ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy
ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy - ICICI Prudential Guaranteed Wealth Protector Plan is a Unit Linked Insurance plan (ULIP) which unlike other linked plans provides Capital guarantee besides providing good returns and life insurance coverage.
Key Features - ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy
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It is a ULIP plan with Single Pay and Limited Pay option.
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The premium paid is invested under the guaranteed wealth protector strategy.
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Under the strategy, the premium is split between the life growth fund and life secure fund in a pre-determined ratio depending on age of the policyholder. The fund is then balanced periodically to achieve the desired ratio.
Benefits - ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy
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The insured will get higher of the total fund value including loyalty additions and wealth boosters or the assured benefit on maturity.
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The assured benefit will be equal to 101% of single pay or 101% of all premiums paid under the Limited pay option.
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On death, higher of the sum assured or minimum death benefit or fund value is payable.
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Minimum death benefit is equal to 105% of all premiums paid till death plus loyalty additions are added from the 6th policy year at 0.25%.
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At the end of the 10th policy year wealth boosters are added to the fund value at 1.50% for single pay and 3.25% for limited pay options.
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All these additions are expressed as a percent of the average fund value over the last eight quarters.
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Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Product Specification - ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy
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Minimum |
Maximum |
Entry Age (Last Birthday) |
8 years |
60 / 70 years |
Maturity Age (Last Birthday) |
18 years |
70 / 80 years |
Policy Term (PT) in years |
10 |
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Premium Paying Term (PPT) in years |
Single Pay or 5 Pay |
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Premium Paying Frequency |
Yearly, half-yearly, monthly |
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Yearly Premium |
Limited Pay – 24,000 Single Pay – 48,000 |
No limit |
Sum Assured |
Limited Pay – 7 or 10 * annual premium depending on age Single Pay – 1.25*SP |
Regular Pay – 30*annual Premium Single Pay – 10*SP for ages<35 yrs. or 1.25*SP for ages>=35 yrs. |
Details About Premium - ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy
Premium in rupees and benefit illustration
Age |
35 years |
Premium |
100,000 |
Sum Assured for 5 Pay |
10,00,000 |
Sum Assured for Single Pay |
125,000 |
Fund Value @ 4% including all additions for 5 Pay |
529,686 |
Fund Value @ 8% including all additions for 5 Pay |
724,607 |
Assured Benefit at Maturity for 5 Pay |
505,000 |
Fund Value @ 4% including all additions for Single Pay |
113,853 |
Fund Value @ 8% including all additions for Single Pay |
167,243 |
Assured Benefit at Maturity for Single Pay |
101,000 |
Policy Details - ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy
Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes during which the insured can clear all due. Failing the payment of premium will result in policy lapse.
Policy Termination or Surrender Benefit: The insured can surrender the policy once the 5 years of the policy is completed. If you surrender before the completion of 5 years, the fund value will be transferred to the discontinued policy fund. However, the discontinuation charge will be deducted from the fund value. In the discontinued policy fund, your money will be earning minimum 4% per annum growth. Once the 5 year of the policy is completed the fund value in discontinuation policy fund will be paid to the insured. After completion of 5 years, if the policy is surrender then the total fund value on the date will be paid to the insured without any charges.
Free Look Period: A 15-days free look period is offered to the insured from the date of policy issuance in which they can cancel the policy, if not willing to continue with its terms and conditions. Once the policy is canceled, the policyholder receives the premium of the policy after deducting the proportionate premium for the risk borne by the company.
The Sum Assured can be increased or decreased under the Limited Pay option subject to certain terms and conditions.
Exclusions - ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy
The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date. In case the Sum Assured is increased, the increased amount will not be applicable for suicide cases.
Documents Required - ICICI Prudential Guaranteed Wealth Protector ULIP Plan and Policy
Insurance holder has to apply an application form/ proposal form with correct medical history as well as the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
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