ICICI Pru Elite Wealth Super
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| Launch Date | UIN | Status |
| 11/7/2018 | 105L157V02 | Active |
About ICICI Pru Elite Wealth Super
The ICICI Pru Elite Wealth Super plan is a non-participating, unit-linked insurance plan (ULIP) that invests in 12 share market funds of varying risk levels. It also works as a life insurance policy to cover the investor’s family in case of his/her untimely death. An additional benefit of the plan is the flexibility offered to make partial withdrawals to meet unplanned expenses.
Let’s understand this plan in brief before getting into its details.
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Modes of Payment |
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Claim Settlement Ratio of the Insurer |
96.68% |
| USPs of the Policy |
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Illustration |
Age: 30 years Sum payable to the policyholder on maturity of the fund is INR 88,97,675 with an assumed 4% rate of return and INR 1,59,06,721 with an assumed 8% rate of return |
How Does the Plan Work?
Firstly, an individual is required to select a premium amount and a premium-payment term. The sum assured is calculated accordingly.
You can allocate your savings in any of the 12 funds through a fixed portfolio strategy or choose from the following portfolio strategies:
- Target Asset Allocation Strategy: Select your own funds and maintain it with quarterly rebalancing
- Trigger Portfolio Strategy: Substantial market swings used for fund building
- Lifecycle-based Portfolio Strategy 2: A unique, personalized strategy based on your age is used to create balance between equity and debt
The following are the 12 funds in which premiums are invested:
Opportunities Fund
- Equity and equity-related securities: 80% to 100%
- Debt: 0% to 20%
- Money market and cash: 0% to 20%
- Risk rating: High
Value Enhancer Fund
- Equity and equity-related securities: 85% to 100%
- Debt: 0% to 15%
- Money market and cash: 0% to 15%
- Risk rating: High
Multi Cap Growth Fund
- Equity and equity-related securities: 80% to 100%
- Debt: 0% to 20%
- Money market and cash: 0% to 20%
- Risk rating: High
Bluechip Fund
- Equity and equity-related securities: 80% to 100%
- Debt: 0% to 20%
- Money market and cash: 0% to 20%
- Risk rating: High
Maximiser V
- Equity and equity-related securities: 75% to 100%
- Debt: 0% to 25%
- Money market and cash: 0% to 25%
- Risk rating: High
Maximise India Fund
- Equity and equity-related securities: 80% to 100%
- Debt: 0% to 20%
- Money market and cash: 0% to 25%
- Risk rating: High
Multi Cap Balanced Fund
- Equity and equity-related securities: 0% to 60%
- Debt: 20% to 70%
- Money market and cash: 0% to 50%
- Risk rating: Moderate
Secure Opportunities Fund
- Debt: 60% to 100%
- Money market and cash: 0% to 40%
- Risk rating: Low
Money Market Fund
- Debt: 0% to 50%
- Money market and cash: 50% to 100%
- Risk rating: Low
Focus 50 Fund
- Equity and equity-related securities: 90% to 100%
- Debt: 0% to 10%
- Money market and cash: 0% to 10%
- Risk rating: High
Active Asset Allocation Balanced Fund
- Equity and equity-related securities: 30% to 70%
- Debt: 30% to 70%
- Money market and cash: 0% to 40%
- Risk rating: Moderate
Income Fund
- Debt: 40% to 100%
- Money market and cash: 0% to 60%
- Risk rating: Low
Guaranteed Additions
Extra units are allocated for funds if a policy is continued for a defined time period. These are loyalty additions and wealth boosters that will be allocated according to the following table:
| Premium-payment Term | Loyalty Additions | Wealth Boosters | |
| End of year 6 and 7 | End of year 8 and onwards | End of every 5th year, starting at the end of the 10th policy year | |
| 5 to 6 years | 0.10% | 0.10% | 1% |
| 7 to 9 years | 0.25% | 0.40% | 1% |
| 10 years and above | 0.25% | 0.40% | 2% |
| Single pay | 0.40% | 0.40% | 1% |
Maturity Benefits
The individual will receive the fund value (including loyalty additions and wealth boosters, if any) + top-up fund value
It is offered as a lump sum payment or a structured pay-out using the settlement option.
Death Benefits
In case of the untimely demise of the insured, the nominee receives the highest of the following:
- Sum assured, including top-up sum assured
- Minimum death benefit, which will be 105% of the total premiums paid
- Fund value, including the top-up fund value
Riders
This plan comes with the optional ICICI Pru Unit-linked Accidental Death rider. Under this, an additional accidental death benefit is payable to the nominee in case the insured meets with an accidental death.
COMPARE & BUY SIMILAR PLANS
Why Should I Buy This Plan?
In addition to the benefits mentioned earlier, here are some more reasons to consider buying the ICICI Pru Elite Wealth Super plan:
- Flexibility to invest in 12 funds with 4 portfolio strategies to match your risk appetite
- After completion of 5 policy years, partial withdrawals of money are allowed
- You can increase your funds through an online top-up facility
- The longer you stay invested, the better the returns
- The plan has a policy term of 10 to 30 years and variable premium-payment terms
Who Should Buy This Plan?
The plan can be purchased by citizens of India with a minimum age of 0 and maximum age of 75 for the single-pay mode and 65 years for the regular- and limited-pay modes. The plan is a perfect investment option with a death cover. It is a safe and high-profit method to make earnings from the share market.
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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