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Review of ICICI Pru Life Stage Wealth II Plan

IndianMoney.com Research Team | Posted On Saturday, November 13,2010, 04:01 PM

5.0 / 5 based on 1 User Reviews

Review of ICICI Pru Life Stage Wealth II Plan

 

 

What is ICICI Pru Life Stage Wealth II?

ICICI Pru Life Stage Wealth II is a unit linked insurance plan that offers multiple choices to decide how your savings would be invested based on your risk appetite. Further, it provides you with an insurance cover to help you realize your dreams without compromising your family’s protection.

ICICI Pru Life Stage Wealth II Detail Analysis

 

 

Minimum Premium

Premium payment option

Minimum annual premium(Rs.)

Regular pay

Rs. 24,000

Limited pay - 5

Rs. 48000

Limited pay – 7

Rs. 36000

Limited pay - 10

Rs. 24000

Maximum Premium

Rs. 1,00,000 per annum for all premium payment option

Modes of premium payment

Yearly / Half Yearly / Monthly

Policy Term

10, 15, 20, 25 or 30 years

Minimum age at entry

7 years  

Maximum age at entry

65 years

Minimum age at maturity

18 years

Maximum age at maturity

75 years

Minimum Sum Assured for age at entry below 45 years

Higher of (10 × annual premium) and (0.5 × Policy Term × annual premium)

Minimum Sum Assured for age at entry 45 years and above

Higher of (7 × annual premium) and (0.25 × Policy Term × annual premium)

Maximum Sum Assured

As per maximum sum assured multiples

Key Features of ICICI Pru Life Stage Wealth II

Multiple portfolio strategies: Choose between 3 portfolio strategies. Choose a personalized portfolio strategy from;

  • Fixed Portfolio Strategy: Option to allocate your savings in the funds of your choice.
  • LifeCycle based Portfolio Strategy: A unique and personalized strategy to create an ideal balance between equity and debt, based on your age.
  • Trigger Portfolio Strategy: A unique portfolio strategy to protect gains made in equity markets from any future equity market volatility while maintaining a pre-defined asset allocation

Flexible premium payment options: You can either pay premium throughout the policy term or for a limited period

Top up: Flexibility to invest surplus money over and above your regular premiums

Loyalty Additions: Paid at the end of every policy year, starting from the 10th policy year, on payment of all due premiums

Automatic Transfer Strategy: Helps you eliminate the need to time your investment

See Also: IRDA Caps New Charges on ULIP

ICICI Pru Life Stage Wealth II Charges

Premium Allocation Charge

This will be deducted from the premium amount at the time of premium payment and units will be allocated in the chosen fund thereafter.

Year 1

Year 2 Onwards

2%

0%

Top-Up Premium Allocation Charge

All top-up premiums are subject to an allocation charge of 2%.

Fund Management Charge (FMC)

The following fund management charges will be applicable and will be adjusted from the NAV on a daily basis.

Fund

FMC

Opportunities Fund

1.35% p.a.

Multi Cap Growth Fund

1.35% p.a.

Bluechip Fund

1.35% p.a.

Multi Cap Balanced Fund

1.35% p.a.

Income Fund

1.35% p.a.

Dynamic P/E Fund

1.35% p.a.

Return Guarantee Fund

1.25% p.a.

Money Market Fund

0.75% p.a.

This charge will be a percentage of the fund value. There will be an additional charge for the investment guarantee of 0.25% p.a. for the Return Guarantee Fund. This will be charged by adjustment to NAV.

Policy Administration Charge

The policy administration charge is a percentage of the annual premium and will be charged for the term of the policy

Policy year

Policy Administration Charge per month

Year 1 to PPT

0.47%

Thereafter

0.10%

This charge will be made by redemption of units.

Mortality Charges

Mortality charges will be deducted on a monthly basis on Sum Assured.

Switching Charges

Four free switches are allowed every policy year. Subsequent switches would be charged Rs.100 per switch. Any unutilized free switch cannot be carried forward to the next policy year.

Miscellaneous Charges

If there are any policy alterations during the policy term, they will be subject to a miscellaneous charge of Rs. 250 per alteration.

See Also: ULIP Charges in India

These charges will be deducted through redemption of units.

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