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ICICI Life Guaranteed Wealth Protector Plan
ICICI Life 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.
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- ICICI Life Guaranteed Wealth Protector Plan
ICICI Life 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 Life 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 Life Guaranteed Wealth Protector - Product Specification:
|
|
Minimum |
Maximum |
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Entry Age (Last Birthday) |
8 years |
60 / 70 years |
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Maturity Age (Last Birthday) |
18 years |
70 / 80 years |
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Policy Term (PT) in years |
10 |
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Premium Paying Term (PPT) in years |
Single Pay or 5 Pay |
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|
Premium Paying Frequency |
Yearly, half-yearly, monthly |
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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 |
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Premium |
100,000 |
|
Sum Assured for 5 Pay |
10,00,000 |
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Sum Assured for Single Pay |
125,000 |
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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 |
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Fund Value @ 8% including all additions for Single Pay |
167,243 |
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Assured Benefit at Maturity for Single Pay |
101,000 |
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ICICI Life 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.
Latest ULIP NAVs
| Fund Name | NAV  |
AUM |
5 Yr Returns |
10 Yr Returns | |
|---|---|---|---|---|---|
| Bandhan Life Debt Fund | ₹40.12 | ₹91 Cr | 5.12% | 6.04% | |
| Bandhan Life Secure Fund | ₹29.04 | ₹48 Cr | 5.27% | 4.49% | |
| Bandhan Life Blue Chip Equity Fund | ₹29.84 | ₹189 Cr | 6.89% | 10.22% | |
| Bandhan Life Stable Fund | ₹32.23 | ₹14 Cr | 4.77% | 7.9% | |
| Bandhan Life Accelerator Fund | ₹47.03 | ₹195 Cr | 8.9% | 11.85% | |
| Bandhan Life Opportunity Fund | ₹40.78 | ₹238 Cr | 13.19% | - | |
| Aegon Balanced | ₹43.87 | ₹12 Cr | 5.12% | 8.08% | |
| Aegon Enhanced Equity | ₹67.26 | ₹104 Cr | 8.71% | 11.44% | |
| Aegon Pension Balanced | ₹50.09 | ₹2 Cr | 5.99% | 8.62% | |
| Aegon Pension Debt | ₹31.88 | ₹4 Cr | 4.95% | 5.84% | |
| Aegon Pension Enhanced Equity | ₹109.67 | ₹15 Cr | 9.15% | 11.73% | |
| Aegon Pension Index | ₹82.78 | ₹5 Cr | 4.49% | 9.83% | |
| Aegon Pension Secure | ₹28.89 | ₹1 Cr | 4.71% | 4.91% | |
| Aegon Life Group Equity Fund | ₹58.03 | ₹11 Cr | 9.71% | - |
See more plans
You may also like to read: ICICI Life 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. As investors often ask which SIP is best for achieving long-term financial goals.
- Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Insurers Offering ULIPs
Disclaimer: Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ