ICICI Prudential Guaranteed Wealth Protector Plan

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ICICI Prudential Guaranteed Wealth Protector Plan is a Unit Linked Insurance plan (ULIP) which unlike other linked plans provides Capital guarantee besides providing good returns and life insurance coverage. 

ICICI Prudential Guaranteed Wealth Protector - Key Features

  • It is a ULIP plan with Single Pay and Limited Pay option.
  • The premium paid is invested under the guaranteed wealth protector strategy.
  • Under the strategy, the premium is split between the life growth fund and life secure fund in a pre-determined ratio depending on age of the policyholder. The fund is then balanced periodically to achieve the desired ratio. 

ICICI Prudential Guaranteed Wealth Protector - Benefits

  • The insured will get higher of the total fund value including loyalty additions and wealth boosters or the assured benefit on maturity.
  • The assured benefit will be equal to 101% of single pay or 101% of all premiums paid under the Limited pay option.
  • On death, higher of the sum assured or minimum death benefit or fund value is payable.
  • Minimum death benefit is equal to 105% of all premiums paid till death plus loyalty additions are added from the 6th policy year at 0.25%.
  • At the end of the 10th policy year wealth boosters are added to the fund value at 1.50% for single pay and 3.25% for limited pay options.
  • All these additions are expressed as a percent of the average fund value over the last eight quarters.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. 

ICICI Prudential Guaranteed Wealth Protector - Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

8 years

60 / 70 years

Maturity Age (Last Birthday)

18 years

70 / 80 years

Policy Term (PT) in years

10

Premium Paying Term (PPT) in years

Single Pay or 5 Pay

Premium Paying Frequency

Yearly, half-yearly, monthly

Yearly Premium

Limited Pay – 24,000

Single Pay – 48,000

No limit

Sum Assured

Limited Pay – 7 or 10 * annual premium depending on age

Single Pay – 1.25*SP

Regular Pay – 30*annual Premium

Single Pay – 10*SP for ages<35 yrs. or 1.25*SP for ages>=35 yrs.

 

Details About Premium

Premium in rupees and benefit illustration

Age

35 years

Premium

100,000

Sum Assured for 5 Pay

10,00,000

Sum Assured for Single Pay

125,000

Fund Value @ 4% including all additions for 5 Pay

529,686

Fund Value @ 8% including all additions for 5 Pay

724,607

Assured Benefit at Maturity for 5 Pay

505,000

Fund Value @ 4% including all additions for Single Pay

113,853

Fund Value @ 8% including all additions for Single Pay

167,243

Assured Benefit at Maturity for Single Pay

101,000

 

ICICI Prudential Guaranteed Wealth Protector - Policy Details 

Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes during which the insured can clear all due. Failing the payment of premium will result in policy lapse.  

Policy Termination or Surrender Benefit: The insured can surrender the policy once the 5 years of the policy is completed. If you surrender before the completion of 5 years, the fund value will be transferred to the discontinued policy fund. However, the discontinuation charge will be deducted from the fund value. In the discontinued policy fund, your money will be earning minimum 4% per annum growth. Once the 5 year of the policy is completed the fund value in discontinuation policy fund will be paid to the insured. After completion of 5 years, if the policy is surrender then the total fund value on the date will be paid to the insured without any charges.

Free Look Period: A 15-days free look period is offered to the insured from the date of policy issuance in which they can cancel the policy, if not willing to continue with its terms and conditions. Once the policy is canceled, the policyholder receives the premium of the policy after deducting the proportionate premium for the risk borne by the company.  

 The Sum Assured can be increased or decreased under the Limited Pay option subject to certain terms and conditions.

Exclusions

 The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date. In case the Sum Assured is increased, the increased amount will not be applicable for suicide cases.

Documents Required 

Insurance holder has to apply an application form/ proposal form with correct medical history as well as the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

You may also like to read: ICICI Prudential ULIP Plans

Frequently Asked Questions

1.  What are the silent features offered by the policy?

The silent features offered by the policy are-

  • It is a unit linked plan with Single Pay and Limited Pay option.
  • The premium paid is invested under the guaranteed wealth protector strategy.
  • Under the strategy, the premium is split between the life growth fund and life secure fund in a pre-determined ratio depending on age of the policyholder. The fund is then balanced periodically to achieve the desired ratio. 

2.  Does the plan offer any policy termination and surrender benefits?

The insured can surrender the policy once the 5 years of the policy is completed. If you surrender before the completion of 5 years, the fund value will be transferred to the discontinued policy fund. However, the discontinuation charge will be deducted from the fund value. In the discontinued policy fund, your money will be earning minimum 4% per annum growth. Once the 5 year of the policy is completed the fund value in discontinuation policy fund will be paid to the insured. After completion of 5 years, if the policy is surrender then the total fund value on the date will be paid to the insured without any charges.

3.  What are the advantages offered by the policy?

The advantages offered by the policy are

  • The insured will get higher of the total fund value including loyalty additions and wealth boosters or the assured benefit on maturity.
  • The assured benefit will be equal to 101% of single pay or 101% of all premiums paid under the Limited pay option.
  • On death, higher of the sum assured or minimum death benefit or fund value is payable.
  • Minimum death benefit is equal to 105% of all premiums paid till death plus loyalty additions are added from the 6th policy year at 0.25%.
  • At the end of the 10th policy year wealth boosters are added to the fund value at 1.50% for single pay and 3.25% for limited pay options.
  • All these additions are expressed as a percent of the average fund value over the last eight quarters.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.