Investment Plans 492 views June 2, 2020

ICICI Pru1 Wealth Plan

Most of the individuals prefer investment insurance rather than investment in banks because they enjoy investment plus life cover that is not available in banking investment. The investment insurance not only helps to multiply your funds but also you can 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 amount of 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.

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Key Features of ICICI Prudential 1 Wealth Plan

  1. Pay the premium only once and enjoy all the benefits of the policy.
  2. Get a life cover for the whole policy term.
  3. Invest the amount of your premium into 7 different funds.
  4. Enjoy wealth booster at the end of the policy term.
  5. Secure your family members like spouses and children under the same insurance plan.
  6. Get deductions under section 80C of the Income Tax Act 1961.

Benefits of the ICICI Pru1 Wealth Policy

There are some benefits of this investment insurance plan. You must explore all the benefits before taking the policy and find out the best benefit among all of them.

Death Benefits

In the case of unfortunate death of the policyholder the nominee is entitled to receive the highest Sum of money:-

  1. Sum Assured including Top-up Sum Assured.
  2. Fund Value including Top-up Sum Value.
  3. Minimum Death Benefit.

The amount of minimum death benefit will be always 105% of the Single Premium paid at the time of inception of the policy.

Maturity Benefits

If you successfully survive the policy term then 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.

Wealth Booster

  1. You will get a wealth booster of 2.50% on the amount of the single premium paid if your policy term is of 5 years.
  2. You will get a wealth booster of 2.75% on the amount of the single premium paid if your policy term is of 10 years.

Multiple Options for Settlement

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:-

  1. Lump Sum
  2. Yearly
  3. Half-Yearly
  4. Quarterly
  5. Monthly

If the insured dies during the settlement period of the ICICI Pru1 Wealth Plan then the nominee will receive the highest sum of money of the following:-

  1. Value of Funds including the Top-up Fund Value.
  2. 105% of all the premiums paid.

Partial Withdrawal Benefit

Partial Withdrawal benefit is only given to those policyholders who have taken the policy for the policy term of 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.

Switch Between Funds

You have the option of 7 different funds in which you can invest the amount of your 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 need and benefit.

Top-up Advantage

You can enjoy more benefits under the same policy through the top-up premium. If your policy term is of 10 years then 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.

Increase the Policy Term

If you have taken the ICICI Pru1 Wealth Plan for 5 years then you can increase the policy term to 10 years. But you cannot decrease the policy term from 10 years to 5 years.

About ICICI Pru1 Wealth Plan

Particulars
Details
Policy Term5 Years and 10 Years
Minimum Amount of the Single PremiumRs.50000
Maximum Amount of the Single PremiumUnlimited
Minimum Sum Assured for the Age Less than 50 Years1.25 Times of the Single Premium
Maximum Sum Assured for the Age Less than 50 Years10 Times of the Single Premium
Minimum Sum Assured for the Age More than 50 Years1.25 Times of the Single Premium
Maximum Sum Assured for the Age More than 50 Years1.25 Times of the Single Premium
Minimum Age of Entry8 Years
Maximum Age of Entry60 Years
Minimum Age of Maturity18 Years
Maximum Age of Maturity70 Years

Policy Charges

  1. No Premium Allocation Charges
  2. No Policy Administration Charges are there in the ICICI Pru1 Wealth Plan
  3. 0.75% to 1.35% of the fund value as the Fund Management Charge.
  4. Mortality Charges of 0.66 to 4.04 per thousand.

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