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  • ICICI Pru Wealth Builder II Plan

    ICICI Prudential Life Insurance

    The Pru Wealth Builder II Plan from ICICI Prudential Life is a protection and savings oriented unit linked insurance policy that provides customers with various options with regards to investment while offering coverage to ensure that the financial security of the individual’s family is well-protected in case of his / her unfortunate death. Individuals must decide their premium amount in addition to the premium payment term and choose the sum assured based on their personal protection requirements. There are two portfolio strategies from which to choose, and the family of the policyholder will receive the death benefit in case of the policyholder’s death.

    Features of ICICI Pru Wealth Builder II

    • Options of different portfolio strategies: Customers can choose their own personalised portfolio strategy.
    • Life Cycle based Portfolio Strategy: This is a distinctive and personalised strategy that helps in creating the perfect balance between debt and equity, depending upon your age.
    • Fixed Portfolio Strategy: This strategy allows individuals the choice to apportion their savings in the funds of their choice.
    • Flexible premium payments: Customers can make premium payments either for the whole term of the policy, or for a limited period of time based on their preferences.
    • Various fund options: Customers can invest in any fund they choose from the seven unique ones available to them.
    • Loyalty benefits: Customers can avail rewards through Wealth Boosters and Loyalty Additions.
    • Options of protection level: Customers have a choice when it comes to choosing the level of protection that meets their individual needs.
    • Tax benefits: Under Section 80C of the Income Tax Act, tax benefits can be availed on the premiums paid and the benefits received.

    Benefits of ICICI Pru Wealth Builder II

    1. Death benefit: In case of the Life Assured’s unfortunate death when the tenure of the policy is in progress, payables will be as follow:
      1. For One Pay policies, the death benefit offered to legal heirs / nominees will be the highest of the following:
        • A = Sum insured, inclusive of top-up sum insured, if any
        • B = Fund value inclusive of top-up fund value, if any
        • C = Minimum death benefit minus applicable partial withdrawals, if any
      2. For Regular and Limited Pay policies, the death benefit granted to individuals who entered the policy when they were under 50 years of age are as follow:
        • Death benefit = (A + B) or C, whichever is higher. In this case,
        • A = Sum insured inclusive of top-up sum insured, if any
        • B = Fund value inclusive of top-up fund value, if any
        • C = Minimum death benefit
      3. For Regular and Limited Pay policies, the death benefit granted to individuals who entered the policy when they were either equal to or older than 50 years are as follow:
        • Death benefit = A / B / C, whichever is the highest. In this case,
        • A = Sum insured inclusive of top-up sum insured, if any
        • B = Fund value inclusive of top-up fund value, if any
        • C = Minimum death benefit minus applicable partial withdrawals, if any
        • The Minimum Death Benefit shall be 105% of the overall premiums paid inclusive of top-up premiums, if any.
    2. Maturity Benefit: When the policy matures, the policyholder will be granted the fund value inclusive of the top-up fund value, if any. Customers have the choice to either take the maturity benefit as a structured payout through the Settlement Option, or as a lump sum.
    3. Loyalty Additions: At the end of each policy year, customers will receive loyalty additions as extra units. However, these loyalty additions cannot be availed unless the customer completes five policy years. From the end of the sixth policy year, loyalty additions will be granted to customers provided that their money is not in DP Fund. Every loyalty addition is the same as 0.25% of the average of fund values inclusive of top-up fund value, if any. An extra loyalty addition of 0.25% will be paid each year from the end of the sixth policy year provided that the customer has paid all the premiums for that particular year.
    4. Wealth Boosters: At the end of each fifth policy year, wealth boosters are handed out to customers as additional units. However, customers can avail wealth boosters only from the end of the tenth policy year and if their money is not in DP Fund. Every wealth booster is a percentage of the average of Fund Values inclusive of top-up find value, if any. The percentage of wealth booster you can receive for a One Pay policy is 1.50% and for Regular and Limited Pay, it is 3.25%.

    Eligibility Criteria

    • The maximum entry age for individuals who wish to avail the One Pay plan is 69 years, 55 years for those who wish to avail the Limited Pay policy, and 65 years for those who opt for the Regular Pay policy.
    • The minimum age of the individual at the time of maturity must be 18 years, and the maximum varies depending upon the policy availed. For instance, the maximum age for One Pay policy is 79 years, 69 years for Limited Pay policies and 75 years for Regular Pay policies.
    • The minimum premium for One Pay policies is Rs.48,000, and Rs.24,000 for Limited and Regular Pay policies. There is no limit on the maximum premium.
    • Premium payments can be made on a single, monthly, semi-annual and annual basis.
    • For individuals who choose the One Pay policy, the term is 10 years. For indviduals who choose the Limited or Regular Pay policy, the policy term for individuals between 0 and 39 years can be 10 / 15/ 20 / 25 years. For individuals between 40 and 54 years of age, the term can be either 10 or 15 years, and for individuals who are 55 years old or above, the term is 10 years.
    • The premium payment term for individuals who opt for the One Pay policy is just a single premium. For those who opt for the Limited Pay policy, the premium payment term can be 5, 7 or 10 years, and for individuals who opt for the Regular Pay policy, the premium payment term will be the same as the policy term.
    • The minimum sum assured for One Pay policies is 1.25 x Single Premium for individuals who are between 0 and 33 years of age. The maximum sum assured for the same age group can be 10 x Single Premium. The minimum sum assured for individuals who are 34 years old and above is 1.25 x Single Premium, and the maximum sum assured for investors in the same age group is 1.25 x Single Premium.
    • The minimum sum assured for Limited and Regular Pay policies is the Higher of (10 x Yearly Premium) and (0.5 x Policy Term x Yearly Premium) for individuals who are between 0 and 44 years of age. The minimum sum assured for individuals who are 45 years old and above and have taken out a Limited Pay or Regular Pay policy, the minimum sum assured is Higher of (7 x Yearly Premium) and (0.25 x Policy Term x Yearly Premium). The maximum sum assured for Limited and Regular Pay policies is as per maximum Sum Assured multiples that depend on the individual’s age. For instance, the maximum multiple for age 18 is 30 and 7 for age 65.
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