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ICICI Prudential Wealth Builder II

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ICICI Prudential Wealth Builder II Plan Review 

ICICI Pru Wealth Builder II Plan is a unit-linked insurance plan (ULIP). The plan offers multiple investment options and fund choices. The policyholder will receive the fund value on the maturity date. In case of your unfortunate death during the policy term your family will get the death benefit.

 

Key Features of ICICI Pru Wealth Builder II Plan

  • Flexibility of premium payment – one, limited and regular pay
  • Choice of portfolio strategy – diversify risk across portfolios
  • Multiple Fund options – total 7 funds 
  • Loyalty benefits / Wealth Boosters – extra units for staying invested for long term
 
COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from ICICI Pru Wealth Builder II Plan

Death Benefit – In case of death of the Life Insured, the nominee would get the higher of the below:
For one, limited and regular pay (entry age greater than or equal 50 years) higher of,
  • Sum assured including top-up sum assured, if any minus partial withdrawals if done so far.
  • Minimum Death Benefit 105% of total premiums paid including top up premium
  • Fund value including top up fund value
For limited and regular pay (entry age less than 50 years), higher of, 
  • Sum Assured including Top-up Sum Assured, if any
  • Fund Value including Top-up Fund Value, if any
  • Minimum Death Benefit 105% of total premiums paid including top up premium
Maturity Benefit – On maturity, the Fund Value (including top fund value) is paid to the policyholder according to the investment option chosen.

Loyalty Additions – Guaranteed loyalty additions units will be allocated every policy year, from 6th policy year onwards. It’s 0.25 % of average daily fund value and top-up, if any. 

Wealth Boosters - Guaranteed extra units will be allocated at the end of 5th policy, starting from 10th policy year. It’s percentage of average daily fund value and top-up, if any. Each addition will be – 
1.50% for one pay 
3.25% for regular pay

Change in portfolio strategy – you can change portfolio strategy once a year.

Increase and decrease of sum assured and policy Term – you can opt for this facility provided all the premiums are paid till date.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C

 

Eligibility conditions and other restrictions in ICICI Pru Wealth Builder II Plan

Particulars

Minimum

Maximum

Entry age (in years)

0

One pay – 69

Limited pay – 55

Regular pay – 65

Maturity age (in years)

18

One pay – 79

Limited pay – 69

Regular pay – 75

Premium (in Rs.)

One pay 48,000

Limited and Regular pay 24,000

Unlimited

Premium Payment modes

Single, Yearly, Half-yearly and Monthly

Premium payment term/options

One pay – Single premium

Limited pay 5, 7 or 10

Regular pay – equal to policy term

 

Policy Terms

Premium Payment option

Ages (in years)

Policy Term (in years)

One

-

10

Limited and Regular pay

0-39

40-54

55 and above

10,15,20,25

10,15

10

 

Sum Assured (SA)

One pay

Entry age (in years)

Minimum SA

Maximum SA

0-33

1.25*Single Premium

10*Single Premium

34 and above

1.25*Single Premium

1.25*Single Premium

Five and Regular Pay

Entry age (in years)

Minimum SA

Maximum SA

0-44

Higher of (10*Annual Premium) and (0.5*policy Term*Annual Premium)

As per Maximum Sum Assured multiples*

45 and above

Higher of (7*Annual Premium) and (0.25*policy Term*Annual Premium)



 

Additional Features and Benefits of ICICI Pru Wealth Builder II Plan

Riders – Income Benefit rider is available under this plan. Under this rider, 10% of the rider sum assured will be payable on each policy anniversary following death till the end of the policy term 

Multiple portfolio options
1. Fixed portfolio strategy – below are the funds options available:
  1. Opportunities Fund
  2. Multi Cap Growth Fund
  3. Blue-chip Fund
  4. Maximiser V
  5. Multi Cap Balanced Fund
  6. Income Fund
  7. Money Market Fund


Lifecycle based Portfolio Strategy - Your financial needs are not static and keep changing with your life stage. It is, therefore, necessary that your policy adapts to your changing needs. This need is fulfilled by the Lifecycle based Portfolio Strategy.

Top-up
This is an additional saving over and above your fund value, the minimum top up is 2000. Your Sum Assured will increase when you avail this facility.

Switching
You can switch across the 7 fund options, the minimum switch is Rs. 2000. This feature is available under fixed portfolio strategy.

Partial Withdrawal
Partial withdrawals are allowed only after completion of 5 policy years. One Partial Withdrawal is allowed in each policy year upto a maximum of 20% of the existing Fund Value. The minimum amount for partial withdrawal is Rs 2,000.

 

What happens if?

You stop paying the premium after 5 years – Policy holder can pay the unpaid premium, Surrender the policy, Convert the policy into paid up policy, continue the policy for a period of up to 2 years. If nothing from the above is selected, then the policy will be auto surrendered. 

You stop paying the premium before 5 years – Policy Holder can pay the unpaid premium, discontinue the policy, the funds will be moved to discontinue policy fund.  If nothing from the above is selected, then the policy will be converted to discontinued policy.

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 4% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value including top up value shall be paid immediately and the policy would be terminated.

You want a loan against your policy - There is no loan available under this plan.

 

Exclusions

If the Life Assured, commits suicide within one year from the date of issuance of the policy or from the date of policy revival, only the Fund Value, including Top- up Fund Value, if any, as available on the date of death, would be payable. No charges will be deducted after the date of death.

If the Life assured, within one year from the effective date of increase in Sum Assured, then the amount of increase shall not be considered in the calculation of the death benefit.
 
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