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ICICI Prudential Wealth Builder II Plan

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.

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Flexibility of payment
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Loyalty Benefits
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Rider Benefit

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ICICI Prudential Wealth Builder II Plan - Key Features

Flexibility of payment
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Flexibility of premium payment – one, limited and regular pay

Choice of portfolio strategy
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Choice of portfolio strategy – diversify risk across portfolios

Multiple Fund options – total 7 funds
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Multiple Fund options – total 7 funds

Loyalty Benefits
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Loyalty benefits / Wealth Boosters – extra units for staying invested for long term

Rider benefit
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Income Benefit rider is available under this plan. Under this rider, 10% of the rider sum assured will be payable on each policy anniversary follow...

ICICI Prudential Wealth Builder II Plan - Benefits

Death Benefit

In case of death of the Life Insured, the nominee would get the higher of the below:

For one, limited and ...

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 t...

Wealth Boosters

uaranteed 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 t...

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

Multiple portfolio options

Multiple portfolio options -
1. Fixed portfolio strategy – below are the funds options available:

  • Opportunities Fund
  • Mu...

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)

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.

ICICI Prudential Wealth Builder II Plan - FAQs

angle right iconYou 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.

angle right iconYou 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.

angle right iconYou 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.

angle right iconYou want a loan against your policy

There is no loan available under this plan.