Are you looking for an ICICI Pru Life Insurance plan which provides risk cover to your family as well as excellent Return on Investment? The ICICI Pru Pinnacle Super ULIP plan can be the solution you are looking for as it has insurance protection for the family during the policy term as well highest Net Asset Value (NAV) guarantee that is recorded on an everyday basis.
The ICICI Pru Pinnacle Super ULIP plan is stipulated to be one of the versatile Unit Linked Insurance Plan (ULIP) plans offered by ICICI as there are many fund options, flexibility in choosing the number of premiums investors want to pay, and guaranteed returns during maturity of the policy. Let’s check out the salient features and benefits of the ICICI Pru ULIP plan.
The ICICI Prudential Pinnacle Super ULIP at a Glance
|Minimum Limit||Maximum Limit|
|Sum Assured for 1-Pay||125 percent of the premium||500 percent of the premium|
|Policy Term||10 years||10 years|
|Premium Payment Term||Single premium/ 1 Year||5 years|
|Age of Policy Holder during Buying the Policy||8 years||5 Pay = 65 years1 Pay = 70 years|
|Age of Policy Holder during Maturity of the Policy||Should be an adult||5 Pay = 75 years1 Pay = 80 years|
|Premium Mode||Single and Annually||Single and Annually|
Premium Analysis of a Policy under Various Premium Paying Term, Sum Assured and Return per Year
|Premium Paying Term||Fund Value at Maturityincluding Loyalty Addition where return is at a rate of 6 percent per year (in Rs.)||Fund Value at Maturityincluding Loyalty Addition where return is at a rate of 10 percent per year (in Rs.)|
In the sample, the following data has been used:
- Amount of Installment Premium = Rs.100,000
- Age = 30 years
- Premium Paying Term (PPT) = 5 Pay
- Sum Assured = Rs 1,000,000
- Portfolio Strategy = Fixed
ICICI Prudential Pinnacle Super ULIP Details
Similar to a typical ICICI Pru Life Insurance policy, this policy too, has death benefit, tax benefit, and other benefits. As an ULIP plan, it also has an investment option with a lucrative maturity benefit. Here are some salient features about the ICICI Pru ULIP Life Insurance plan and conditions when such benefits would be awarded:
- The nominee is entitled for a death benefit which can be either the sum assured or Fund Value in the 1-Pay premium payment term. The amount is the one which is higher of the two.
- The nominee is entitled for a death benefit which is a total of the sum assured and Fund Value in the 5-Pay premium payment term.
- The life assured gets a maturity benefit which is equal to the Fund Value and highest guaranteed return that is generated on the fund option selected by the policy holder.
- Policy holder can select Dynamic Asset Allocation fund to increase the portfolio in the policy.
- Loyalty Addition is offered during maturity, which is 2 percent of the Fund Value.
- NAV is guaranteed during maturity. Policy holders can choose any of the 3 options provided during the purchase of the policy for acquiring highest NAV fund. These options are:
- Highest NAV Fund A – It guarantees maximum recorded NAV within the initial 7 years subject to a minimum of Rs 10
- Highest NAV Fund B – It guarantees 110 percent of the maximum recorded NAV within the initial 7 years subject to a minimum of Rs 11
- Highest NAV Fund C- It guarantees maximum recorded NAV within the initial 7 years subject to a minimum of Rs 15
- There are 12 investment funds available to the policy holders to choose from:
- Opportunities Fund
- Multi Cap Growth Fund
- Bluechip Fund
- Multi Cap Balanced Fund
- Income Fund
- Money Market Fund
- Return Guarantee Fund
- Dynamic P/E Fund
- Maximiser V Fund
- Highest NAV Fund A
- Highest NAV Fund B
- Highest NAV Fund C
- There are 2 portfolio strategiesto acquire the highest NAV guarantee, such as:
- Fixed Portfolio Strategy
- Trigger Portfolio Strategy
- Policy holders can increase or reduce the sum assured each year during the anniversary of the policy.
- One rider is available with the plan. If you opt for the Waiver of Premium on Critical Illness rider in your policy then all future premiums on the policy will be waived by ICICI if you acquire any of 20 critical illnesses recognized the company.
- A Top-up amount offered under this plan starts from Rs 2000.
- Unlimited switching is permitted for funds with Fixed Portfolio Strategy. Switching is not allowed for Trigger Portfolio Strategy or from a non-guaranteed NAV option to a guaranteed NAV option.
- Partial withdrawal of funds is permitted only when 5 years of the policy term has been completed or when the life assured has attained adulthood.
- Surrender of the policy is not permitted in the initial 5 years of the policy term. When the policy holder surrenders the plan after 5 years, the insurance cover ceases to exist and the policy holder gets back the Fund Value.
- No loan option is available with this ICICI Pru Pure Protect Elite Term insurance plan.
Discontinuation of Premium
The policy holder is not eligible for Discontinued Policy Fund for single-pay option. However, this feature is available for 5-pay option. The insurance cover will go into a lapsation mode and the fund value will be transferred to the Discontinued Policy Fund. The policy holder will get back this amount with a minimum interest rate of 3.5 percent per year after 5 years of completion of the policy term. If premium is not paid after 5 years, then the plan is no longer valid and the insurance benefit will also lapse. The fund value acquired till the lapsation of the policy is paid to the policy holder.
Benefits of ICICI Prudential Pinnacle Super ULIP
The ICICI Pru Pinnacle Super ULIP plan offers lucrative death benefit, maturity benefit, and tax concessions. People looking for insurance cover and investment opportunities look forward to the ULIP plan as the plan guarantees high NAV. It is also flexible enough to allow policy buyers to choose portfolio strategy, guarantee, and premium payment option. But this is not all. For instance, the ICICI Pru Pinnacle Super ULIP policy provides:
- Tax benefits where the paid premiums are exempted from tax as per section 80 C of the Income Tax Act just like the other ICICI Pru insurance plans. The tax exemption in this plan is up to a limit of 1 lakh.
- Death benefit for 1-Pay option would be higher of the amounts, sum assured or Fund Value. For 5-Pay option, it would the total of the sum assured and Fund Value.
- Maturity benefit would be higher of the guaranteed value and Fund Value.
- Loyalty additions would permit extra allocation of units.
- Premium Redirection is possible to some investment funds.
- Free look period is offered with this ULIP based ICICI Pru Life Insurance plan.
The ICICI Pru Pinnacle Super ULIP plan reviews point out that the plan is a good investment opportunity for a policy holder who is keen to work on portfolio strategies and fund investment options. A high death benefit and maturity benefits have made the plan a lucrative proposition for those interested in investing in ULIP policies.