ICICI Prudential Guaranteed Wealth Protector Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
ICICI Pru Guaranteed Wealth Protector Plan is a unit linked insurance plan that provides both life cover as well as dual assurances of capital guarantee. The plan hold potential to offer high returns as it invests a part of your money in equity, using the Guaranteed Wealth Protector Strategy. This strategy involves investing money in a debt oriented fund and an equity oriented fund. In the beginning of the policy, major part of your money is invested in an equity oriented fund. Over time, the allocation shifts towards the debt oriented fund to ensure the guarantee. The allocation between these two funds are balanced throughout the policy term and this regular reallocation enables continuous generation of funds under this plan.
Eligibility - Who is the ICICI Pru Guaranteed Wealth Protector Plan for?
The ICICI Pru Guaranteed Wealth Protector in an insurance plan that offers rewards such as Loyalty Additions and Wealth Boosters. Given below are certain eligibility criteria that need to be met when applying for the plan:
| Minimum age at entry | One Pay – 8 years Five Pay – 8 years |
| Maximum age at entry | One Pay – 70 years Five Pay – 60 years |
| Minimum age at maturity | One Pay – 18 years Five Pay – 18 years |
| Maximum age at maturity | One Pay – 80 years Five Pay – 70 years |
| Premium Payment Term | One Pay – Single Premiums Five Pay – 5 years |
| Type of plan | Unit Linked Insurance Plan |
Sum Assured and Premium Range - What you Get and What it Costs?
The table given below indicates the sum assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Guaranteed Wealth Protector Plan.
| Sum Assured | One Pay – 1.25 X Single Premium | |
| Age of Life Assured | Sum Assured | |
| 8 – 44 years | 10 X Annual Premium | |
| 45 – 54 years | 7/10 X Annual Premium | |
| 55 – 60 years | 7 X Annual Premium | |
| Minimum Premium | One Pay – Rs.48,000 Five Pay Annual mode - Rs.24,000 p.a. Other modes – Rs.48,000 p.a. | |
| Maximum Premium | Unlimited (One Pay and Five Pay) | |
| Premium Payment Mode | One Pay – Single Five Pay – Annual, Half-yearly, Monthly | |
| Premium Payment Option | One Pay and Five Pay | |
| Policy Term | One Pay – 10 years Five Pay – 10 years | |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru Guaranteed Wealth Protector Plan Covers?
The ICICI Pru Guaranteed Wealth Protector Plan offers the following benefits:
| Death Benefit | In case of demise of Life Assured, the nominee or the legal heir receives Death Benefit |
| Maturity Benefit | Fund Value including Loyalty Additions and Wealth Booster or Assured, whichever is higher |
| Loyalty Additions | Allocated as extra units at the end of every policy year, starting from the end of sixth year |
| Wealth Boosters | 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 |
| Surrender Benefit | After surrender, the Fund Value is moved to DP Fund, after deduction of Discontinuance Charge |
| Tax Benefit | As per prevailing tax laws |
| Fund Options | Life Growth Fund and Life Secure Fund |
Benefits in Detail:
Death Benefit: In case of death of Life Assured, the Death Benefit is paid to the nominee or legal heir. Unless the monies are not moved to the DP Fund, Death Benefit is paid as the Sum Assured, minimum Death Benefit, or Fund Value, whichever is higher.
Minimum Death Benefit is 105% of the total premiums paid.
Maturity Benefit: On maturity of policy, ICICI grants the Fund Value inclusive of Loyalty Additions and Wealth Booster, or Assured Benefit, whichever is higher. Assured Benefit is payable only when the policy matures and not when it is surrendered or there is death of the Life Assured.
Assured Benefit in case of One Pay – 101% of the Single Premiums
Assured Benefit in case of Five Pay – 101% of the sum of all premiums
Loyalty Additions: Under the Guaranteed Wealth Protector Plan from ICICI Prudential, the policyholder avails Loyalty Additions in the form of extra units at the end of every policy year. Loyalty Additions are allocated at the end of sixth policy year, provided monies have not been moved to the DP Fund. Each unit is equal to 0.25% of the average of the Fund Values inclusive of the Top-up Fund Value, if any. All Loyalty Additions are allocated in proportion to the total units held in each fund.
Wealth Boosters: Under the plan, the policyholder gets extra units as Wealth Boosters at the end of the tenth policy year commencing at the end of the tenth policy year. Each unit is a percentage of the average of Fund on the last business day of the eight policy quarters, as given below:
- One Pay – 1.50%
- Limited and Regular Pay – 3.25%
Surrender Benefit: If you wish to surrender your policy during the first five policy years, the Fund Value inclusive of the Top-up Fund Value is transferred to the DP Fund, after deduction of applicable Discontinuance Charge.
Investment under the Policy:
There are two types of fund that are invested in, under this policy, they are:
- Life Growth Fund – High Risk Reward Profile
- Life Assured Fund – Low Risk Reward Profile
Under the Guaranteed Wealth Protector Strategy, your premium is allocated to Life Secure fund and Life Growth Fund in the following proportion:
| Policy Year | Age at entry below 45 years | Age at entry 45 years and above | |||
| Life Growth Fund | Life Secure Fund | Life Growth Fund | Life Secure Fund | ||
| 1 – 4 years | 60% | 40% | 45% | 55% | |
| 5 years | 60%, reducing systematically each policy quarter in equal proportion | 40%, increasing systematically each policy quarter in equal proportion | 45%, reducing systematically each policy quarter in equal proportion | 55%, increasing systematically each policy quarter in equal proportion | |
| 6 years | 30% | 70% | 22.5% | 77.5% | |
| 7 – 8 years | 20% | 80% | 15% | 85% | |
| 9 – 10 years | 10% | 90% | 10% | 90% | |
Add-On Plans – Additional Coverage under the ICICI Pru Guaranteed Wealth Protector Plan:
There are no add-on plans under the ICICI Pru Guaranteed Wealth Protector Plan.
Charges under the Policy:
There are certain charges that are levied on the policyholder of the ICICI Pru Guaranteed Wealth Protector Plan, they are:
- Premium Allocation Charge: The Premium Allocation Charge is based on the mode of payment selected as well as the premium payment option chosen. It is charged when the premium is paid and the unit allocation is done as per the fund of your choice. It is a percentage of the premium.
One Pay – 3% (Customers purchasing directly from the company website, get a 0.5% discount)
Five Pay – (Customers purchasing directly from the company website, get a 1% discount)
| Policy year/Premium Payment Mode | Year 1 | Year 2 | Year 3 | Year 4 - 5 | Year 6 onwards |
| Annual | 6% | 5% | 4% | 4% | Nil |
| Half-yearly or Monthly | 4% | 4% | 3.5% | 3% | Nil |
- Policy Administration Charge: The policy administration charges is calculated every month by redeeming units, subject to a maximum of Rs.500 monthly (Rs.6,000 p.a.).
One Pay – Rs.60 p.m. (Rs.720 p.a.) for the 1st five policy years
Five Pay
Year 1 to PPT (Premium Payment Term) – 0.21% p.m. (2.52% p.a.)
Thereafter – 0.10% p.m. (1.20% p.a.)
- FMC (Fund Management Charge) and Investment guarantee charge: FMC of 1.35% p.a. is charged and adjusted from the NAV on a daily basis. It is a percentage of the Fund Value. An additional charge of 0.50% p.a. is levied for investment guarantee.
- Discontinuance Charge: ICICI Prudential charges the policyholder if the policy is discontinued. The charges are as following:
One Pay
| Policy Discontinuance Year | Charges |
| 1 | Lower of 1% of (SP or FV), subject to a maximum of Rs.6,000 |
| 2 | Lower of 0.5% of (SP or FV), subject to a maximum of Rs.5,000 |
| 3 | Lower of 0.25% of (SP or FV), subject to a maximum of Rs.4,000 |
| 4 | Lower of 0.1% of (SP or FV), subject to a maximum of Rs.2,000 |
| 5 and above | None |
Five Pay
| Policy Discontinuance Year | Charges | |
| Annual Premium equal or less than Rs.25,000 | Annual Premium above Rs.25,000 | |
| 1 | Lower of 20% of (AP or FV), subject to a maximum of Rs.3,000 | Lower of 6% (AP or FV), subject to a maximum of Rs.6,000 |
| 2 | Lower of 15% of (AP or FV), subject to a maximum of Rs.2,000 | Lower of 4% of (AP or FV), subject to a maximum of Rs.5,000 |
| 3 | Lower of 10% of (AP or FV), subject to a maximum of Rs.1,500 | Lower of 3% of (AP or FV), subject to a maximum of Rs.4,000 |
| 4 | Lower of 5% of (AP or FV), subject to a maximum of Rs.1000 | Lower of 2% of (AP or FV), subject to a maximum of Rs.2,000 |
| 5 and above | None | None |
AP: Annualised Premium
SP: Single Premium
FV: Fund Value including Top-up Fund Value
- Mortality Charges: Charges levied at the end of each month by redeeming the units bases on your sum at risk during calculation. Sum at risk is calculated at the difference between applicable Death Benefit at that time and prevailing Fund Value.
Indicative annual charges per thousand life cover for a healthy male and female at a Sum Assured amount of Rs.10 lakh is:
| Age | 30 years | 40 years | 50 years | 60 years |
| Male (Rs.) | 1.59 | 2.72 | 5.81 | 13.98 |
| Female (Rs.) | 1.52 | 2.44 | 5.20 | 11.25 |
Exclusions - What the ICICI Pru Guaranteed Wealth Protector Plan doesn’t Cover?
Suicide Exclusion: Under the ICICI Pru Guaranteed Wealth Protector Plan, if the Life Assured commits suicide despite being either sane or insane, within a year from the policy’s commencement date or policy revival, the policy is considered void and is thereby terminated. Only the Fund Value, if any, as available on the date of demise, is payable. If the Life Assured, whether sane or insane, commits suicide within one year from the effective date of increase in Sum Assured, then the increased amount is not considered while calculating the Death Benefit.
Other Key Features:
Some of the other main features of the ICICI Pru Guaranteed Wealth Protector Plan are:
| Particulars | Details |
| Free-look period |
|
| Policy Revival |
|
| Grace Period | Monthly mode – 15 days Other modes – 30 days |
| Premium Discontinuance |
Applicable only for Five Pay Policies Two options:
|
Tax Benefits – How you can save with the ICICI Pru Guaranteed Wealth Protector Plan?
The ICICI Pru Guaranteed Wealth Protector Plan helps you avail some tax benefit as per the prevailing tax laws. Service tax and cess is charged additionally, as per applicable rates and tax laws are subject to periodic amendments
Other Benefits:
Purchasing the ICICI Pru Guaranteed Wealth Protector Plan comes with several benefits that can be availed through their website. You can also contact the customer care of the company and get more information on the product. The website allows you to connect with financial advisors who will guide you about which plan to choose or which policy is best suited for you. Important information such as brochures and leaflets of policies are available online for download.
Given below are some of the benefits that can be utilised when you opt for the ICICI Pru Guaranteed Wealth Protector Plan:
- Get a financial advisor online
- Download policy brochure
- Compare different plans
- Arrange a call back
- Purchase a plan online
- Locate the nearest ICICI Prudential branch
Why you should Buy the ICICI Pru Guaranteed Wealth Protector Plan from ICICI Prudential?
ICICI Prudential Life boasts of a robust customer base owing to its cost-effective initiatives, superior quality of services, consistent fund performance, and hassle-free settlement. The company operates on four key values – Passion, Customer focus, Integrity, Humility, and Boundaryless, thereby making it a trustworthy company to purchase a policy from.
Frequently Asked Questions (FAQs):
-
What is the minimum Premium for One Pay premium option under the ICICI Pru Guaranteed Wealth Protector Plan?
A. The minimum Premium for One Pay premium payment option is Rs.48,000.
-
Can I modify my Sum Assured at any time during my policy term?
A. Yes, you can increase or decrease your Sum Assured subject to underwriting, provided the age of the policyholder at beginning of policy is between 45 and 54 years. It is possible for the Five Pay Option, and can be done only on policy anniversaries.
-
Is there an option of availing loans under the ICICI Pru Guaranteed Wealth Protector Plan?
A. No, there are no loan options available under the ICICI Pru Guaranteed Wealth Protector Plan.
-
What is the process of nomination under the ICICI Pru Guaranteed Wealth Protector Plan?
A. Under this policy, the Life Assured can assign a nominee under Section 39 of the Insurance Act, 1938, at any time before the policy termination or maturity. If the nominee is a minor, the policyholder can also assign an appointee, who receives the money in place of the minor.
-
What is the Fund Management Charge levied on the policyholder under the ICICI Pru Guaranteed Wealth Protector Plan?
A. ICICI Prudential charges 1.35% of the Fund Values as FMC, which is adjusted from the NAV on a daily basis.
-
What is the Fund Management Charge levied on the policyholder under the ICICI Pru Guaranteed Wealth Protector Plan?
A. ICICI Prudential charges 1.35% of the Fund Values as FMC, which is adjusted from the NAV on a daily basis.
-
Can I revive my policy if it is discontinued within the first five years of the term?
A. Yes, you can revive your discontinued policy in the first five policy years by paying overdue premiums within two years from the date of discontinuance.
-
If I have chosen a monthly mode of payment for my policy premium, how many days of grace period do I get under the ICICI Pru Guaranteed Wealth Protector Plan?
A. You get a grace period of 15 days if you mode of premium payment is monthly.
-
What is a non-negative claw-back addition under the ICICI Pru Guaranteed Wealth Protector Plan?
A. A non-negative claw-back addition is carried out by the company in order to comply with the reduction in yield. It is added to the unit Fund Value at different durations after the first five years of contract.
-
Does ICICI Prudential have the right to revise the various charges under the ICICI Pru Guaranteed Wealth Protector Plan?
A. The company has the right to make changes in the charges at any time during the policy term. However, changes must be subject to prior approval from IRDAI.