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New Ulips from ICICI Prudential Life - Elite Life and Elite Wealth



ICICI Prudential Life Insurance has launched two unit-linked insurance plans (Ulips) – Elite Life and Elite Wealth – aimed at the high net worth individuals. The features of both the plans are similar, save the premium. The minimum premium for Elite Life is . 2 lakh, while it goes up to . 5 lakh for Elite Wealth. The premiums can be paid either in one go or over a period of five years.


Under the one-pay option, the life cover for those aged till seven years and over 60 years is limited to 1.25% of the premium. Those between eight and 60 years can opt for a minimum sum assured of 1.25 times the premium, with the upper limit being five times the premium amount. If the premium is paid over five years, then policyholders aged between 8 and 45 can secure a sum assured that is either 10 times the annual premium or an amount equal to the policy term multiplied by half of the annual premium, whichever is higher. For those over 45, the sum assured will be seven times the annual premium or an amount equal to the policy term multiplied by one-fourth of the annual premium, whichever is higher.

If policyholders chooses a life cover of 1.25 times the premium, the deduction available under 80c of the I-T Act will be limited to only 20% of the total premium and not the entire premium amount. What's more, the returns generated by the product will be taxable, too.

FUND OPTIONS, MATURITY PROCEEDS:

The products offer eight fund options, and also the option to invest systematically through the automatic transfer strategy. In case of the insured's death during the policy term, the amount payable will be the sum assured reduced by the partial withdrawal, if any, or the fund value, whichever is higher. Partial withdrawals are allowed after five years of the policy, subject to limits.

CHARGE STRUCTURE:

Premium allocation charges amount to 3% of a single premium and 2% under the five-pay option. Policy administration charges are . 60 per month for one-pay and . 500 per month under the five-pay option. Any alterations in the policy, besides switching funds, will cost . 250 per transaction. The initial charges are lower compared with other Ulips, but they still cannot beat mutual funds which don't have an entry load.

UPSIDE:

Long-term insurance cover with a limited premium payment term. Also, the policyholder can choose between eight funds options and switching between them is free.

DOWNSIDE:

Like all Ulips, financial planners feel the charges are higher vis-à-vis other comparable financial products like mutual funds.

 

 

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