ICICI Pru Wealth Builder II provides you life cover and helps grow your money over the long term. This is a Unit-linked Plan (ULIP), which means your benefits will depend on how it invests the money you pay through premiums. Let’s have a look at the key features of ICICI Pru Wealth Builder II:-
- Option of 7 Funds
- Up to 4 Free Switches Available in a Policy Year
- Automatic Transfer Strategy & Lifecycle Based Portfolio Strategy Available
- Maturity Benefits, Life Insurance Benefit, Partial Withdrawal Benefit and Other Benefits
Read this page further and learn more about the ICICI Pru Wealth Builder II features and benefits in detail.
ICICI Pru Wealth Builder II Fund Options
You can choose your investment fund from the following options:-
- Maximiser V – The objective of this fund is to achieve long-term capital appreciation through investments in equity and equity-related instruments of large and mid-cap stocks. But the level of risk associated with this fund option is high.
- Opportunities Fund – It looks to generate superior long-term returns. It will invest your premium in a diversified portfolio of equity and equity-related instruments of companies of four industries – Resources, Investment-related, Consumption-related and Human Capital leveraged industries.
- Multi-cap Growth Fund – This fund is suitable for you if your objective is to generate high long-term returns. The money will get invested in a diversified portfolio of equity and equity-related instruments of large, mid and small-cap companies.
- Bluechip Fund – Want a long-term capital appreciation? invest in this fund where your premium will be invested predominantly in large-cap stocks.
- Multi-cap Balanced Fund – If you are looking for a balance between capital appreciation and stable returns, this fund will be suitable for you! This fund will invest in a mix of equity and equity-related instruments of large, mid and small-cap companies along with debt and debt-related instruments.
- Income Fund – To get regular income from your investment, choose this fund option as it will invest in various fixed-income securities. The fund will maintain a balance between return, safety and liquidity.
- Money Market Fund – Seek suitable returns through low-risk investments in debt and money market instruments.
ICICI Pru Wealth Builder II Fund Investment Strategy
Under this ICICI Pru ULIP, you will get the option of two investment strategies
- Automatic Transfer Strategy (ATS):- This strategy will optimize your returns by systematically transferring your money from debt to equity at regular intervals to help balance your investment amid market fluctuations.
- Lifecycle Based Portfolio Strategy:- Here, a unique and personalized strategy is applied to your investments to create an ideal balance between equity and debt as per your age.
ICICI Pru Wealth Builder II Fund Benefits
You will get the following benefits under ICICI Pru Wealth Builder II as the case may be:-
Death Benefit – In case of an unfortunate event of your death, the nominee will receive the following death benefit as on the date of death and based on the age of the life insured.
If the Life Insured Age is < 50 years, the higher of the following will be payable:-
- Sum Assured + Top-up Sum Assured, if any, + Policy Fund Value + Top-up Fund Value, if any
- 105% of the total paid premiums + top-up premiums, if any
If the Life Insured Age is >= 50 years, the highest of the following shall be payable:-
- Sum Assured + Top-up Sum Assured, if any
- Policy Fund Value + Top-up Fund Value, if any
- 105% of the total paid premiums + top-up premiums, if any
Maturity Benefit – If you survive till the end of the policy term, you’ll receive policy fund value plus top-up fund value, if any, on the maturity date. And this maturity benefit shall be payable to you either in a lump sum or during the settlement period as per your choice.
Loyalty Additions – From the 6th policy year onwards, you will start getting rewarded for paying your premiums regularly, provided the money is not in the Discontinuance Policy Fund. This benefit will be payable to you by allocating extra units at the end of every policy year.
Note:- 1 Loyalty Addition = 0.25% of the average of the fund value
Wealth Boosters – The wealth boosters will be allocated as extra units at the end of every five policy years from the end of the 10th policy year onward. For instance, for a 30-year policy term, Wealth Boosters will be allocated 5X.
Note:- 1 Wealth Booster = 1.5% for Single Pay policies and 1 Wealth Booster = 3.25% for Limited Pay and Regular Pay of the average of Fund Value.
Partial Withdrawal Benefit – After the expiry of the lock-in period, you can make partial withdrawals from your invested funds. The total amount of partial withdrawals in a year should not exceed 20% of the Policy Fund Value.
Note:- The life insured can make unlimited partial withdrawals.
Additional Cover Under ICICI Pru Wealth Builder II
For extra protection, you can add a Unit Linked Accidental Death Rider (UL ADR) to your base policy. Under this rider, you will get the benefit if you meet an accident and that leads to your death during the rider term, this Rider Sum Assured shall be payable to your nominee besides the above-mentioned death benefit.
Things to Know While Purchasing ICICI Pru Wealth Builder II
- Premium payment option – Single Pay, Limited Pay (5, 7 and 10 Years), Regular Pay (same as the policy term)
- Minimum premium – INR 48,000 (Single Pay) and INR 24,000 per annum (Limited and Regular Pay)
- Premium payment modes – single, yearly, half-yearly and monthly
- Policy term – 10 years (Single Pay) and 10, 15, 20, 25 years (Limited and Regular Pay)
- Minimum entry age – 0 years
- Maximum entry age – 69 years (Single Pay), 55 years (Limited Pay), 65 years (Regular Pay)
- Minimum age at maturity – 18 years
- Maximum age at maturity – 79 years (Single Pay), 69 years (Limited Pay), 75 years (Regular Pay)
- Policy Administration Charge – INR 500 per month (INR 6,000 p.a)