ICICI Pru Guaranteed Wealth Protector
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
ICICI Pru Guaranteed Wealth Protector is a unit linked insurance plan that offers the potential for high returns, by investing a portion of your money in equity, while also providing the dual assurances of capital guarantee and life cover.
Product Description
- Protect your savings from market downturns through an Assured Benefit
- Pay premium just once or for a limited period of 5 years
- Get rewarded with Loyalty Additions and Wealth Booster
COMPARE & BUY SIMILAR PLANS
Unique Features
Loyalty additions, units are added at the end of the policy year from the 6th year onwards. This would be 0.25% of average funds in the last 8 quarters. Wealth Booster-extra units would be added at the end of the 10th policy year which would be 105% in case of a single pay and 3.25% in cases of 5 pay.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| One Pay | Five Pay | ||||
| Age at Entry (Min) | 8 years | 8 years | |||
| Age at Entry (Max) | 70 years | 60 years | |||
| Min age of Maturity | 18 years | 18 years | |||
| Max age of Maturity | 80 years | 70 years | |||
| Min Premium | Rs. 48,000 | Rs. 24,000 p.a. for Annual Mode Rs. 48,000 p.a. for Other Modes |
|||
| Max Premium | Unlimited | Unlimited | |||
| Premium Payment Term | Single Premium | 5 years | |||
| Policy Term | 10 years | 10 years | |||
| Sum Assured | 1.25 X Single Premium | Age of Life Assured (in years) | Sum Assured | ||
| 8 - 44 | 10 × Annual Premium | ||||
| 45 - 54 | 7 or 10 × Annual Premium | ||||
| 55 - 60 | 7 × Annual Premium | ||||
OneInsure App Benefits
Product Benefit
-
Maturity Benefit:
-
On maturity, you will receive A or B, whichever is higher, Where A = Fund Value including Loyalty Additions and Wealth Booster and B = Assured Benefit.
-
In case of One Pay, 101% of the Single Premium
-
In case of Five Pay, 101% of the sum of all premiums paid
Notes :- Assured Benefit is applicable only on maturity of the policy and does not apply on death or surrender
-
Death Benefit: In the unfortunate event of death of the Life Assured during the term of the policy, provided monies are not in DP Fund, the following will be payable:
-
Death Benefit = A or B or C, whichever is higher, Where A = Sum Assured, B = Minimum Death Benefit and C = Fund Value
-
The Minimum Death Benefit is 105% of the total premiums paid.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Asset Allocation | ||||||
| Fund Name & Its Objective | Asset Allocation | (Min) | (Max) | Risk-Reward Profile |
||
| Life Growth Fund | Equity and Equity Related Securities | 75% | 100% | High | ||
| Debt | 0% | 25% | ||||
| Money Market and Cash | 0% | 25% | ||||
| Life Secure Fund: | Debt | 40% | 100% | High | ||
| Money Market and Cash | 0% | 60% | ||||
| Surrender | During the first five policy years | |||||
| The Fund Value including Top-up Fund Value, if any, after deduction of applicable Discontinuance Charge, shall be transferred to the Discontinued Policy Fund (DP Fund). | ||||||
| Currently the lock-in period is five years from policy inception. | ||||||
| If the policy is not revived, you or your nominee, as the case may be, will be entitled to receive an amount not less than the Fund Value including Top-up Fund Value, if any, which was transferred to the DP Fund, on the earlier of death and the expiry of the lock-in period. | ||||||
| On surrender after completion of the fifth policy year | ||||||
| you will be entitled to the Fund Value including Top-up Fund Value, if any. | ||||||
| Wealth Boosters | Premium Payment option | Wealth Booster | ||||
| One Pay | 1.50% | |||||
| Limited Pay and Regular Pay | 3.25% | |||||
| Loyalty Additions | additional Loyalty Addition of 0.25% is paid every year from the end of year 6 if all premiums for that year have been paid | |||||
| The allocation of Loyalty Addition units is guaranteed and shall not be revoked by the Company under any circumstances | ||||||
| Premium Discontinuance | This section is applicable only for Five Pay policies | |||||
| Premium discontinuance during the first five policy years: | ||||||
| Option | Description | Treatment | ||||
| 1 | Pay overdue premium within the notice period and continue the policy. |
Policy will continue with risk cover, benefits and charges, as per the terms and conditions of the policy. |
||||
| 2 | Discontinue the policy with monies moving to the DP Fund | Fund Value including Top-up Fund Value, if any, shall be credited to the DP Fund after deduction of applicable Discontinuance Charge* | ||||
| No option selected | Treatment will be as if option 2 were selected | |||||
| Notes :- * For treatment thereafter, please refer to the sections on Treatment of the policy while monies are in the DP Fund and policy revival. |
||||||
| Policy revival | The treatment of withdrawal of surrender request in the first five policy years is the same as revival of a policy where premium is discontinued. | |||||
| On revival, Discontinuance Charge previously deducted will be added to the DP Fund Value and Policy Administration Charge and Premium Allocation Charge, which were not collected while monies were in the DP Fund, shall be levied | ||||||
| In case of surrender during the first 5 policy years or premium discontinuance during the first five policy years, you can revive the policy by paying overdue premiums within two years from the Date of Discontinuance | ||||||
| Increase / Decrease of Sum Assured | You can choose to increase or decrease your Sum Assured at any policy anniversary during the policy term provided all due premiums till date have been paid. | |||||
| For the Five Pay option, increase or decrease in Sum Assured is allowed, subject to underwriting, provided the age of the Life Assured when purchasing the policy is between 45 and 54 years last birthday | ||||||
| Increase in Sum Assured will be allowed until the policy anniversary where the Life Assured attains age 60 years last birthday. | ||||||
| Decrease in Sum Assured will be from 10 times the Annual Premium to 7 times the Annual Premium | ||||||
| Increase in Sum Assured will be from 7 times the Annual Premium to 10 times the Annual Premium | ||||||
Add-ons
Not Available
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge | |||||
| One Pay: 3% | A discount of 0.5% in the premium allocation charge is given to customers who buy directly from the Company’s website. | ||||
| Five Pay: | |||||
| Premium payment mode / Policy year |
Year 1 | Year 2 | Year 3 | Year 4 And 5 Years | Year 6 Onwards |
| Annual | 6% | 5% | 4% | 4% | NIL |
| Half-yearly/Monthly | 4% | 4% | 3.50% | 3% | NIL |
| Note:- A discount of 1% in the premium allocation charge in Year 1 is given to customers who buy directly from the Company’s website. | |||||
| Policy Administration Charges | One Pay: | Rs. 60 p.m. (Rs. 720 p.a.) for the first five policy years | |||
| Five Pay | Policy year | Policy Administration Charge (% of Annual Premium payable) |
|||
| Year 1 to PPT | 0.21% p.m. (2.52% p.a.) | ||||
| Thereafter | 0.10% (1.20% p.a.) | ||||
| Fund Management Charge (FMC) | Fund | FMC | |||
| Life Growth Fund Life Secure Fund |
1.35% p.a. | ||||
| Notes :- There will be an additional charge of 0.50% p.a. towards investment guarantee, which will be adjusted from the NAV on a daily basis. |
|||||
| Mortality Charges | Indicative annual charges per thousand life cover for a healthy male and female life at a Sum Assured of Rs. 10 lakh are as shown below | ||||
| Age (yrs) | 30 | 40 | 50 | 60 | |
| Male (Rs.) | 1.31 | 2.23 | 4.93 | 11.71 | |
| Female (Rs.) | 1.26 | 2 | 4.25 | 9.55 | |
| Discontinuance Charges | For One Pay policies | ||||
| Where the policy is discontinued in the policy year | Discontinuance Charge | ||||
| 1 | Lower of 1% of (SP or FV), subject to a maximum of Rs. 6000 | ||||
| 2 | Lower of 0.5% of (SP or FV), subject to a maximum of Rs. 5000 | ||||
| 3 | Lower of 0.25% of (SP or FV), subject to a maximum of Rs. 4000 | ||||
| 4 | Lower of 0.1% of (SP or FV), subject to a maximum of Rs. 2000 | ||||
| 5 and onwards | NIL | ||||
| Five Pay: | |||||
| policy year | Annual premium ≤ Rs. 25,000 | Annual premium > Rs. 25,000 | |||
| 1 | Lower of 20% of (AP or FV), subject to a maximum of Rs. 3,000 | Lower of 6% (AP or FV), subject to a maximum of Rs. 6,000 | |||
| 2 | Lower of 15% of (AP or FV), subject to a maximum of Rs. 2,000 | Lower of 4% of (AP or FV), subject to a maximum of Rs. 5,000 | |||
| 3 | Lower of 10% of (AP or FV), subject to a maximum of Rs. 1,500 | Lower of 3% of (AP or FV), subject to a maximum of Rs. 4,000 | |||
| 4 | Lower of 5% of (AP or FV), subject to a maximum of Rs. 1000 |
Lower of 2% of (AP or FV), subject to a maximum of Rs. 2,000 | |||
| 5 and onwards | NIL | Nil | |||
| Notes :- AP: Annualised Premium; SP: Single Premium , FV: Fund Value including Top-up Fund Value, if any, | |||||
| Revision of Charges | Fund Management Charge and charge for investment guarantee may be increased up to the maximum allowable as per the then applicable regulation. | ||||
| Currently, as per Regulations, a maximum of 1.35% p.a. applies to the Fund Management Charge and a maximum of 0.50% p.a. applies to the charge for investment guarantee | |||||
| Policy Administration Charge may be increased to a maximum of 1.50% of premium per month, subject to the maximum permitted by IRDA, currently a maximum of Rs. 6000 p.a. applies. | |||||
| Any Policyholder who does not agree with an increase, shall be allowed to cancel the units in the policy at the then prevailing Net Asset Value and terminate the policy | |||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Premium and any benefit amount received under this policy will be eligible for the tax benefit as per the prevailing Income Tax laws
Claim Process
Know Claim Process of ICICI Pru Guaranteed Wealth Protector
Company Overview
ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., India's largest private sector bank, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential Life was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority of India (IRDAI).
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
