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ICICI Prudential Life Insurance - One Time Premium Payment

Given the hectic pace of life today, it is common for people to forget about themselves, with all their attention focussed on surviving the mayhem that is life. A life insurance is crucial for all of us, offering us a chance to protect not only ourselves but also our loved ones. While it is easy to avail a life insurance, updating and renewing it can become an additional task, which is where life insurance policies with a one-time payment option become a boon. These policies ensure that you can go about your work without having to worry about the minor details, offering peace of mind and continuous protection for the entire term an individual has chosen.

ICICI Prudential Life Insurance One Time Premium Payment Plans:

ICICI Prudential Life Insurance offers you a chance to opt for a one-time payment plan through its Wealth Builder II scheme, which is explained in detail below.

ICICI Pru Wealth Builder II:

This is a unit linked insurance plan which offers customers the convenience and ease of a one-time investment. Designed to generate wealth for an individual, it also doubles up as a life insurance scheme to ensure the family of a life assured stays safe.

ICICI Pru Wealth Builder II Eligibility Criteria:

Individuals who wish to purchase this policy need to satisfy the following basic criteria.

Minimum age at entry

0 years

Maximum age at entry

69 years

Maximum age at maturity

79 years

Minimum premium

The minimum premium amount for a single pay investment is Rs 48,000.

Features of ICICI Pru Wealth Builder II:

Some of the major features of this plan are mentioned below.

Policy term

The policy term is fixed for a period of 10 years.

Premium

One can choose to enhance the cover by opting for higher premium amounts.

Premium payment mode

Single payment, on entry into plan.

Sum assured

The sum assured depends on the age of entry into the plan.

Entry Age – 0 to 33 years

  • Min – 1.25 times the premium amount

  • Max – 10 times the premium amount

Entry age – 34 years to 69 years

  • 1.25 times the premium amount

Automatic transfer strategy

This feature makes the best use of your money by transferring it from debt to equity in a bid to overcome market fluctuations.

Additional protection

Individuals can choose to enhance their protection by opting for additional riders.

Multiple fund options

One can choose between 7 fund options to find one which meets their goals and aspirations.

Benefits of ICICI Pru Wealth Builder II:

Some of the benefits of this plan are mentioned below.

Death Benefit

In the unfortunate event of demise of a policyholder, his/her nominee will receive an amount which is equivalent to the higher of the sum assured, fund value or minimum death benefit.

Maturity Benefit

A policyholder is entitled to a maturity benefit equal to the fund value on maturity.

Partial withdrawals

Partial withdrawals during emergencies are permitted after the policy has been active for 5 years.

Loyalty additions

Policyholders are entitled to loyalty additions after the 6th policy year.

Wealth boosters

Extra units are allotted to policyholders after the 5th year.

Tax benefits

Policyholders are entitled to tax benefits as per the provisions of the Income Tax Act.

How to purchase ICICI Pru Wealth Builder II:

Individuals who wish to purchase this policy can do so by either requesting ICICI Prudential to send an advisor to their home/office or by visiting their branches. Additionally, they can also visit the BankBazaar website to gather details about this plan and apply. They will be required to fill up certain forms, provide relevant documents and pay the premium to stay covered.

Working of ICICI Pru Wealth Builder II:

The working of this plan is simple and easy to understand. Individuals need to pay the one-time premium, with the sum assured depending on the amount they choose to pay. After making the payment they can choose the type of fund in which they wish to invest. This investment grows over a period of time, according to market trends. In the event of a policyholder passing away during the policy term, his/her nominee will receive a death benefit and the policy will cease to exist.

On maturity of the policy, a policyholder is entitled to a maturity benefit, making this a win-win plan.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Life Insurance Reviews

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  • ICICI Prudential Life Insurance
    "worst policy ever"
    0.5 1.0/5 "Really Bad"
    I am not aware that i am opening insurance with icici while opening my salary Acc. But not they are not closing it . I just feel like i made a big mistake by considering icici for my salary account . Think again if you really think icici is a good choice .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 17, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Good for nominees"
    0.5 3.5/5 "Pretty good"
    I have one more term plan with ICICI prudential , I took the life insurance for the tenure of 7 years, monthly I need to Rs. 1565, policy coverage is around Rs. 20 lakhs, they give critical cover, premium terminal on disability. The agent gave me the clear information
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    I have life insurance with ICICI Prudential, half yearly I make the payment of Rs. 10,000 for the tenure of 12 years. The maturity benefits are good and with the tax benefits. The customer care is good they send the bond on time. I don't have any issues.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a while back and i had been paying the premium on a monthly basis. The premium has been paying online and the payment method has been easy and the premium amount has not been too high. The services with them has been quite good so far and it has been a good policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Cheated people"
    0.5 1.0/5 "Really Bad"
    My life insurance policy was taken from ICICI Prudential and i have purchased this policy for my child's benefits. I have invested the amount of Rs. 1 lakh and i have to pay the premium for 5 years. I have not received any kind of renewal notifications hence i have not paid anything after the first premium since they don't provide the policy documents. When i called the customer care for my issue, they have asked me to contact the branch and when i visited their branch and they said since because of the no renewal payment hence policy got expired.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "Useless policy"
    0.5 1.0/5 "Really Bad"
    I had taken the health insurance with ICICI Lombard. I had a plan name of G type. I have taken the child insurance policy. As per the premium amount given them but i have not received any kind of documents. In 2009 i purchased a policy with them. I visited their branch regarding the documents issue but there is no resolution.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "wealth builder"
    0.5 3.5/5 "Pretty good"
    I have taken wealth builder insurance plan in 2015. I don't feel this is a great plan except for the insurance coverage. after 3 years my son has not increased much. also feel my son is blocked for a period of 5 years. except for the insurance coverage there is not much benefit from this.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "One must have some term plan"
    0.5 5.0/5 "Blown Away!"
    Their application process was so fantastic. The documentation was fine and i have done everything through online. Since because of the brand value, i have selected the ICICI prudential for my term insurance. The claim ratio is very high which is98.3%. I have selected the premium is a accelerated one. First I have to pay the premium upto 10 years and it will cover next 34 years. I have selected the coverage value of Rs. 1 Cr upto 65 years. I pay the premium amount of Rs. 2311.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • ICICI Prudential Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a while back and i had been paying the premium every month. The premium amount has not been too high and the payment method has been easy as well. Their customer support has also been responsive and has been helpful as well.
    Was this review helpful? 2
    , kolkata
    Reviewed on Dec 20, 2018
  • ICICI Prudential Life Insurance
    "More than satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from ICICI Prudential. It is a cash back policy and the policy coverage and the plan benefits are fine and satisfactory. The payment options are also fine as I can pay my premium with ease online. The customer support is supportive.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 11, 2018
  • ICICI Prudential Life Insurance
    "Good policy for life"
    0.5 5.0/5 "Blown Away!"
    Through mobile I came to know about the ICICI prudential life insurance, for the coverage of Rs. 1 lakh, I paid the premium of Rs.20 it has accidental cover and critical illness cover but there is no medical cover. The Policy documentation process is easy.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Dec 10, 2018
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken a term plan with ICICI preudential from last 2 years, i pay a premium of Rs 525 every month for this insurance policy and i am convenient with the payment options. Customer service was good and they explained every detail of this policy.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Dec 10, 2018
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance with ICICI Prudential and I need to pay a premium till the age of 60 and it has a coverage till the age of 65 to 66. The policy coverage is for 50 lakhs and if anything external happens to the policy holder another 50 lakhs is provided to the family. The premium is economical, it is of 897 which goes through on a ECS basis.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 05, 2018
  • ICICI Prudential Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    My experience with the life insurance policy from the ICICI PRUDENTIAL and it is a annual term plan policy. The maturity period of this policy is for 10 years where i am paying my premium of r yearly once for this policy. The process of getting the policy is good.
    Was this review helpful? 1
    , jaipur
    Reviewed on Nov 27, 2018
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with ICICI prudential , i have been taken two policy through icici , the premium they have charged me was nominal, and premium amount for one policy they are charging up to yearly basis, and for another policy on half yearly basis, overall service is good.
    Was this review helpful? 0
    , pune
    Reviewed on Nov 25, 2018
  • ICICI Prudential Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have applied for the life insurance which is TERM PLAN with the ICICI PRUDENTIAL. The process of getting and also applying the life insurance is simple process with this ICICI. The service is very good also i am satisfactory with this loan.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 24, 2018
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have a Term insurance policy from the ICICI Prudential . The premium gets auto debited from the account. I Don't have to worry about the due date because ECS makes life so much easier. Their services also needs improvements. They need to raise their standards and provide quality support all the customers.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 21, 2018
  • ICICI Prudential Life Insurance
    "Bad service"
    0.5 2.0/5 "Expected more"
    I have been holding my health insurance with ICICI BANK , there service is not up to the mark, they dont keep there words they said that my policy coverage was up to 10,00,000 but i check it it was just for 3,00,000 only and even what is benefit in this health insurance they have not explained me and i do not have idea how much hospital they have tie up.
    Was this review helpful? 0
    , faridabad
    Reviewed on Nov 16, 2018
  • ICICI Prudential Life Insurance
    "Good for Investment"
    0.5 5.0/5 "Blown Away!"
    I generally pay Rs.30,000 per annual year for the life insurance. The plan which I taken with ICICI Prudential is called money back. Every yearly I get the bonus amount from the coverage value. After completion of tenure period I get the entire benefits.
    Was this review helpful? 1
    , bhubaneshwar
    Reviewed on Nov 02, 2018
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