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ICICI Pru Guaranteed Wealth Protector Plan

What is the Plan all About?

ICICI Pru Guaranteed Wealth Protector is a unit linked insurance plan that offers high returns by investing in two fund options. This plan also provides capital guarantee on your invested money plus assures you of life cover.

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What are the Key Features?

  • Option to invest in multiple funds
  • Market linked returns plus capital protection
  • Guaranteed Wealth Protector Strategy to invest your money
  • Protect your savings through Assured Benefit
  • Choice of single premium or 5 years pay option
  • Enjoy Loyalty Additions and Wealth Boosters
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 2 investment funds and you have the option to invest in any one or combination of fund options.

  • Life Growth Fund
  • Life Secure Fund

You can opt for Guaranteed Wealth Protector Strategy to invest your money. Under this investment strategy, your money is invested to debt oriented fund and equity oriented fund systematically, so you can generate higher returns under the policy.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured while the policy is in-force, the Death Benefit payable is higher of Sum Assured, Fund Value or Minimum Death Benefit. The Minimum Death Benefit is 105% of the total premiums paid.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the higher of Fund Value (including Loyalty Additions and Wealth Booster) or Assured Benefit.

    In case of One Pay, assured benefit is 101% of the Single Premium and for Five Pay, it is 101% of the total premiums paid.

Loyalty Additions

    Loyalty Additions is allocated as extra units at the end of every policy year, starting from the end of the 6th policy year. Each Loyalty Addition is 0.25% of the average of the Fund Values as on the last business day of the last eight policy quarters. The allocation of Loyalty Addition units is guaranteed and it cannot be revoked by the company.

Wealth Booster

    Wealth Booster is allocated as extra units at the end of the 10th policy year. It is a percentage of the average of Fund Values, as on the last business day of the last eight policy quarters. Wealth Booster is 1.50%/3.25% for one pay/five pay, respectively.

Non-Negative Claw-Back Additions

    Non-Negative Claw-Back Additions is applicable after the completion of 5 policy years, in order to comply with the reduction in yield.

Increase/Decrease in Sum Assured

    For five pay, increase or decrease in sum assured is allowed, provided the age at entry is between 45 to 54 years and this option will be available on policy anniversaries only. Increase in sum assured is allowed from 7 times to 10 times the annual premium till the life assured attains age 60 years. Decrease in sum assured is allowed from 10 times to 7 times the annual premium and once decreased, the increase in sum assured

Bonus

    This plan is not eligible for the bonuses.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. A fund management charge of 0.50% per annum of the Linked Discontinued Policy Fund is applicable. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum or as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 60 Years (5 Pay), 70 Years (one Pay)
Age at Maturity 18 Years 70 Years (5 Pay), 80 Years (one Pay)
Policy Tenure 10 Years -
Premium Paying Term (PPT) Single/ Limited Pay (5 Years) -
Premium Paying Mode Single, Annually, Semi Annually & Monthly -
Premium Amount Rs 48,000 (one Pay), Rs 24,000 Per Annum For Annual Mode (5 Pay), Rs 48,000 Per Annum For Other Mode (5 Pay) No Limit
Basic Sum Assured One Pay- 1.25 Times The Single Premium 5 Pay- 8 To 44 Years- 10 Times The Annual Premium 45 To 54 Years- 7 Or 10 Times The Annual Premium 55 To 60 Years - 7 Times The Annual Premium -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Online/Offline -

Is any Rider Available with this Plan?

No rider is applicable under this plan.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. For 5 Pay (annual mode), the premium allocation charge is 6%/5%/4% for 1st policy year/2nd policy year/3rd to 5th policy year, respectively. When opted for semi annually or monthly mode, it is 4%/3.5%/3% for 1st & 2nd policy year/3rd policy year/4th & 5th policy year, respectively. A discount of 1.0% in the premium allocation charge in year 1 is given to customers who buy directly from the Company’s website.

For one pay, the premium allocation charge is 3%. A discount of 0.5% in the premium allocation charge is given to customers who buy directly from the Company’s website.

Policy Administration Charge: For five pay, Policy administration charge is 0.21% per month (2.52% per annum) from 1st policy year to Premium Payment term. It is 0.10% per month (1.20% per annum) afterwards. For one pay, Policy administration charge is Rs 60 per month (Rs 720 per annum) for the first five policy years. This charge is levied, subject to a maximum of Rs 500 per month (Rs 6000 per annum). This charge is deducted at the start of every month by cancelling appropriate units from the fund value.

Mortality Charges: Mortality charge is levied at Sum at Risk and it is applicable for providing you with the risk cover.

Fund Management Charge and Charge for Investment Guarantee: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Life Growth Fund and Life Secure Fund. An additional charge of 0.50% per annum is levied towards investment guarantee and it is adjusted from the NAV on daily basis.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

At 35 years, Jitendra is looking to invest with a plan that can ensure dual benefit of wealth accumulation plus financial cover for the family. He chooses to buy ICICI Pru Guaranteed Wealth Protector with the premium payment term of 5 years, annual premium amount of Rs 1,00,000 and sum assured of Rs 10,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the higher of Fund Value (including Loyalty Additions and Wealth Booster) or Assured Benefit. Loyalty Additions and Wealth Booster are also added under the fund value.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured, Fund Value or Minimum Death Benefit.

Benefit Illustration:
 

ICICI Pru Guaranteed Wealth Protector Plan Benefit Illustration