ICICI Pru1 Wealth Plan

Here is the list of the features and benefits of ICICI Pru1 Wealth Insurance Plan.

• Death Benefit

Benefits are paid to the nominee in the event of the assured’s death. The highest of the following is paid as the death benefit:

1. 1. Sum assured and top-up sum assured (if any)
   2. Fund value and top-up fund value (if any)
   3. Minimum death benefit.

• Maturity Benefit

The investor is entitled to receive the fund value, the wealth booster, and the top-up fund value (if any), either as a lump amount or via a structured distribution utilizing a settlement option, at the policy’s maturity.

• Wealth Booster

The fund value for the five-year policy term is increased by 2.50% at the end of the fifth policy year. It is 2.75 percent for the 10-year insurance term, with top-up premiums (if applicable) and withdrawal amounts (if applicable) added at the end of the tenth policy year.

• Settlement Payout Flexibility Benefit

The maturity benefit may be paid out in a flat sum or over the course of a year, a half-year, a quarter, or even a month. The nominee is entitled to receive the benefit as a lump payment if a death benefit occurs during the settlement term. The policy will expire once these benefits have been paid, and the employer will no longer be eligible to provide more benefits.

• Partial Withdrawal Benefit

Only policies with terms of 10 years or longer may be partially withdrawn. After the first five policy years, you can make an unlimited number of withdrawals as long as each one doesn’t cost more than 20% of the fund’s value in a given policy year. There are no additional fees for a partial withdrawal.

• Surrender Benefit

If you surrender the policy during the lock-in period, the fund value is transferred to the discontinued policy fund after discontinuance fees have been deducted. The investor receives the fund value right away after the lock-in period is over.

• Top-up Benefits

Any extra cash you have over and above the base premium can be invested as a top-up premium. Only policies with a 10-year term are eligible for this feature. A Top-up premium must be at least Rs. 2,000. 99 top-ups in total are permitted during the policy’s term.

• Partial Withdrawal Benefit

After five policy years have passed, partial withdrawals are permitted for the remaining ten years of the policy term. As long as the total number of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy year, you are permitted to make an unlimited number of partial withdrawals.

• Free-look Period

If the policy is acquired through personal solicitation, the period from the date of receipt shall be 15 days. In the case of electronic policies or if your Policy is purchased through voice mode, which includes telephone calls, SMS, physical mode, which includes direct postal mail, newspaper & magazine inserts, and solicitation through any means of communication other than in person, 30 days from the date it is received.

• Tax Benefits

Section 80C, 10(10D), and other provisions of the Income Tax Act of 1961 are conditions that must be met for the policy to provide tax benefits. Redeeming units will result in an additional charge for GST and/or cesses based on the current rates. There are occasionally changes made to tax laws.