ICICI Prudential Elite Wealth Super ULIP Plan, Policy, Premium and Maturity Calculator
ICICI Prudential Elite Wealth Super ULIP Plan, Policy, Premium and Maturity Calculator - This plan offers Loyalty Additions from the 6th year onwards of 0.25% of the average daily Fund Value from 6th to 10th policy year and 0.6% from the 11th year onwards. Thus, once the Loyalty additions are paid, the effective Fund Management Charge is offset by that amount.
The Fund Value is paid as Maturity Benefit on survival till the end of the policy tenure. However, if the Life Insured dies within the policy tenure, higher of the Sum Assured or the Fund Value is paid as Death Benefit and the policy terminates.is a simple unit linked insurance plan (ULIP) for the elite investors, such that if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value (whichever is higher) as Death Benefit. On Maturity, the Life Insured would receive the Fund Value. In this plan, the effective Fund Management Charge is much low as compared to other similar plans as there are Loyalty Additions from 6th year onwards.
Key Features - ICICI Prudential Elite Wealth Super ULIP Plan and Policy
- This is a simple ULIP where the higher of Sum Assured or Fund Value is paid on death and Fund Value is paid on maturity
- Loyalty Units are added to the fund from the 6th policy year onwards
- The Fund Management Charge is effectively reduced by the % of Loyalty additions received.
- There is a choice of 8 Investment Funds in this plan
- This plan provides for unlimited free switches
- The Sum Assured can be increased and decreased within the policy tenure for 1-Pay
Benefits - ICICI Prudential Elite Wealth Super ULIP Plan and Policy
Death Benefit – In case of death of the Life Insured, the nominee would get the higher of Sum Assured or Fund Value as Death Benefit
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility - ICICI Prudential Elite Wealth Super ULIP Plan and Policy
Note: Also check out ICICI Pru Elite Life, minimum premium starts at Rs 2 lakhs
Premium Amount - ICICI Prudential Elite Wealth Super ULIP Plan and Policy
Premium = Rs 5 lakhs
Age = 30 years
Policy Term = 20 years
Premium Paying Term = 5 Pay and 1 Pay
Sum Assured = Rs 50,00,000 for 5-Pay and Rs 25,00,000 for 1-Pay
Total Investment = Rs. 5,00,000 x 5 years= Rs 25,00,000 for 5-Pay
Total Investment = Rs. 5,00,000 x 1 year= Rs 5,00,000 for 1-Pay
Additional Features and Benefits - ICICI Prudential Elite Wealth Super ULIP Plan and Policy
Riders – There are no riders available in this policy
Investment Fund Options - There are 8 Investment Funds available
- Opportunities Fund
- Multi Cap Growth Fund
- Bluechip Fund
- Maximiser V
- Multi Cap Balanced Fund
- Income Fund
- Money Market Fund
- Dynamic P/E Fund
Top-up - The minimum and maximum amount for Top-up is Rs 2,000 and sum assured automatically increases either by 125% or 500% of the top up premium amount. Top Up can be done anytime except during the last 5 years of the Policy Term and each Top-up Premium also has a Lock In Period of 5 years.
Switching - This plan allows free unlimited number of switches.
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. One Partial Withdrawal is allowed in each policy year upto a maximum of 20% of the existing Fund Value. The minimum amount for partial withdrawal is Rs 2,000.
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