Investment Plans 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!

Investment

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ICICI Pru Wealth Builder II PlanHDFC Life ProGrowth Plus Plan

  1. Multiple portfolio strategies

  2. Premium payment flexibility

  3. Multiple fund options to choose from

  4. Loyalty benefits with wealth boosters

  5. Choose the level of protection according to your convenience

  6. Option to increase or decrease the sum assured

  7. Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961


  1. Flexibility to choose between life options

  2. Choose investment strategies according to your risk appetite and financial goals

  3. Partial withdrawal facility

  4. Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961

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!

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 PlanHDFC 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 PlanHDFC Life ProGrowth Plus Plan

  1. As the policy matures, you will receive fund value including the top-up fund value (if any).

  2. With the settlement option, you can get this benefit either as a lump sum amount or as a structured payout on a quarterly, yearly, half-yearly or monthly basis.


  1. You can choose to redeem your balance fund units at the end of your policy term at the prevailing unit price, and you will get the fund value.

  2. Also, you can choose to get this maturity benefit in instalments over a maximum of 5 years.

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 TermPolicy Term
One-time Payment10 years
For Limited Pay and Regular Pay10, 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 andHDFC Life ProGrowth Plus plan
Minimum age at entry0Life - 14

Extra Life - 18
Maximum age at entryOne Pay - 69

Limited Pay - 55

Regular Pay - 65
Life - 65

Extra Life - 55
Minimum age at maturity18
Maximum age at maturityOne 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.

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