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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.

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