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Investment Plans 14855 views June 2, 2020
Most of the individuals prefer investment insurance rather than investment in banks because they enjoy investment plus life cover with the former, something that is not available with the latter. The investment insurance not only helps multiply your funds but you can also give a life cover to your loved ones. One such plan is the ICICI Pru1 Wealth Plan in which you will have to pay the premium only once. Your 100% amount of premium will be invested in funds including equity funds, debt funds, and balanced funds. You will also get a life cover for the whole policy term and you are free to switch between funds as per your needs. So, let’s explore more about this investment insurance plan.
Table of Contents
There are some benefits of this investment insurance plan that you should explore before taking the policy.
In the case of unfortunate death of the policyholder, the nominee is entitled to receive the highest Sum of money:-
The amount of minimum death benefit will be always 105% of the Single Premium paid at the time of inception of the policy.
If you successfully survive the policy term, you will receive the maturity benefit of the policy. Your maturity benefit will include the fund value plus the top-up fund value if you have taken any and the wealth booster. You can take the maturity benefits as a lump sum or in structured payouts depending upon your needs.
At the time of maturity, you have multiple options for taking the maturity benefits. You can take the amount of settlement in any of the following ways:-
If the insured dies during the settlement period of the ICICI Pru1 Wealth Plan, the nominee will receive the highest of the following:-
Partial Withdrawal benefit is only given to those policyholders who have taken the policy for 10 years. You are allowed to make partial withdrawals only after 5 years of the policy term and it can be a maximum of 20% of the Fund Value in the policy year.
You have the option of 7 different funds in which you can invest the premium. There are 3 debt funds, 3 equity funds, and 1 balanced fund. You have full control and freedom of switching between funds as per your needs and benefits.
You can enjoy more benefits under the same policy through the top-up premium. If your policy term is of 10 years, you can add top-up premiums and it will increase the top-up sum assured. The minimum amount of the top-up premium is Rs.2000.
If you have taken the ICICI Pru1 Wealth Plan for 5 years, you can increase the policy term to 10 years. But you cannot decrease the policy term from 10 years to 5 years.
Particulars | Details |
---|---|
Policy Term | 5 Years and 10 Years |
Minimum Amount of the Single Premium | Rs.50000 |
Maximum Amount of the Single Premium | Unlimited |
Minimum Sum Assured for the Age Less than 50 Years | 1.25 Times the Single Premium |
Maximum Sum Assured for the Age Less than 50 Years | 10 Times the Single Premium |
Minimum Sum Assured for the Age More than 50 Years | 1.25 Times the Single Premium |
Maximum Sum Assured for the Age More than 50 Years | 1.25 Times the Single Premium |
Minimum Age of Entry | 8 Years |
Maximum Age of Entry | 60 Years |
Minimum Age of Maturity | 18 Years |
Maximum Age of Maturity | 70 Years |