What Is Single-Premium Life Insurance

Single-premium life insurance is a type of life insurance plan where the policyholder makes a one-time lump sum payment at the beginning of the policy term. The insurance coverage2 continues for the entire duration of the policy.

A single premium policy is a hassle-free way to financially secure your loved ones in the future and ensure you do not have to pay multiple premium payments to the insurer.

COMP/DOC/Jan/2024/81/5162

Single premium plan that offers financial protection with the potential to grow your money.

 

ICICI Pru1 Wealth is more than a life insurance plan. With just a single premium payment, you can get 100% of your money invested in the funds of your choice. You get multiple Fund choices in equity Funds, debt Funds and balanced funds and can switch between these funds anytime, at no extra cost.

This plan gives you the potential for better returns by investing in the market while protecting your family with life cover2. You will also get tax3 benefits on premiums paid and benefits received. By choosing this plan, you can join thousands of our customers who have invested in our funds to achieve their future goals.

 
 
 
 
 

8 BENEFITS OF ICICI PRU1 WEALTH

 
 

 

 

HOW IT WORKS

 

Men Icon

Ashok is a 30-year-old male who purchased ICICI Pru1 Wealth with a policy term of 10 years. Ashok decided to pay ₹ 1,00,000/- as a one-time premium and the life cover2 for the plan was ₹ 10 lakh.

 

 

 

The above illustration is for a healthy male life with 100% of his investments in Maximiser V. The above are illustrative maturity values, net of all charges, Goods and Services Taxes and/or Cesses. Since your policy offers variable returns, the given illustration shows different rates of assumed future investment returns. The returns shown in the benefit illustration are not guaranteed~ and they are not the upper or lower limits of what you might get back, as the value of your policy depends on a number of factors including future investment performance.
When benefit illustrations are included in the content of advertisements - Some benefits are guaranteed~ and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed~ benefits then these will be clearly marked *guaranteed~ in the illustration table on this page. If your policy offers variable benefits then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed~ and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including actual future investment performance.

~T&Cs Apply

Women Icon

Ashok is a 30-year-old male who purchased ICICI Pru1 Wealth with a policy term of 10 years. Ashok decided to pay ₹ 1,00,000/- as a one-time premium and the life cover2 for the plan was ₹ 10 lakh.

 

 

 

The above illustration is for a healthy female life with 100% of her investments in Maximiser V. The above are illustrative maturity values, net of all charges, Goods and Services Taxes and/or Cesses. Since your policy offers variable returns, the given illustration shows different rates of assumed future investment returns. The returns shown in the benefit illustration are not guaranteed~ and they are not the upper or lower limits of what you might get back, as the value of your policy depends on a number of factors including future investment performance.
When benefit illustrations are included in the content of advertisements - Some benefits are guaranteed~ and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed~ benefits then these will be clearly marked "guaranteed~" in the illustration table on this page. If your policy offers variable benefits then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed~ and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including actual future investment performance.

~T&Cs apply

 
 
 

4 SIMPLE STEPS TO BUY ONLINE

 
 

PERFORMANCE OF FUNDS^

 

Fund Name (As on ) Returns (p.a.) Returns (p.a.) Inception
Date
1 Year 2 Year 3 Year 4 Year 5 Year Since Inception

EQUITY - High Growth & Risk

Maximiser V Fund
Value Enhancer Fund
Multi Cap Growth Fund
Sustainable Equity Fund
Multicap 50 25 25 Index Fund

BALANCED - Growth & Safety

Multi Cap Balanced Fund
Balanced Advantage Fund
Active Asset Allocation Balanced Fund

DEBT - Returns & Security

Secure Opportunities Fund
Income Fund
Money Market Fund

Please note: NA: Fund has not completed the stipulated time period

Past performance is not indicative of future performance.

 
 
 
 

THINGS YOU NEED TO KNOW

 
 

What is the premium payment option in the ICICI Pru1 Wealth Plan?

ICICI Pru1 Wealth is a single premium payment life insurance plan that allocates 100% of your investment amount in the funds of your choice while providing a life insurance cover. So, pay just once and enjoy the benefits for a long term!

What are the policy terms available in the ICICI Pru1 Wealth Plan?

ICICI Pru1 Wealth has two policy terms i.e. 5 & 10 years. You can choose the policy term which will support your plans to achieve your financial goals.

How much premium do I have to pay?

The premium for ICICI Pru1Wealth starts at `50,000/- per annum. There is no limit on maximum investment amount.

What are the minimum and maximum entry ages for this plan?

Minimum age at entry: 15 years

Maximum age at entry: 60 years

How much Life Cover2 I will get?

Age at entry last birthday

Minimum Sum Assured

Maximum Sum Assured

<= 50 years 1.25 times Single Premium 10 times Single Premium
>50 years 1.25 times Single Premium

1.25 times Single Premium

What is an Automatic Transfer Strategy?

Automatic Transfer Strategy (ATS) helps eliminate the need to time your investment by giving you the benefit of rupee cost averaging. If this option is chosen, you can invest all or some part of your investment in an Income Fund or Money Market Fund and transfer a fixed amount in regular monthly instalments into any one of the following funds: Maximiser V, Multi Cap Growth Fund, Value Enhancer Fund, Balanced Advantage Fund or Sustainable Equity Fund. There would be no additional charges for ATS. The following conditions apply to ATS.

The minimum transfer amount under ATS is ₹ 2,000/-.

This transfer will be done in equal instalments in not more than 12 monthly instalments.

ATS would be executed by redeeming the required number of units from the fund chosen at the applicable unit value and allocating new units in the destination fund at the applicable unit value.

At inception, you can opt for a transfer date of either the first or fifteenth of every month. If the date is not mentioned the funds will be switched on the first day of every month. If the first or the fifteenth of the month is a non-valuation date, then the next working day’s NAV would be applicable.

 

How can I invest my surplus money in the plan?

Top-up

You can invest any surplus money as a Top-up premium, over and above the base premium, into the policy. This feature is available only for the policy term of 10 years.

The following conditions apply on Top-ups:

  • 1. The minimum Top-up premium is ₹ 2,000/-
  • 2. Your Sum Assured will increase by Top-up Sum Assured when you make a Top-up. Each top-up premium will be treated as a Single Premium payment for determining the Top-up Sum Assured
  • 3. Top-up premiums can be paid any time except during the last five years of the policy term, subject to underwriting
  • 4. A lock-in period of five years would apply for each Top-up premium for the purpose of partial withdrawals only
  • 5. At any point during the term of the policy, the total Top-up premiums paid cannot exceed the base premium of the policy
  • 6. The maximum number of top-ups allowed during the policy term is 99

What are unlimited free switches between funds?

You can switch units from one fund to another depending on your financial priorities and investment outlook as many times as you want. This benefit is available to you without any charge. The minimum switch amount is ₹ 2,000/-.

What can be the maximum tenure for ICICI Pru1 Wealth single premium life insurance policy?

The maximum tenure for ICICI Pru1 Wealth single premium policy is ten years.

Is single premium life insurance taxable?

A single premium policy offers tax3 benefits on the premium paid under Section 80C3 of the Income Tax Act, 1961. You can also avail tax 3 benefits on the amount received at the end of the policy term under Section 10(10D)3.

 

 

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1 The company will allocate extra units at the end of the policy term, provided monies are not in the DP fund. Wealth Booster will be allocated among the Funds in the same proportion as the value of total units held in each fund at the time of allocation. The allocation of Wealth Booster units is guaranteed and shall not be revoked by the Company under any circumstances.

Policy Term 5 Years 10 Years
Wealth Booster 2.50% of Single Premium 2.75% of Single Premium
For the 10 year policy term, the wealth booster will be 2.75% of the single premium including top-up premiums less partial withdrawals if any.

2 Sum Assured multiples in between the minimum and maximum limits are not available

Age at entry last birthday Minimum Sum Assured Maximum Sum Assured
<= 50 years 1.25 times Single Premium 10 times Single Premium
>50 years 1.25 times Single Premium 1.25 times Single Premium

3 Tax benefits under the policy are subject to conditions under Sections 80C, 80D, 10(10D),115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details.

4 Nothing herein contained shall operate to destroy or impede the right of any creditor to be paid out of the proceeds of any policy of assurance, which may have been effected with intent to defraud creditors. In case of any third-party claim in the Courts of India with regards to the insurance proceeds, the amount shall be subject to the judiciary directions. Please seek professional legal advice for the applicability of this provision.

^Past performance is not indicative of future performance.

` If the policy offers guaranteed returns, then these will be clearly marked “guaranteed” in the Benefit Illustration. Since the policy offers variable returns, the given illustration shows two different rates of assumed future investment returns. The returns shown above are not guaranteed and they are not the upper or lower limits of what you might get back, as the maturity value of policy depends on a number of factors including future investment performance.

Fund name SFIN
Maximiser Fund V ULIF 114 15/03/11 LMaximis5 105
Multi Cap Growth Fund ULIF 085 24/11/09 LMCapGro 105
Multi Cap Balanced Fund ULIF 088 24/11/09 LMCapBal 105
Income Fund ULIF 089 24/11/09 LIncome 105
Money Market Fund ULIF 090 24/11/09 LMoneyMkt 105
Value Enhancer Fund ULIF 139 24/11/17 VEF 105
Secure Opportunities Fund ULIF 140 24/11/17 SOF 105
Balanced Advantage Fund ULIF 144 03/06/21 BalanceAdv 105
Sustainable Equity Fund F 145 03/06/21 SustainEqu 105
Multicap 50 25 25 Index Fund ULIF 152 220224 MultiCapIF 105

Unit Linked Products are different from traditional insurance products and are subject to the risk factors.

The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of the funds and factors influencing the capital market and the insured is responsible for his/her decisions. ICICI Prudential Life Insurance is only the name of the Life Insurance Company and ICICI Pru1 Wealth is only the name of the unit linked insurance product and does not in any way indicate the quality of the product, its future prospects and returns.

Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the Insurance company.

The various funds offered under this product are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

2Life Cover is the benefit payable on death of the life assured during the policy term.

~Guaranteed Additions (GAs) rate will be 9% for a policy term of 10 years and 10% for a policy term of 15 years. GAs will be added to the policy at the end of every policy year if all due premiums have been paid. Each GA will be calculated as GA rate multiplied by the total premiums paid till date (excluding extra mortality premiums, Goods & Services Tax and Cess (if any)).

ICICI Pru1 Wealth UIN:

Advt. No.: W/II/1521/2023-24

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