ICICI Prudential Wealth Builder II is a unit-linked insurance plan (ULIP) designed for both life insurance coverage and wealth accumulation. It offers you investment choices to potentially grow your money over the long term while providing a death benefit for your family’s security. However, keep in mind it comes with investment risks and has a lock-in period of five years. That’s why, it makes sense to consult a certified financial planner to delve deeper into the right investment plans for you.
Benefits of ICICI Prudential Wealth Builder II
1. Wealth Creation
ICICI Prudential Wealth Builder II is useful for wealth generation through market-linked returns and multiple fund options.
This is one of the investment plans allowing a mix of equity and debt funds to provide the potential for higher returns based on market performance. It offers great flexibility in fund options allowing policyholders to choose based on their risk appetite.
2. Life Cover
The ICICI Wealth Builder II provides a death benefit to ensure financial security for your family in case of your untimely demise during the policy term.
3. Maturity Benefits with ICICI Prudential Wealth Builder II
On policy maturity, the fund value is paid out, including all investments’ accumulated value.
4. Partial Withdrawals
Allows partial withdrawals after the completion of the 5-year lock-in period, providing liquidity for financial needs.
5. Tax Benefits
Premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act.
The maturity proceeds may be tax-free under Section 10(10D), subject to prevailing tax laws.
6. Switching and Redirection
Offers the flexibility to switch between different funds and redirect future premiums to manage investments as per changing market conditions.
Allows various premium payment options such as annual, semi-annual, quarterly, and monthly.
8. Loyalty Additions
Adding loyalty units to the ICICI Prudential Wealth Builder II policyholder’s fund at specific intervals enhances the overall fund value.
The investment plan insurance allows additional investments over and above the regular premiums to boost the fund’s value.
10. Surrender Benefits
Offers a surrender value if the policy is surrendered after the 5-year lock-in period.
Prospective Beneficiaries of ICICI Prudential Wealth Builder II
1. Young Professionals
Those looking to build wealth over the long term while enjoying life cover protection.
2. Families
The investment plan is promising for policyholders aiming to secure their family’s financial future with life cover and potential for market-linked returns.
3. Investors Seeking Flexibility
Individuals who prefer flexible investment options and the ability to switch funds based on market performance.
4. Tax-Savvy Individuals
Those looking to benefit from tax deductions on premiums paid and tax-free maturity benefits.
5. Individuals Planning for Long-term Goals
People aim to accumulate funds for long-term goals such as children’s education, marriage, or retirement.
6. Policyholders Needing Liquidity
Individuals may need partial access to their investments for unforeseen expenses after the lock-in period.
For detailed information about the ICICI Prudential Wealth Builder II plan, its features, terms, and conditions, it’s recommended to visit the ICICI Prudential website or contact their customer service. Moreover, consulting a certified financial planner can help you make the most of your investment plans.
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