ICICI Prudential Wealth Builder Plan
ICICI Prudential Wealth Builder Plan is a Limited Pay and Regular Premium Unit Linked Insurance Plan. Its is a Non-Traditional Insurance Plan without Bonus facility.
Key Features
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + Fund Value, subject to a minimum of 105% of Premium Paid as Death Benefit and the policy terminates.
On survival till the end of the Policy tenure, the Fund Value is paid to the Policyholder as Maturity Benefit and the policy terminates.
Tax benefits on the premium amount paid up to Rs. 15,000 in case of individuals and Rs 20,000 for senior citizens are allowed as a deduction from the taxable income each year under section 80D of the Income Tax under the existing tax laws of the Income Tax, 1961.
- Waiver of Premium on Critical Illness Benefit Rider
- Life Cycle Based Portfolio Strategy- Portfolio is balanced between equity and debt exposure based on age
- Fixed Portfolio Strategy- there is a choice of 7 funds
- Opportunities Fund
- Multi Cap Growth Fund
- Bluechip Fund
- Multi Cap Balanced Fund
- Income Fund
- Money Market Fund
- Maximiser V
- Trigger Portfolio Strategy which works on the principle of “Buy Low, Sell High”
In this plan, additional investment can be done at a minimum amount of Rs 2000 for which the Sum Assured also increases by 125% or 500% of the Top Up Premium. All Top Up Premiums are also locked for a period of 5 years.
There are 4 free switches that are allowed in every policy year. Subsequent switches will be charged at Rs. 100 per switch by cancellation of units.
In this policy, there is Partial Withdrawal Facility but after completion of 5 policy years or the Life Insured is 18 years of age, whichever is later. The minimum amount of Partial Withdrawal is Rs 2000 upto a maximum of 20% of Fund Value. One Partial Withdrawal is free every year.
How it works
In this plan, premium can be paid for a Limited Period of 5 or 10 years under Limited Pay Option or for the entire Policy Tenure under Regular Policy Tenure. There is Loyalty Additions that are paid in this plan every year from the end of the 10th policy year onwards as a percentage of the average Fund Value.
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Premium Payment
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Year 10
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Year 11 onwards
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Regular Pay
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2%
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0.75% p.a.
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Limited Pay 5, 7 or 10
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2%
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0.5% p.a.
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- Life Cycle Based Portfolio Strategy- Portfolio is balanced between equity and debt exposure based on age
- Fixed Portfolio Strategy- there is a choice of 7 funds to choose as per risk appetite
- Trigger Portfolio Strategy which works on the principle of “Buy Low, Sell High”
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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For ages < 45, SA= Higher of (10 x AP) and (0.5 X PT X AP)
For ages 45 & above, SA=Higher of (7 x AP) and (0.25 X PT X AP)
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As per Sum Assured Multiples
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Policy Term (in years)
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10, 15, 20, 25
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30
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Premium Payment Term (in years)
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5, 10
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Equal to Policy Term
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Entry Age of Life Insured (in years)
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0
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65
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Age at Maturity (in years)
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18
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75
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Annual Premium (in Rs.)
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24,000
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Unlimited
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Payment modes
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Only Yearly
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FAQs
What happens if policyholder stop paying the premium before 5 yearsWhat happens if policyholder stop paying the premium after 5 yearsIf the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
What happens if policyholder want to surrender the policyWhat happens if policyholder want a loan against your policyThere is no loan available under this plan.
