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ICICI Pru Guaranteed Wealth Protector Plan

ICICI Pru Guaranteed Wealth Protector Plan is a unit linked insurance plan which offers the potential for high returns by investing a part of your money in equity, along with dual assurances of capital guarantee and life cover.

The funds are managed using the Guaranteed Wealth Protector Strategy. Under this strategy, a higher portion of the investment will be allocated to an equity oriented fund. The later years of the investment will be allocated to debt oriented funds in order to manage the guarantee. Note: All information has been sourced from the official website of ICICI Prudential.

Features of ICICI Pru Guaranteed Wealth Protector Plan

The key features of this plan are:

Benefits of ICICI Pru Guaranteed Wealth Protector Plan

The key benefits of this plan are:

Death Benefit - In case of death of the policyholder during the policy term, the following will be payable: Death Benefit = A or B or C, whichever is highest,

Where,

A = Sum Assured B = Minimum Death Benefit C = Fund Value The Minimum Death Benefit is 105% of the total premiums paid.

Maturity Benefit - On maturity, A or B is payable:

Where, A = Fund Value including Loyalty Additions and Wealth Booster B = Assured Benefit Assured Benefit for the policy will be as follows:

  • In case of One Pay, 101% of the Single Premium
  • In case of Five Pay, 101% of the sum of all premiums paid Assured Benefit is applicable only on maturity of the policy and does not apply on death or surrender.

Loyalty Benefit - Loyalty Additions will be allocated as extra units at the end of every policy year, starting from the end of the sixth policy year. Each Loyalty Addition will be equal to 0.25% of the average of the Fund Values on the last business day of the last eight policy quarters.

Wealth Booster - Wealth Boosters will be allocated as extra units at the end of the tenth policy year. It is a percentage of the average of Fund on the last business day of the last eight policy quarters as shown in the table below:

Non-negative claw-back additions- This is added to the unit Fund Value, as applicable, at various durations of time after the first five years of the contract by the insurer.

Increase or Decrease in Sum Assured - Increase or decrease in Sum Assured is allowed only for the Five Pay option. Increase in Sum Assured will be from 7 times the Annual Premium to 10 times the Annual Premium. Decrease in Sum Assured will be from 10 times the Annual Premium to 7 times the Annual Premium.

Eligibility Criteria for ICICI Pru Guaranteed Wealth Protector Plan

Surrender - The Fund Value after deduction of applicable Discontinuance Charge is the surrender value. It is transferred to the Discontinued Policy Fund (DP Fund). The lock-in period is five years from policy inception. On surrender after completion of the fifth policy year, you will be entitled to the Fund Value. Policy Revival - Withdrawal of surrender request in the first five policy years is the same as revival of a policy where premium is discontinued. You can revive the policy by paying overdue premiums within two years from the Date of Discontinuance. Premium Discontinuance - This is applicable only for five pay policies.

One PayFive Pay
Premium Payment Term (PPT)Single Premium5 years
Minimum PremiumRs. 48,000
  • Rs. 24,000 p.a. for Annual mode
  • Rs. 48,000 p.a. for other modes
  • Maximum PremiumUnlimitedUnlimited
    Modes of Premium Payment SingleAnnual, Half Yearly, Monthly
    Policy Term10 years10 years
    Sum Assured1.25 X Single Premium
    Age of Life AssuredSum Assured
    8 - 4410 × Annual Premium
    45 - 547 or 10 × Annual Premium
    55 - 607 ×Annual Premium
    Minimum age at entry 8 years 8 years
    Maximum age at entry70 years60 years
    Minimum age at maturity18 years18 years
    Maximum age at maturity80 years70 years

    Additional Features and Riders

    Surrender - The Fund Value after deduction of applicable Discontinuance Charge is the surrender value. It is transferred to the Discontinued Policy Fund (DP Fund). The lock-in period is five years from policy inception. On surrender after completion of the fifth policy year, you will be entitled to the Fund Value.

    Policy Revival - Withdrawal of surrender request in the first five policy years is the same as revival of a policy where premium is discontinued. You can revive the policy by paying overdue premiums within two years from the Date of Discontinuance.

    Premium Discontinuance - This is applicable only for five pay policies.

    Option 1 - Pay overdue premium within the notice period and continue the policyPolicy will continue with risk cover, benefits and charges, as per the terms and conditions of the policy
    Option 2 - Discontinue the policy with monies moving to the DP FundFund Value shall be credited to the DP Fund after deduction of applicable Discontinuance Charge
    Option - None SelectedTreatment will be as if option 2 were selected

    Morality Charges - Mortality charges will be levied every month by redemption of units based on your Sum at Risk.

    Free-look Period - 15 days from the date you received it, if your policy is not purchased through Distance Marketing and 30 days from the date you received it, if your policy is an electronic policy or is purchased through Distance Marketing.

    Tax Benefits - Premiums paid towards this plan are eligible for tax deduction under Section 10(10D) and Section 80C of the Income Tax Act, 1961.

    Documents Required to buy ICICI Pru Guaranteed Wealth Protector Plan

    The following documents are required to purchase ICICI Pru Guaranteed Wealth Protector Plan-

    • Application Form
    • KYC Details - Proof of ID and Address
    • Income Statement
    • SIP/Auto Debit/SI Bank Mandate Form
    • Medical Check-up/report, if required

    Why you should Buy ICICI Pru Guaranteed Wealth Protector Plan?

    ICICI Pru Guaranteed Wealth Protector Plan is an excellent investment option. This plan offers an ideal combination of investment, capital guarantee and life cover. With guaranteed wealth protector strategy, your money is invested in order to obtain maximum returns.

    Exclusions under ICICI Pru Guaranteed Wealth Protection Plan

    Suicide - If the Life Assured, whether sane or insane, commits suicide within one year from the date of issue of this policy, only the Fund Value would be payable. If the Life Assured, whether sane or insane, commits suicide within one year from policy revival, only the Fund Value would be payable. If the Life Assured, whether sane or insane, commits suicide within one year from the effective date of any increase in the Sum Assured, then the amount of increase shall not be considered in the calculation of the Death Benefit.

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