Investment Plans 865 views June 6, 2020

ICICI Pru Guaranteed Wealth Protector Plan

Nowadays, investment with a life cover is a cherry on the cake so most of the individuals looking for an investment insurance plan. In an investment insurance plan, individuals can increase their wealth with life protection until the policy term. So, if you are searching for such a plan then you must explore ICICI Pru Guaranteed Wealth Protector Plan. Basically, this plan is a ULIP plan in which your money is invested in equity and debt funds. In the initial stage, a large portion of the funds will be invested in equity, and then as your age increases the risk will be moved to the debt funds. This is how your fund value will increase and thus your wealth will be boosted.

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Key Features of Guaranteed Wealth Protector Plan

  1. Flexibility of choosing the modes for paying the premiums.
  2. Guaranteed Additions in the fund value.
  3. Life Cover for the insured until the policy term expires.
  4. Option to increase or decrease the value of the Sum Assured during the policy term.
  5. Enjoy Death Benefits and Maturity benefits in the same policy.
  6. Get Tax Benefits under section 80C of the income tax act.

Benefits of Guaranteed Wealth Protector Policy

Now you must explore all the benefits of this policy in detail. Have a look at all of them and figure out the advantage of the plan.

Death Benefits

If in case the insured dies during the policy term then the nominee will get the highest of the following:-

  1. Actual Sum Assured
  2. Minimum Death Benefit
  3. Fund Value at the time of death.

The amount of the minimum death benefit will be 105% of all the premiums paid up to the death of the insured.

Maturity Benefits

If the insured survives the policy term successfully then you can take the maturity benefits. You will receive the highest of the following as the maturity benefits:-

  1. Fund Value Including the Wealth Booster and Loyalty Additions.
  2. Assured Benefits

Assured Benefit will be given as follows:-

  1. 101% of the Single Premium in case of one payment.
  2. 101% of all the premiums paid in the case of five years’ pay.

Loyalty Additions

After the fifth policy year from the sixth year, the company will add some value to the funds and your funds will be increased. You will get an addition of 0.25% of the Fund Value as the loyalty additions. This benefit will be given from the company to the insured and thus your invested amount will increase.

Wealth Booster

You will also get a wealth booster and the value of your funds will increase after the 10th year. The additions will be as follows:-

  1. 1.50% of the Fund in case of One Pay Premium.
  2. 3.25% of the Fund in the case of Five Pay Premium.

Adjust the Sum Assured During the Term

You are allowed to increase or decrease the value of the sum assured in the ICICI Pru Guaranteed Wealth Booster Plan during the policy term. The minimum increase in the sum assured will be 7 times the annual premium up to the 10 times of the annual premium.

Surrender Benefits

The company allows you to surrender the policy after the payment of all the premiums regularly for 5 years. In case of an emergency, you can surrender the policy and take the fund value. The company will calculate the value of the funds and the final amount that has to be given once the policy is surrendered.

Details of the Policy

ParticularsDetails
Minimum Age of Entry8 Years
Maximum Age of Entry60 Years for Five Pay and 70 Years for One Pay
Premium Paying TermSingle Pay and 5 Years
Minimum Amount of Premium· Rs. 48000 for One Pay
· Rs. 24000 Per Annum for Five Pay paying annually.
· For any other modes the Premium will be Rs. 48000
Maximum Amount of PremiumUnlimited
Frequency of Making the Premium PaymentMonthly, Half-Yearly, Annually and One Pay
Term of the Policy10 Years
Minimum Age of Maturity18 Years
Maximum Age of Maturity70 Years for Five Pay and 80 Years for Single Pay
Minimum Sum Assured1.25 Times of the Single Premium
Maximum Sum Assured10 time of the annual premium

Charges of the ULIP Plan

  1. Premium Allocation Charge of 3% for Single Pay.
  2. 3% to 6% as the Premium Allocation Charge for Five Pay.
  3. INR 60 per month as the Policy Administration Charge for One Pay.
  4. 0.10% to 0.21% as the Policy Administration Charge for Five Pay.
  5. 1.52 to 13.98 per thousand as the mortality charges.

Terms and Conditions

There are certain terms and conditions of the ICICI Pru Guaranteed Wealth Protector Plan. You must go through all the terms and conditions before taking the policy.

  1. You will get a free look period of 15 days if you have not purchased the plan through distance marketing.
  2. Get 30 days free look period if you have purchased the policy through distance marketing.
  3. You cannot take any kind of loan through this policy.
  4. If the insured commits suicide within one year from the date of the policy issuance then the company will only pay the fund value.
  5. The value of the funds will be calculated as per the market value.

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