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ICICI Pru 1 Wealth Plan

ICICI Pru 1 Wealth is a non-participating single premium unit linked insurance plan that offers financial protection in your absence along with the potential to grow your money. With single premium payment, you get 100% of your money invested in funds of your choice. You get 7 fund choices i.e. 3 equity funds, 3 debt funds and 1 balanced fund.

Note: All information has been sourced from the official website of ICICI Prudential.

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The Assets Under Management (AUM) as on 31st March, 2019 were Rs. 1,604.10 billion.

Features of ICICI Pru 1 Wealth

The features of this plan are:

  • Single premium payment: Invest once and enjoy the benefits for life.
  • Option to invest in a wide range of 7 funds.
  • Unlimited free switches
  • Get Wealth Boosters as a percentage of your single premium at the end of the policy term.
  • Life insurance cover for the entire policy term.

Benefits of ICICI Pru 1 Wealth

The benefits of this plan are:

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

A = Sum Assured including Top-up Sum Assured, if any B = Fund Value including Top-up Fund Value, if any C = Minimum Death Benefit

Minimum Death Benefit will be 105% of the single premium and top-up premiums, if any received up to the date of death.

  • Maturity Benefit - The maturity benefit payable will be the Fund Value including Wealth Booster and Top-up Fund Value, if any.

  • Wealth Booster - Wealth boosters are added at the end of the policy term. Wealth Booster will be 2.50% of single premium for 5 year policy term and 2.75% of single premium, including top up premiums less partial withdrawals if any for 10 year policy term.

  • Tax Benefit - Premiums paid towards this plan are eligible for tax deductions as per Section 80C of the Income Tax Act, 1961.

Eligibility Criteria for ICICI Pru 1 Wealth Plan

Policy Terms 5 and 10 years
Minimum / Maximum Single PremiumRs. 50,000 – Unlimited
Sum AssuredSum Assured multiples in between the minimum and maximum limits are not available
Age at entry (age last birthday)
Minimum: 8 years
Maximum: 60 years Age at entry (age last birthday)
For minor lives, life cover commences from the risk commencement date. In case of minor life assured, the policy does not vest in the name life assured when he/she turns major during the policy term
Age at entry last birthdayMinimum Sum AssuredMaximum Sum Assured
<= 50 years1.25 times Single Premium10 times Single Premium
>50 years 1.25 times Single Premium1.25 times Single Premium
Age at entry (age last birthday)
Minimum age at maturity: 18 years
Maximum age at maturity: 70 years

Additional Features of ICICI Pru 1 Wealth

  • Settlement Option - You have the option to receive the Maturity Benefit as a lump sum or as a structured payout using settlement option.
  1. The payouts can be on a yearly, half yearly, quarterly or monthly (through ECS) basis, over a period of one to five years, post maturity.
  2. The first payout is made on the date of maturity.
  3. You have the option to withdraw the entire Fund Value.
  4. Partial withdrawals are not allowed during the settlement period.
  • Partial Withdrawal Benefit - Partial withdrawals are allowed for Policy term of 10 years post completion of five policy years. You can make unlimited number of partial withdrawals as long as the total amount of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy year.
  1. Partial withdrawals are allowed only if the Life Assured is at least 18 years of age.
  2. Partial withdrawals will be made first from the Top-up Fund Value, as long as it supports the partial withdrawal, and then from the Fund Value built up from the base premium.
  3. The minimum value of each partial withdrawal is Rs. 2,000.
  • Unlimited Free Switches - You can switch units from one fund to another as many times as you want. This benefit is available to you without any charge. The minimum switch amount is Rs. 2,000. Increase/Decrease Policy Term - If your policy term is 5 years, you can choose to increase your policy term to 10 years. Decrease in policy term is not allowed.
  • Top-up Benefits - You can invest any surplus money as Top-up premium, over and above the base premium. This feature is available only for a policy term of 10 years. The minimum Top-up premium is Rs. 2,000. The maximum number of top-ups allowed during the policy term is 99.
  • Free-look Period - 15 days from the date it is received, if the policy is purchased through solicitation in person. 30 days from the date it is received, in case of electronic policies or if your Policy is purchased through voice mode, which includes telephone-calling, Short Messaging Service (SMS), Physical mode which includes direct postal mail and newspaper & magazine inserts and solicitation through any means of communication other than in person.

Documents Required for ICICI Pru 1 Wealth Plan

  • Application Form
  • Proof of ID and Address - KYC
  • Proof of Income and Age
  • Bank Mandate/SIP/SI Form
  • Medical check-up, if required

Exclusions under ICICI Pru 1 Wealth Plan

Suicide Clause - If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of commencement of the policy, only the Fund Value, including Top-up Fund Value, if any, as available on the date of intimation of death, would be payable to the family of the policyholder.

Why you should buy the ICICI Pru 1 Wealth Plan?

If you are looking for an insurance plan with dual benefits of cover and capital gain, ICICI Pru 1 Wealth Plan is a suitable investment option. In addition, this plan comes with a one-time payment requirement. Post payment, you can enjoy the benefits of the plan throughout the policy term. This plan pools 100% of your investment amount in the funds of your choice while providing a life insurance cover.

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