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    ICICI Prudential Wealth Builder II Plan

    Life Insurance
    • 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 Wealth Builder II Plan from ICICI Prudential is a savings oriented Unit Linked Insurance Plan (ULIP). This plan serves as financial protection for you, and your family in your absence. ICICI Prudential offers you multiple choices under this plan, along with providing you a life insurance cover. Under this plan, policyholders do not have the freedom to withdraw or surrender the amount invested in unit linked insurance products till the end of contract of five years. The ICICI Pru Wealth Builder II Plan helps you generate wealth for future use.

    Under the ICICI Pru Wealth Builder II Plan, policyholders have the option to choose a portfolio strategy based on their requirements. There are two options:

    • Fixed Portfolio Strategy – Where you can allocate your savings in the funds of your choice
    • LifeCycle based Portfolio Strategy – A personalised strategy that allows you to balance between equity and debt, based on your age

    When you apply for the ICICI Pru Wealth Builder II Plan, you are required to select the premium amount, premium payment option, and the Sum Assured. After which, you must choose the preferred portfolio strategy. Once your policy matures, you will get your maturity benefit as a lump sum or through settlement as a structured payout. In case of your demise during the policy term, your family receives the Death Benefit.

    Eligibility - Who is the ICICI Pru Wealth Builder II Plan for?

    As the ICICI Pru Wealth Builder II Plan is a unit linked insurance plan, apart from Death Benefits, Maturity Benefit, it comes with Loyalty Additions and the flexibility to choose from multiple portfolio strategies. Given below are certain eligibility criteria that need to be met when applying for the ICICI Pru Wealth Builder II Plan:

    Type of plan United Linked Insurance Plan
    Minimum age at entry 0 years
    Maximum age at entry One Pay – 69 years Limited Pay – 55 years Regular Pay – 65 years
    Minimum age at maturity 18 years
    Maximum age at maturity One Pay – 79 years Limited Pay – 69 years Regular Pay – 75 years
    Premium payment term Option Term
    One pay Single Premium
    Limited Pay 5, 7 or 10 years
    Regular Pay Equivalent to policy term

    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 Wealth Builder II Plan.

    Minimum Sum Assured Entry age Minimum Sum Assured
    0 – 44 years Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium)
    45 years and above Higher of (7 X Annual Premium) and (0.25 X Policy term X Annual Premium)
    Maximum Sum Assured As per Maximum Sum Assured Multiples depending on age
    Minimum Premium One Pay – Rs.48,000 Limited and Regular Pay – Rs.24,000 p.a.
    Maximum Premium No limit
    Premium Payment Mode Single, Yearly, Half-yearly, and Monthly
    Premium Payment Option Single, Limited, Regular
    Policy Term One Pay – 10 years
    Age Policy terms
    0 – 39 years 10, 15, 20, 25
    40 – 54 years 10, 15
    55 years and above 10

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the ICICI Pru Wealth Builder II Plan Covers?

    The ICICI Pru Wealth Builder II Plan offers the following benefits:

    Death Benefit In the event of death of the insured, the nominee or the legal heir receives Death Benefit
    Maturity Benefit As a lump sum or as a structured payout, ,along with the Fund Value and its top-up, if any
    Loyalty Additions Allocated as extra units at the end of every policy year, starting from the sixth year
    Wealth Boosters Percentage of the average of Fund Values, including top-up Fund Value
    Partial Withdrawal Benefit Allowed, after completion of five policy years provided monies are not in Discontinued Policy (DP) Fund
    Surrender Benefit After surrender, monies are moved to DP Fund
    Tax Benefit Subject to conditions under Section 10 (10D) and Section 80C of the Income Tax Act, 1961
    Choice of Portfolio Strategies
    • Fixed Portfolio Strategy
    • LifeCycle based Portfolio Strategy
    Multiple Fund Options 7 diverse funds to choose from
    Protection Level Choice of protection level

    Benefits in Detail:

    Death Benefit: In case of death of Life Assured, the Death Benefit is paid to the nominee or legal heir.

    • One Pay Policy

    Death Benefit is either the Sum Assured with the Top-up, or Fund Value including Top-up, or minimum Death Benefit, whichever is higher

    • Limited and Regular Policy

    For entry age below 50 years, Death Benefit is the Sum Assured including Top-up, or Fund Value including Top-up, or minimum Death Benefit, whichever is higher

    For entry age at 50 years and above, Death Benefit is the Sum Assured including Top-up (Deducting applicable partial withdrawals), or Fund Value including Top-up, or minimum Death Benefit, whichever is higher

    Minimum Death Benefit is 105% of the total premiums paid including Top-up premiums, if any.

    Maturity Benefit: On maturity of policy, ICICI grants the Fund Value inclusive of the Top-up Fund Value. There is a choice of receiving the Maturity Benefit as a lump sum or as a payout using settlement option.

    On choosing the settlement option, the following conditions are applicable:

    • You can opt for payments on a yearly, half-yearly, quarterly, or monthly basis via ECS, for a span of five years, after maturity
    • During settlement period, you can withdraw entire Fund Value
    • You are only charged the Fund Management fee during the settlement period
    • No Wealth Boosters or Loyalty Additions are added in this period
    • On the date of maturity, rider cover and Life Insurance cover ceases

    Loyalty Additions: Under the Wealth Builder II 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 every fifth policy year commencing at the end of the tenth policy year. Each unit is a percentage of the average of Fund Values inclusive of Top-up Fund Value, if any, as shown below:

    • One Pay – 1.50%
    • Limited and Regular Pay – 3.25%

    Partial Withdrawal Benefit: Whichever policy strategy you choose, you can partially withdraw from the policy once five policy years are completed, provided monies are not places in the DP Fund. There is no limit on the number of partial withdrawals, however it should not be more than 20% of the Fund Value in a policy year. However, there are certain conditions for making partial withdrawals.

    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.

    Portfolio Strategies: There are two types of portfolio strategies to choose from:

    • Fixed Portfolio Strategy – This type of strategy allows policyholders to actively manage your investments. Under this strategy, you choose between any of the following funds for investment:
    Fund Name Risk-Reward Profile
    Opportunities Fund High
    Multi Cap Growth Fund High
    Bluechip Fund High
    Maximiser V High
    Multi Cap Balanced Fund Moderate
    Income Fund Low
    Money Market Fund Low
    • LifeCycle based Portfolio Strategy – This strategy allows you invest in a policy that adapts based on your changing financial needs. In this portfolio strategy, your investments are distributed between Multi Cap Growth Fund and Income Fund, depending on your age. As you move higher on the age band, your funds are re-distributed accordingly. The age-wise distribution of portfolio is shown below:
    Age of Policyholder Multi Cap Growth Fund Income Fund
    Up to 25 years 85% 15%
    26 – 35 75% 25%
    36 – 45 65% 35%
    46 – 55 55% 45%
    56 – 65 45% 55%
    66 – 80 35% 65%

    Add-On Plans – Additional Coverage under the ICICI Pru Wealth Builder II Plan:

    Unit Linked Accidental Death Rider: Under the ICICI Pru Wealth Builder II Plan, the policyholder can opt for additional protection through riders. ICICI Prudential allows you to take up a Unit Linked Accidental Death Rider, under which you can get additional life cover similar to that of the base ULIP plan, subject to maximum Sum Assured conditions. The charge for adding on the rider is deducted by cancelling units on a monthly basis.

    Top-up: Under this policy, the policyholder can invest any surplus money as Top-up, in addition to the base premiums. However, the minimum Top-up premium is Rs.2,000 and can be paid at any time in the last five years of the policy term, provided all due premiums have been paid.

    Charges under the Policy:

    There are certain charges that are levied on the policyholder of the ICICI Pru Wealth Builder II Plan, they are:

    • Premium Allocation Charge: The Premium Allocation Charge depends on the premium payment option and the mode of payment chose. It is deducted at the time of premium payment and units are allocated as per the fund chosen. It is a percentage of the premium.
    • One Pay – 3% (Customers purchasing directly from the company website, get a 0.5% discount)
    • Limited and Regular 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% 2%
    Half-yearly or Monthly 4% 4% 3.5% 3% 2%

    All Top-up premiums are subject to a 2% allocation charge.

    • 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

    Limited and Regular 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 Wealth Builder II Plan doesn’t Cover?

    Suicide Exclusion: Under the ICICI Pru Wealth Builder II 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 along with the Top-up 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 Wealth Builder II Plan are:

    Particulars Details
    Free-look period
    • 15 days from the receipt of the policy document, if policy not purchased through Distance marketing
    • 30 days from the receipt of the policy document, if policy purchased through Distance marketing
    Policy Revival
    • Revival is possible in case of surrender or premium discontinuance during the first five policy years, by simply paying the overdue premiums within two years from the date of discontinuance
    • In case of premium discontinuance after the first five policy years, revival is possible within two years from the date of receipt of information that you wish to continue the policy for up to two years
    Grace Period Monthly mode – 15 days Other modes – 30 days
    Premium Discontinuance Applicable only for Limited Pay and Regular Pay Policies Two options:
    • During the first five policy years
    • After the first five policy years

    Tax Benefits – How you can save with the ICICI Pru Wealth Builder II Plan?

    The ICICI Pru Wealth Builder II Plan helps you avail some tax benefits, while availing a protection through this plan.

    • Tax benefits under this plan are subject to conditions under Section 10(10D) and 80C of the Income Tax Act, 1961
    • Service tax and cess is charged additionally, as per applicable rates
    • Tax laws are subject to periodic amendments

    Other Benefits:

    ICICI Prudential allows you to avail many other benefits through their registered website. You can connect with the customer care by filling in an online form with personal information and requesting a call back from the company. Through the website, you can also 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. If you are planning to purchase the ICICI Pru Wealth Builder II Plan, you can avail the following benefits:

    • Contact a financial advisor
    • 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 Wealth Builder II Plan from ICICI Prudential?

    ICICI Prudential Life offers a wide range of financial products in a variety of sectors ranging from investment, to savings, to protection. The company has 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):

    1. If I plan to top-up my Premium, what is the minimum amount allowed?

      A. The minimum Top-up Premium allowed under the ICICI Pru Wealth Builder II Plan is Rs.2,000.

    2. Can I change my portfolio strategy during the policy term?

      A. Yes, you can change your portfolio strategy once very policy year. There is no charge levied for making this change. It is referred to as CIPS (Change in Portfolio Strategy) and any unutilised CIPS cannot be forwarded to the next policy year.

    3. Can I modify my Sum Assured at any time during my policy term?

      A. Yes, you can increase or decrease your Sum Assured during your policy term at any policy anniversary, provided all premiums have been paid on the due date. However, there are certain terms and conditions to be followed for the change.

    4. I want to increase my Premium Payment Term, how do I go about it?

      A. You can increase your Premium Payment Term by informing ICICI Prudential. This change is possible only if you have paid all your premiums on time for a minimum of five years. The increase should always be in multiples of one year.

    5. What happens if I fail to pay my premiums during the first five policy years?

      A. If you are unable to pay your premium within the grace period, ICICI Prudential sends you a notice within 15 days from the date of expiry of grace period. You are then given a notice period of 30 days from receipt of such a notice to choose between two options, they are:

      · If the pay the overdue premiums within the notice period and continue the policy, the policy will continues as is with risk cover, charges, and benefits as per the policy’s terms and conditions.

      · If you discontinue the policy by moving the monies to the DP Fund, Fund Value including Top-up, if any is credited to the DP Fund, after deducting applicable Discontinuance Charge.

    6. Is there an option of availing loans under the ICICI Pru Wealth Builder II Plan?

      A. No, there are no loan options available under the ICICI Pru Wealth Builder II Plan.

    7. Is there a possibility that ICICI Prudential will limit the total number of Units to be withdrawn?

      A. Yes, in exceptional cases such as unusually high volume of sale of investments in a short span of time, market conditions, exceptional redemption, or any political or economic ‘Force Majeure’ conditions, partial withdrawal of units may be deferred until normality returns, based on directions from IRDAI.

    8. What is the process of nomination under the ICICI Pru Wealth Builder II 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.

    9. Is there a Fund Management Charge (FMC) levied on the policyholder under this plan?

      A. Yes, the company charges a FMC, which is adjusted from the NAV on a daily basis. The charge is a percentage of the Fund Value.

    10. What is the condition for making a switch between funds under this plan?

      A. You can only switch between funds based on your investment plan and financial priorities, provided you choose the Fixed Portfolio Strategy and the minimum value of a switch is Rs.2,000 at the time of the switch.