ICICI Prudential Life launches wealth advantage

MUMBAI: ICICI Prudential Life on Tuesday launched wealth advantage, a unique single premium ULIP. Wealth Advantage allows consumers to stay invested in the plan for as long as they live, 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 competitive rates.

Wealth Advantage consumers can also avail of the automatic transfer strategy. 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 enables consumers a choice of withdrawing fixed amount in regular installments 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.