value

Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. A fund management charge of 0.50% per annum of the Linked Discontinued Policy Fund is applicable. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum or as stipulated by IRDAI is payable after the end of the lock-in period.

Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.

Unit Linked Accidental Death Rider can be opted, on payment of additional rider premium.

Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. For five pay/regular pay (annual mode), the premium allocation charge is 3%/2% for 1^st to 5^th policy year/6^th policy year onwards, respectively. When opted for semi annually or monthly mode, It is 4%/3%/2% for 1^st to 3^rd policy year/4^th & 5^th policy year/6^th policy year onwards, respectively. A discount of 1.0% in the premium allocation charge in the year 1 is given to customers who buy directly from the Company’s website.

For one pay, the premium allocation charge is 3%. A discount of 0.5% in the premium allocation charge is given to customers who buy directly from the Company’s website.

The premium allocation charge of 2% is levied on the top-up premiums.

Policy Administration Charge: For five pay & regular pay, Policy administration charge is Rs 400 per month (Rs 4800 per annum) for the first five policy years. For one pay, Policy administration charge is Rs 60 per month (Rs 720 per annum) for the first five policy years. This charge is deducted at the start of every month by cancelling appropriate units from the fund value.

Mortality Charges: Mortality charge is levied at Sum at Risk and it is applicable for providing you with the risk cover.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Maximiser V, Opportunities Fund, Multi Cap Growth Fund, Bluechip Fund, Multi Cap Balanced Fund, and Income Fund, 0.75% p.a for Money Market Fund.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

In order to attain higher returns out of his investment, Jitendra opts to buy ICICI Pru Elite Wealth II with the policy term of 20 years (regular pay), annual premium amount of Rs 5,00,000 and sum assured of Rs 50,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund Value including Top-up Fund Value is payable at maturity. Loyalty Additions and Wealth Booster is also applicable.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured (including top-up sum assured), Fund Value (including top-up fund value) or Minimum Death Benefit.

Benefit Illustration: