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  • ICICI Prudential Guaranteed Wealth Protector Plan

    ICICI Prudential Life Insurance

    The Guaranteed Wealth Protector insurance plan from ICICI Prudential is a Unit Linked Insurance Plan (ULIP) that invests across equity and debt instruments. This plan not only provides your dependants with financial security in the unfortunate event of your death, but also invests your money in equities to generate income and provide you with capital security.

    Key Features of Wealth Protector Insurance Plan:

    • Unit Linked Insurance Plan (ULIP) that provides life insurance coverage and returns on investment.
    • Premium paying options:
      • Single Premium.
      • Five premiums over five years.
    • 10 year policy term.
    • Sum assured under the Single Premium option is 1.25 times the premium paid.
    • Sum assured under the Five Pay option is:
      • 10 times the annual premium if the age of the life insured is between 8 and 44 years.
      • 7 or 10 times the annual premium if the age of the life insured is between 54 and 54 years.
      • 7 times the annual premium if the age of the life insured is between 55 and 60 years.
    • Premium paying modes for Five Pay option:
      • Annual.
      • Half-yearly.
      • Monthly.
    • Assured Benefits protect your investment and savings from the volatility of the market.
    • Loyalty Additions and Wealth Booster are added rewards facilities with this plan.
    • Tax benefits as per prevailing tax laws.
    • The ratio of funds to be allocated towards different types of investments (equity, debt, etc.) is decided after considering the risk involved, and various factors like your entry age, how many policy years have been completed, etc.
    • Your money will be invested in accordance with the Guaranteed Wealth Protector strategy, which employs two funds for investments:
      • Life Secure Fund invests primarily in debt related instruments.
      • Life Growth Fund invests primarily in equity and equity related instruments.
    • Initially, a larger proportion of your funds will be invested in the Life Growth Fund.
    • The proportion of funds invested in the Life Secure Fund will be increased over time as the number of policy years completed increases.
    • The plan pays out whether you’re alive or dead by the plan maturity date, with a death benefit to your dependents, and a maturity (survival) benefit for you.

    Benefits of Wealth Protector Insurance Plan:

    1. Death Benefit:

      Should the worst come to pass for you before the maturity date, your dependents will be covered against financial instability through the payout of a death benefit, if your funds are not currently in the DP fund. The amount payable will be the higher of:

        • Sum Assured, or
        • Minimum Death Benefit, or
        • Fund Value.
    2. Maturity Benefit:

      If you are alive and well by the time the Maturity Date rolls around, you will be paid the higher of:

        • Fund Value + Loyalty Additions + Wealth Booster.
        • Assured Benefit (in case of One Pay): 101% of Single Premium.
        • Assured Benefit (in case of Five Pay): 101% of the sum of all paid premiums.
    3. Loyalty Additions:

      An amount that is equal to 0.25% of the average value of the Fund Values as on the last business day of the last 8 policy quarters will be allocated to your policy (in the form of Units) at the every policy year (from the start of the 7th policy year, onwards).

    4. Wealth Boosters:

      An amount that is equal to:

        • Five pay: 3.25% of the average value of the Fund Values as on the last business day of the last 8 policy quarters.
        • One pay: 1.50% of the average value of the Fund Values as on the last business day of the last 8 policy quarters.

      will be allocated to your policy (in the form of Units) at the end of the 10th policy year.

    Eligibility Criteria of of Wealth Protector Insurance Plan:

    1. Single Premium:
      1. Entry Age:
        1. Minimum: 8 years old.
        2. Maximum: 70 years old.
      2. Maturity Age:
        1. Minimum: 18 years.
        2. Maximum: 80 years.
    2. Five Pay:
      1. Entry Age:
        1. Minimum: 8 years old.
        2. Maximum: 60 years old.
      2. Maturity Age:
        1. Minimum: 18 years.
        2. Maximum: 70 years.

    *Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, exclusions, calculations, ratings, terms and conditions mentioned above are as of January, 2016, and are subject to change at any time. All banks, NBFCs, insurance providers, financial service providers, companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank, company, NBFC, financial service provider before making any financial commitments.

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