ICICI Pru1 Wealth

ICICI Pru1 Wealth is a Non-participating, Single Premium Unit Linked Insurance Plan with life insurance cover. In this policy, the risk investment portfolio is borne by the policyholder. Like any other ULIP, the ICICI Pru1 Wealth Insurance Plan does not offer liquidity in the first 5 years.

The insured has the option to invest his whole premium in a wide range of 7 instruments and switch between them. This Savings and Protection Plan helps achieve the insured's life goals while offering financial protection to the insured's family in his absence. 

ICICI Pru1 Wealth Details:

Benefits of the ICICI Pru1 Wealth Insurance Plan

The following are the key benefits offered under the ICIC Pru1Wealth Insurance Plan:

Maturity Benefit: Upon maturity of the policy, the policyholder will receive the Fund Value along with the Wealth Booster and Top Up Value, if any. The insured can get the amount as a lump sum or in installments through the settlement option. 

Death Benefit: In the unfortunate event of the insured's death during the policy term, the death benefit will be payable to the nominee. The death benefit will be calculated as the highest of:

• Sum Assured including Top-Up Sum Assured
• Fund Value including Top-Up Fund Value
• Minimum Death Benefit

Minimum Death Benefit is calculated as 105% of the single premium and the top-up premium amount (if any) received up to the date.

Wealth Booster Benefit: The Company will allocate the extra units at the end of the policy term provided they are not in the Discontinued Policy Fund. Wealth Booster is calculated as 2.5% of Single Premium for a 5-year policy term and 2.75% of Single Premium, including Top-up premiums minus any partial withdrawals for the 10-year policy term.

Settlement Option: The insured has the option to receive Maturity Benefit as a lump sum or a structured payout using the Settlement Option yearly, half-yearly, monthly, or quarterly. 

Partial Withdrawal Benefit: Unlimited Partial withdrawals are allowed for ten years after completion of 5 policy years as long as the number of partial withdrawals in a year does not exceed 20% of Fund Value in a year. Partial withdrawals are made from the Top-up Fund Value.

Surrender Benefit: If the policyholder intends to surrender the policy in the first 5 policy years, the Fund Value with the Top-up Fund Value (if any) shall be transferred to the Discontinued Policy Fund or the DPF, less applicable charges. The insured /nominee will be entitled to the Surrender Benefit on lock-in period expiry or death of the insured, whichever is earlier.  

Tax Benefit: The premiums paid and the benefits received through the ICICI Pru1 Wealth Insurance Plan are eligible for tax benefits under Section 10(10D) and Sec 80 C of the Income Tax Act, 1961*.

*Tax benefit is subject to changes in tax laws

The Premium for ICICI Pru1 Wealth Insurance Plan

• Minimum Single Premium: Rs. 50,000
• Maximum Single Premium: Unlimited 

Additional Riders for ICICI Pru1 Wealth Insurance Plan

There are no riders that can be availed of under this policy.

Eligibility for ICICI Pru1 Wealth Insurance Plan

Entry Age: 8 -60 years 

Maturity Age: 18 -70 years 

What are the documents required to buy this policy?

To buy ICICI Pru1 Wealth Insurance Policy, applicants must provide:

Necessary documents showing identity proof, address proof, and income proof, like,  AADHAR card, Passport or Driver's License, salary slips, and ITRs.

How to buy this plan online?

The applicant must follow the below steps to buy an online ICICI Pru1 Wealth Insurance plan:

Step 1: First, the applicant must enter his details such as age, health information, and coverage required.

Step 2: The ICICI Pru1 Wealth Insurance Calculator will calculate the premium amount and the policy term based on the details entered.

Step 3: The applicant must then select the funds where he wishes to invest the money.

Step 4: He must make premium payments online through the various payment options available.

Step 5: The policy will be confirmed and sent to his email upon verification.

Exclusions of ICICI Pru1 Wealth Insurance Plan

The ICICI Pru1 Wealth Insurance reviews suggest that is has a suicide clause attached to it that states that: 

If the life policyholder commits suicide within 12 months from policy commencement or revival, only the Fund Value, including the Top-up Fund Value(if any) as on date of death, will be payable to the nominee. Charges other than the Fund Management and guarantee charges recovered after the date of death will be added back to the Fund Value as on the date of death.

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