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Launch Date UIN Status
11/7/2018 105L156V02 Active

About ICICI Prudential Elite Life Super Plan

ICICI Pru Elite Life Super is a Unit-linked Insurance Plan (ULIP) that locks in the policyholder’s investments for the first five years. This is a market-linked plan, so there is investment risk involved. This plan is unique because it offers four portfolio strategies to match the policyholder’s requirements and risk appetite.

Loyalty additions begin adding up on the policy from the sixth year onwards. Wealth boosters from the tenth year onwards add further value to the policyholder’s investments. The policyholder enjoys unlimited free switches between investment instruments, which gives unprecedented control over investments. Tax benefits (subject to a maximum of INR 1,50,000) are available in accordance with Section 80(C) and 10(10D) of the Indian Income Tax Act.

Let’s have a brief glimpse of the highlights of the ICICI Pru Elite Life Super plan:

Modes of Payment

Single premium, Annual, Semi-annual, and Monthly

Claim Settlement Ratio of the insurer

97%

USPs of the Policy

  • This is a protection- and savings-oriented Unit Linked Insurance Plan (ULIP)
  • Takes advantage of substantial market swings and invests on the principle of “Buy Low and Sell High”
  • Get Loyalty Additions from year 6 onwards, which enhances your fund value
  • Get Wealth Boosters once every 5 years starting from the end of the 10th policy year

Illustration with INR 2 Lakhs Premium

At an annual premium of INR 2,00,000 and a premium paying term of 10 years and policy term (maturity) of 30 years, the policyholder receives lump sum pay-out of INR 37.41 lakhs assuming 4% RoI and INR 1.02 crores assuming 8% RoI

How Does this Plan Work?

Let’s have a look at the working of the ICICI Prudential Elite Life Super plan:

Life Insurance Cover

The highest of these three is paid out as the basic life insurance cover to the nominee of the policyholder:

  1. Sum assured on maturity
  2. 105% of premiums paid until date of death
  3. Fund value

 

Maturity Benefit

If the policyholder outlives the policy period and all premiums are duly paid, then the maturity benefits will be paid as under:

On maturity of the policy, the policyholder will receive the fund value. The policyholder will have the option to receive the maturity benefit as a lump sum or as a structured pay-out using the settlement option.

  • With this facility, the policyholder can opt to get payments on an annual, semi-annual, quarterly, or monthly (through ECS)basis, over a period of one to five years, post maturity.
  • The first pay-out of the settlement option will be made on the date of maturity.
  • At any time during the settlement period, the policyholder will have the option to withdraw the entire fund value.
  • During the settlement period, the investment risk in the investment portfolio is borne by the policyholder.
  • Only the fund management charges would be levied during the settlement period.
  • No loyalty additions or wealth boosters will be added during this period.
  • Partial withdrawals and switches are not allowed during the settlement period.
  • Life insurance cover and rider cover shall cease on the original date of maturity.

 

Loyalty Additions and Wealth Boosters

Loyalty Additions and Wealth Boosters are designed to reward the policyholder for paying premiums and staying invested for the long term. This is done by adding additional units to enhance the policyholder’s fund value. These additions at regular intervals would work towards helping the policyholder reach their goals faster.

The following table explains these additional benefits:

Premium Payment Term

Loyalty Additions

Wealth Boosters

(end of every 5th year, starting from the end of 10th policy year)

(end of year 6 and 7)

(end of year 8 and onwards)

5 years – 6 years

0.10%

0.10%

1%

7 years – 9 years

0.20%

0.35%

1%

10 years and above

0.20%

0.35%

2%

Single pay

0.30%

0.30%

1.5%

Sample Illustration

Let’s look at a limited pay (short premium paying term) example.

  • Mr. Prabhu is a fit, 35-year-old Real Estate Broker living in Mumbai.
  • He opts for the ICICI Prudential Elite Life Super plan with a premium of INR 3,00,000, which he will pay annually for 7 years. Thus, his PPT is 7 years.
  • His policy term is 15 years.
  • He will be paying INR 3,00,000 every year till he is 42 years old. This is an outgoing of INR 21 lakhs.
  • He stands to receive a lump sum pay-out of INR 42,01,040 at the age of 50 if his fund performs at 8% RoI. This is a profit of more than double his invested amount.
  • Note that this sum is not guaranteed because this is a ULIP.

Riders and Add-ons

Accidental Death Rider – With this rider, accidental death benefit will be payable in addition to the death benefit of the plan if death isdue to an accident.

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Why Should You Buy This Plan?

ICICI Pru Elite Life Super is a flexible ULIP that allows you unprecedented control over your investments. With four policy strategies under your belt, you get to decide the fate of your investments like never before. Moreover, with the option of short premium payment terms like 5 years or 7 years, the policyholder can opt for this plan when he is relatively comfortable financially and save for later, when he has to fulfil important lifegoals like sending his child to a premier professional course or going for a foreign family vacation.

Who Should Buy This Plan?

Those who are relatively comfortable financially should opt for this plan. This plan allows the policyholder to make hay while the sun shines. For example, corporate executives who are yet unmarried and do not have many liabilities should opt for this plan and stay invested. By the time they are married and have kids, their expenses will mount and they will have several liabilities. At that time, this invested money will come of use for large expenses like child education and new vehicle purchase.

Company Overview

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, a leading player in financial services sector based in UK. ICICI Prudential Life began operations in 2000 and was one of the first private sector companies, in India, to get IRDA’s approval. Along with its 7 other bancassurance partners and large distribution network, ICICI Prudential has turned into a formidable player in Indian life insurance sector.

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