ICICI Prudential Elite Wealth II Plan

ICICI Prudential Elite Wealth II Plan is a non-participating Unit Linked Plan which provides good returns through market participation and also insurance coverage for unforeseen emergencies

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  • 4.8++ Rated
  • 9.7 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 4.9 Crore Policies Sold

ULIP Plans

  • Plan starting from ₹1,000/month
  • Save upto ₹46,800 in Tax under section 80C^
  • Zero LTCG Tax
  • In built life cover
Top performing plans˜ with High Returns**
Invest ₹10K/month & Get ₹1 Crore# Tax-Free*
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9.7 Crore
Registered Consumer
51
Insurance Partners
4.9 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features

  • It is a unit linked plan with Limited Pay, Single Pay and Regular Pay option
  • There are 2 Investment strategies: Fixed Portfolio Strategy where there is a choice of 8 funds for investment purposes and Lifecycle based Portfolio Strategy where the investment choice depends on the age of the policyholder
  • The following 7 funds are available for investment under the Fixed Portfolio Strategy:
    • Opportunities Fund
    • Multi Cap Growth Fund
    • Bluechip Fund
    • Maximizer V
    • Multi Cap Balanced Fund
    • Income Fund
    • Money Market Fund
  • Under the Fixed Portfolio Strategy, there is also a choice of Automatic Transfer Strategy (ATS) where all or a part of the investment is allocated in Money Market or Income Fund and then gradually, the investment is transferred to any of the remaining 7 funds every month every year of the term
  • Under the Lifecycle based Portfolio Strategy, the investment is split in a fixed ratio between the Multi Cap Growth Fund and Income Fund depending on the age of the policyholder. This ratio is balanced quarterly for uniformity and towards maturity, the fund is transferred to the Income Fund to protect against market volatility
  • Loyalty Additions, Additional Loyalty Additions and Wealth Boosters enhance the Fund Value

Benefits

  • The insured will get the total Fund Value including Top-up Fund Value on Maturity
  • Maturity Proceeds can be availed in equal instalments post maturity over a period of 5 years through the Settlement Option
  • On death of the policyholder, higher of the Sum Assured including Top-up Sum Assured net of Partial Withdrawals or Fund Value including Top-up Fund Value or Minimum Death Benefit is payable
  • The Minimum Death Benefit is defined as 105% of all premiums paid
  • Loyalty Additions are added from the 6th policy year @0.40% form 6th year to 10th year and 0.60% form 11th year onwards. The % is calculated on the Fund Value as in that year
  • Additional Loyalty Additions are added form the 6th policy year @ 0.25% of the Fund Value as in that year
  • From the end of the 10th policy year and every 5 years thereafter, Wealth Boosters are added to the Fund Value @ 1% of the average Fund Value including Top-up Fund Value over the last eight quarters
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

People Also Read: ICICI Prudential Nifty Midcap 150 Index Fund

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

0 years

 Single & Regular Pay – 70 years

Limited pay – 55 years

Maturity Age (Last Birthday)

18 years

Single pay & Regular Pay – 80 years

Limited pay – 75 years

Policy Term (PT) in years

10

30

Premium Paying Term (PPT) in years

Single Pay or 5 Pay or equal to policy term

Premium Paying Frequency

Yearly, half-yearly, monthly or Single

Yearly Premium

500,000

No limit

Sum Assured

Limited & Regular Pay – Higher of 10*annual premium or 0.5*term*annual premium for ages<45 yrs. or higher of 7*annual premium or 0.25*term*annual premium for ages>=45 yrs.

Single Pay – 1.25*SP

Limited & Regular Pay – as per SA multiples

Single Pay – 10*SP for ages<42 yrs. or 1.25*SP for ages>=42 yrs.

Details About Premium

Illustration for a policy term of 20 years:

 

5 Pay

Regular Pay

Age

35 years

35 years

Premium

500,000

50,00,000

Sum Assured

500,000

500,000

Fund Value @ 4%

39,30,926

79,54,211

Fund Value @ 8%

1,39,53,102

2,19,58,102

Policy Details

  • Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes
  • Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges
  • Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Free Partial withdrawals are allowed every year the aggregate of which should be a maximum of 20% of the Fund Value
  • Unlimited Free Switching between funds is allowed for required investment portfolio
  • Top-ups are allowed to increase the Fund Value. The minimum amount of top-up is Rs.2000
  • The policyholder can change between the portfolio strategies chosen once every year free of cost
  • Future premiums can be redirected to anew fund via the Premium Redirection option

Additional Features or Riders

  • The Sum Assured, the policy term and the PPT can be increased or decreased subject to certain terms and conditions
  • Income Benefit Rider is available under the plan

Exclusions

  • The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value including Top-up Fund Value as on that date. Any increase in Sum Assured will not be applicable.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
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ICICI Prudential ULIP Plans Reviews & Ratings

4.6 / 5 (Based on 1259 Reviews)
(Showing Newest 10 reviews)
Amit
Guwahati, March 26, 2025
Reliable and Safe Investment
Policybazaar is reliable for investment. HDFC Life Dynamic Advantage Fund performs well and is safe for long term.
Raghavan
Ranchi, March 25, 2025
Easy and Helpful Investment Process
Policybazaar made it easy to invest in HDFC Life Dynamic Advantage Fund NFO. Simple process helpful customer service very happy.
Priya
Coimbatore, March 21, 2025
Quick and Secure Investment
Simple quick and secure way to invest in HDFC Life NFOs. Policybazaar makes everything clear and support is excellent.
Meenal
Kochi, March 21, 2025
Stable Steady Returns
I like this fund. Returns are stable but not fast. Best for people who want slow and steady growth in their portfolio.
Venkatesh
Hyderabad, March 19, 2025
Simple and Transparent Process
I found HDFC Life NFOs through Policybazaars platform. Very good process easy to understand and no hidden charges. Satisfied.
Manisha
Bangalore, March 17, 2025
Good for Long term Growth
Best for long term goals. HDFC Life Advantage Fund NFO gives a good growth chance.
Karthik
Chennai, March 17, 2025
Balanced Long term Investment
I invested in HDFC Life Dynamic Advantage Fund. Its balanced but sometimes market changes give negative returns. Better for long term.
Shalini
Bhopal, March 16, 2025
Great Platform for Investment
Policybazaar helped me choose HDFC Life Dynamic Advantage Fund NFO. Great platform for easy investments and the process was simple.
Satyendra
Jodhpur, March 16, 2025
Hassle Free Investment Process
Investing HDFC Life NFOs through Policybazaar is very good. Simple to follow no hassle and good advice from experts.
Priyanka
Indore, March 15, 2025
Flexi Cap Fund
This fund is flexi cap. I like how it adapts to market. Returns are ok but need patience for better growth.
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