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Investment Plans 366 views March 8, 2021
Considering the uncertainty attached to our lives, having life insurance is not a choice anymore; it’s a necessity in today’s world. Apart from providing financial protection to your loved ones in case something unfortunate happens to you, a life insurance plan also helps you grow your wealth over time to achieve key milestones in life. Here, we will be comparing two such life insurance plans — ICICI Pru Wealth Builder II and HDFC Life ProGrowth Plus Plan. Before deciding which could be the right fit for you, let’s look at their striking features to get a basic idea. Have a look!
| ICICI Pru Wealth Builder II Plan | HDFC Life ProGrowth Plus Plan |
|---|---|
|
|
Now that you have understood the key features of both the ICICI Pru Wealth Builder II and HDFC Life ProGrowth Plus plan, let’s move on to compare them on several factors such as the policy term, plan options, premium amount, premium payment term, death benefits, among others. Do read to know more!
Table of Contents
Let’s Compare ICICI Pru Wealth Builder II and HDFC Life ProGrowth Plus Plan in Detail
To compare plans from ICICI Prudential Life and HDFC Life, it is important to understand their key aspects. So, we will be discussing them based on different options starting with the flexibility to choose the plan option according to your needs. Let’s start!
Flexibility to Choose Multiple Plan Options
When we talk about ICICI Pru Wealth Builder II, you can choose to invest your hard-earned money in two different portfolio strategies according to your requirements — Fixed portfolio strategy and LifeCycle based Portfolio strategy.
With the fixed strategy, you can allocate your money in different funds as per your choice. These funds are Opportunities fund, Multi-Cap Growth fund, Bluechip Fund, Maximise V, Multi-Cap Balanced fund, Income fund, and Money Market Fund. With the LifeCycle strategy, you can balance between equity and debt based on your age and risk appetite.
Even with the HDFC Life ProGrowth Plus Plan, you can choose between two plan options — The life option and the Extra Life option. With the extra life option, you will get an accidental death benefit along with a death benefit. Here too, you can choose from 10 investment fund options according to your convenience. Some of them are Equity plus fund, Diversified Equity fund, Bluechip fund, Discovery fund, and Equity Advantage fund, etc.
Death Benefits
Want to know the death benefit that you can enjoy with ICICI Pru Wealth Builder II and HDFC Life ProGrowth Plus Plan? Well, we are showing it in the below table. Please check!
| ICICI Pru Wealth Builder II Plan | HDFC Life ProGrowth Plus Plan |
|---|---|
| For One Day Policies - A or B or C whichever is highest For Limited Pay and Regular Pay Policies - For Age at entry less than 50 years - Higher between (A+B) and C For Age at Entry equal to 50 years or more - Highest of A, B, or C Where A= Sum Assured including Top-up Sum Assured, if any B = Fund Value including Top-up Fund Value, if any C = Minimum Death Benefit | Highest of the following amounts Sum assured (less partial withdrawals, if any) Unit Fund Value Minimum Death Benefit Apart from the death benefit, an additional sum insured will be given to the nominee in case the death happens due to an accident. |
Maturity Benefit
In the below table, you can check the maturity benefits provided by ICICI Pru Wealth Builder II and HDFC Life ProGrowth Plus Plan if you survive until the end of the policy term. Please check!
| ICICI Pru Wealth Builder II Plan | HDFC Life ProGrowth Plus Plan |
|---|---|
|
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What are the Policy Term and Premium Payment Term?
If you are choosing the ICICI Pru Wealth Builder II plan, the policy term will depend on the premium payment term that has three options — One Pay (single premium), Limited Pay (5, 7 or 10 years), and Regular Pay (Equal to the policy term). To know more you can check the below table.
| Premium Payment Term | Policy Term |
|---|---|
| One-time Payment | 10 years |
| For Limited Pay and Regular Pay | 10, 15, 20 or 25 years for individuals between 0 to 39 years 10 and 15 years for individuals aged between 40 to 54 years 10 years for individuals aged 55 years and above |
However, in the case of the HDFC Life ProGrowth Plus Plan, the policy term can range from 10 to 30 years, while the premium payment term will be equal to the policy term.
What is the Premium Amount for ICICI Pru Wealth Builder II and HDFC Life ProGrowth Plus Plan?
For the ICICI Pru Wealth Builder II plan, the minimum premium amount will depend on the premium payment term. In the case of One Pay, the minimum amount stands at INR 48,000, while it will be INR 24,000 per annum for Limited Pay and Regular Pay.
For the HDFC Life ProGrowth Plus Plan, the minimum premium amount stands at INR 24,000 per annum/INR 10,000 per 6-months/ INR 2,500 per month, while the maximum can be INR 1,00,000 per annum/ INR 50,000 per 6 months/ INR 8,333 per month.
Eligibility Criteria
Look at the below table to understand the eligibility criteria of the ICICI Pru Wealth Builder II and HDFC Life ProGrowth Plus plan!
| Parameters (in years) | ICICI Pru Wealth Builder II and | HDFC Life ProGrowth Plus plan |
|---|---|---|
| Minimum age at entry | 0 | Life - 14 Extra Life - 18 |
| Maximum age at entry | One Pay - 69 Limited Pay - 55 Regular Pay - 65 | Life - 65 Extra Life - 55 |
| Minimum age at maturity | 18 | |
| Maximum age at maturity | One Pay - 79 Limited Pay - 69 Regular Pay - 75 y | Life - 75 Extra Life - 70 |
Additional Rider Options
You can choose to enhance your protection with rider options available under both ICICI Pru Wealth Builder II and the HDFC Life ProGrowth Plus plan. With the plan from ICICI Pru, you can choose the Unit-linked Accidental Death rider option, while with the plan from HDFC Life, you get to choose from two options – Income Benefit on Accidental Disability Rider and Critical Illness Plus rider option.