Just like most people have, you also might have some treasured dreams for you and your loved ones. However, one of the most important things you need to fulfill them is money. Is this what troubling you? Don’t worry – keeping the objective of helping you achieve your dreams, ICICI Pru Wealth Builder II has been designed.
What is ICICI Pru Wealth Builder II?
It is a unit-linked plan that is savings oriented. It provides you with a number of options to choose from when it comes to investing your lifetime savings while offering live insurance cover to fight any unforeseen disaster.
Prominent benefits of the policy
Under this plan, you get two options of portfolio strategies to choose from:
Fixed portfolio – You can invest your savings on the following funds mentioned in the table:
|
Fund Type |
Allocation of Asset |
Minimum (%) |
Maximum (%) |
Profile of Risk-Reward |
|
Opportunities Fund
|
Equity and related securities |
80 |
100 |
High |
|
Debt |
0 |
20 |
||
|
Cash and money market |
0 |
20 |
||
|
Multi Cap Growth Fund
|
Equity and related securities |
80 |
100 |
High |
|
Debt |
0 |
20 |
||
|
Cash and money market |
0 |
20 |
||
|
Blue chip Fund
|
Equity and related securities |
80 |
100 |
High |
|
Debt |
0 |
20 |
||
|
Cash and money market |
0 |
20 |
||
|
Maximize V
|
Equity and related securities |
75 |
100 |
High |
|
Debt |
0 |
25 |
||
|
Cash and money market |
0 |
25 |
||
|
Multi Cap Balanced Fund
|
Equity and related securities |
20 |
60 |
Moderate |
|
Debt |
0 |
70 |
||
|
Cash and money market |
0 |
50 |
||
|
Income Fund
|
Debt |
40 |
100 |
Low |
|
Cash and money market |
0 |
60 |
||
|
Money Market Fund
|
Debt |
0 |
50 |
Low |
|
Cash and money market |
50 |
100 |
Lifecycle based portfolio – It is one of the best options when it comes to balancing between your debt and equity. It works as per your age.
Flexible premium payment – You can pay out your premiums either for the entire term of your policy or a limited period of time.
Death benefit – In case of the unfortunate demise of the policyholder while the policy is running, the following death benefits would be paid to the nominee or legal heir of the policyholder.
|
Death Benefit |
One Pay Plans (A or B or C, whichever is higher( |
Regular and Limited Pay Plans |
|
|
Age at Entry < 50 years (A+B) or C (Whichever is highest) |
Age at Entry >= 50 years (A or B or C, whichever is higher) |
||
|
A |
Sum insured +top-up sum insured, if any – partial withdrawals, if any |
Sum insured +top-up sum insured, if any |
Sum insured +top-up sum insured, if any – partial withdrawals, if any |
|
B |
Fund Value + top-up fund value, if any |
Fund Value + top-up fund value, if any |
Fund Value + top-up fund value, if any |
|
C |
Minimum death benefit |
Minimum death benefit |
Minimum death benefit |
Note – C would be 105 percent of the total paid premiums along with top-up premiums.
Maturity benefit – Upon policy maturity, you are entitled to get the Fund Value along with Top-up fund value, if any. Moreover, you can choose how you would be receiving the benefit – in the form of structured payment using the settlement option or in the form of lump sum.
Loyalty additions and Wealth boosters – Under the policy, you are eligible to receive loyalty benefits as well as wealth boosters, provided you stay invested with the insurance provider for a long period of time.
Specification of the policy
|
Parameters |
Details |
||||
|
Premium Paying Term |
One Pay |
Single Premium |
|||
|
Regular Pay |
Equal to the policy term |
||||
|
Limited Pay |
5 years, 7 years and 10 years |
||||
|
Premium (Min.) |
One Pay |
Rs. 48, 000 per annum |
|||
|
Regular Pay |
Rs. 24, 000 per annum |
||||
|
Limited Pay |
Rs. 24, 000 per annum |
||||
|
Premium (Max.) |
Unlimited |
||||
|
Premium Paying Modes |
Monthly, Half-Yearly, Yearly, Single |
||||
|
Policy Term |
One Pay |
10 Years |
|||
|
Regular and limited Pay |
Age |
Policy Term |
|||
|
0 to 39 years |
10, 15, 20, 25 years |
||||
|
40 to 54 Years |
10, 15 years |
||||
|
55 years and more |
10 years |
||||
|
Age at Entry |
Minimum |
Maximum |
|||
|
0 years |
One Pay |
69 Years |
|||
|
Limited Pay |
55 Years |
||||
|
Regular Pay |
65 Years |
||||
|
Age at Maturity |
Minimum |
Maximum |
|||
|
18 years |
One Pay |
69 Years |
|||
|
Limited Pay |
55 Years |
||||
|
Regular Pay |
65 Years |
||||
|
Sum Insured |
One Pay |
||||
|
Entry Age |
Sum Insured (Max) |
Sum Insured (Min) |
|||
|
0 years to 33 years |
10 X Singular Premium |
1.25 X Singular Premium |
|||
|
34 years and more |
1.25 X Singular Premium |
1.25 X Singular Premium |
|||
|
Regular and Limited Pay |
|||||
|
Entry Age |
Sum Insured (Max) |
Sum Insured (Min) |
|||
|
0 years to 44 Years |
According to max. sum insured multiples |
Higher of 10 X annualized premium + 0.5 X policy period X annualized premium |
|||
|
45 years and more |
Higher of 7 X annualized premium + 0.25 X policy period X annualized premium |
||||
Some frequently asked questions
What about suicide cases?
The policy offers a benefit for suicide cases that occur within 12 months of the inception or renewal of the policy. It is equal to the fund value along with top-up fund value (if any). In case the Sum insured becomes more, this benefit would not be applicable.
What about tax benefits?
Tax rebate as per the applicable laws is offered.
