"A unique single premium whole life ULIP"
ICICI Prudential Life launched Wealth Advantage, a unique single premium ULIP, today. Wealth Advantage allows consumers to stay invested in the plan for as long as they live, even beyond the age of 70 years, thereby ensuring long-term coverage. Further, it also offers the flexibility to increase or decrease the sum assured in accordance with the individual’s protection needs. Wealth Advantage comes with these benefits and other key features at extremely competitive rates.
Speaking about Wealth Advantage, Mr. Bhargav Dasgupta, Executive Director, ICICI Prudential Life said, “In a day and age when consumers are continuously engaged to keep their investments organized, it was critical to offer them products, where they pay once, but are rewarded with returns through out their life. Wealth Advantage, a single premium ULIP enables them to do just that.” He further added, “Wealth Advantage follows our consumer-centricity philosophy, and is bundled with various other unique features for our customers to enjoy returns throughout their lives.”
Wealth Advantage consumers can also avail of the Automatic Transfer Strategy (ATS). Through this strategy customers can invest a lump sum amount in the company’s money market fund (Preserver) and transfer a pre-defined amount every month into any one of the chosen equity funds ( Multiplier, R.I.C.H., Flexi Growth, Maximiser). This gives customers the benefit of rupee cost averaging by ensuring that they buy more units at lesser price. It also gives customers the security of a liquid fund while trying to enhance returns by systematically moving the funds into equity. During the policy term consumers can also switch between these funds.
One of most unique features of Wealth Advantage is the Automatic Withdrawal Plan (AWP). AWP enables consumers a choice of withdrawing fixed amount in regular instalments from their 6th policy year onwards at no extra cost. This helps consumers the convenience to avail of regular tax free income while maintaining their investments' growth potential. This comes in addition to the Death Benefit and Partial Withdrawal Benefit that the plan offers.
Key benefits of Wealth Advantage:
- Single premium plan with a whole life investment advantage.
- Life cover upto the age of 70 years.
- Two options of Sum Assured (125% or 500% of premium) to provide complete protection
- Option to withdraw money systematically through Automatic Withdrawal Plan, from the 6th policy year onwards
- Higher allocation of premium to ensure wealth maximization
- No need to time the investment with the benefit of Automatic Transfer Strategy
- Potentially higher returns over the long term by investing in any of the 7 unit-linked funds available
- Tax benefits under section 80 C & 10 (10D) of the Income Tax act 1961
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For the nine month period ended December 31, 2008, the company garnered Rs. 9,918 crores of total premiums and has underwritten over 8 million policies since inception. The company has a network of 2,099 offices and 272,920 advisors. For the past eight years, ICICI Prudential has maintained its leading position amongst life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. To know more about the company, please visit www.iciciprulife.com.
Except for the historical information contained herein, statements in this release which contain words or phrases such as “will”, “would”, “aim”, “will likely result”, “believe”, ”expect”, “will continue”, “anticipate”, ‘”estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objectives”, “goals”, “project”, “should”, “will pursue”, and similar expressions or variations of such expressions may constitute “forward looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Prudential’s ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as the other risks detailed in the reports filed by ICICI Bank (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
