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ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank – one of India's largest private banks, and Prudential Corporation Holdings Limited – a leading international financial services group from UK. ICICI Prudential was established on 12 December, 2000 and is headquartered at Mumbai, India. ICICI Prudential Life Insurance was amongst the first private sector insurance companies to begin operations in December 2000, after receiving approval from the Insurance Regulatory and Development Authority of India (IRDAI).

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Plans offered by ICICI Prudential Life Insurance

ICICI Prudential works on the philosophy of customer centricity and this is why the ICICI Prudential life insurance plans have been created according to the need of the customer. Life insurance by ICICI Prudential is divided into pure life cover plans, long term savings, and protection plans, to meet customer requirements in different stages of life.

Here’s a snapshot of the ICICI Prudential life insurance plans –

    Plan Name : Term Plans-ICICI PRU iProtect

    Term plans provide pure life cover, i.e. they do not offer any maturity benefit. A term plan will pay out only in case of sudden death of the policyholder, during the policy term.

      About the plan

      This term life insurance by ICICI Prudential can be taken for tenures ranging from 10 to 30 years. Being a term plan, the premiums are low and you can also buy this ICICI Prudential life insurance online.

      • You have the freedom to choose the level of life cover by selecting one of the four benefit options – Life, Life Plus, Life & Health, and All-in-one.
      • The benefits vary under the different benefit options. However, death, terminal illness, and permanent disability are covered, irrespective of the benefit option chosen.
      • You have the flexibility to increase the level of your life cover, according to your changing needs.
      • The premium starts from ₹2,400 and you can get a life cover of up to 75 years (Under Life Option)
      • You can even choose the premium payment term as you like – once in the policy term, yearly, half-yearly, or monthly.

          Benefits

          • You can tailor the policy according to your needs.
          • You will be offered coverage in the event of death and terminal illness, permanent disability, accidental death, and critical illness.
          • The policy will pay out in case you are diagnosed with any of the 34 listed critical illnesses.
          • Additional payout will be given in case death is caused by an accident (life plus benefit option & all-in-one benefit option).
          • In case of permanent disability due to an accident, all future premiums will be waived and you can enjoy the policy benefits without payment of premium.
          • You can enjoy tax benefits under Section 80C, 80D & 10(10D) of the Income Tax Act.

              Plan Name : Protection + Saving Plans-ICICI PRU Assured Savings Insurance Plan

              These plans provide protection plus savings, i.e. both life cover and the opportunity to grow your money. This category of ICICI Prudential life insurance plans includes long term saving plans with protection.

                About the plan

                The Classic Assure Plus is a plan that offers both investment and insurance benefits and helps the insured develop their money, to be able to meet future requirements. The term for premium payment may range from 7 to 10 years. The plan also offers an assured bonus and insurance coverage throughout the term of the policy.

                • This ICICI Prudential life insurance policy not only offers death benefits, but also maturity benefits (benefit upon completion of the policy term) to the policyholders.
                • This is a non-participating plan (A plan in which the policy benefits are clearly defined, and there is no additional benefit or bonus offered to the policyholder) that can be taken for a term of 10 years or 12 years.
                • There is flexibility of premium payment, with options to pay premiums for 7 years or 10 years.
                • Your savings will grow and you will get a lump sum pay out to secure your future
                • The minimum premium is 12,000 p.a. with ten payment options and 18,000 p.a. with seven payment options.

                    Benefits

                    • You get both life cover and maturity benefits. At the end of the policy term, you will be paid the maturity benefit as a lump sum. And in case of your sudden death the lump sum amount will be paid to your nominee.
                    • You will get guaranteed benefits, in which every year, either 9% or 10% of the total premiums paid will be added to the policy benefits depending upon the policy term.
                    • You are entitled to get tax benefits under the Section 80C of the Income Tax Act.

                        Plan Name : ICICI PRU Guaranteed Wealth Protector

                          About the plan

                          • The ICICI Prudential life insurance policy is a unit linked plan or ULIP (a market-linked plan in which you have the flexibility to invest in equity or debt funds) that offers life insurance benefits along with opportunities for investment.
                          • You can enjoy the dual policy benefits in the event of sudden death as well as maturity.
                          • You can pay premiums as per your comfort with options ranging from one pay (once) or 5 pay (monthly, half-yearly or annually).
                          • The policy term is of 10 years.
                          • Your money will be invested in 2 funds – Life growth fund (equity oriented fund) and Life secure fund (debt oriented fund).

                              Benefits

                              • In case of the unfortunate death of the policyholder during policy term, your nominee will receive the death benefit.
                              • On maturity, you will receive the higher of fund value or wealth booster.<br>Additional benefits with the plan include-</br>
                              • Loyalty addition benefits from 6th policy year onwards. Each loyalty addition will be equal to 0.25% of the average of the fund values on the last business day of the last eight policy quarters.
                              • Get access to wealth booster benefits at the end of 10th policy year. Wealth booster will be 1.5% (for One Pay policies) or 3.25% (for 5 pay policies) of the average of fund values.
                              • Get tax benefits on premiums paid & benefits received.

                                  Plan Name : Retirement Plans--ICICI PRU Easy Retirement

                                  Retirement plans or pension plans are savings plans which pay a steady income to the policyholder post retirement.

                                    About the plan

                                    This ICICI Prudential life insurance policy is a ULIP plan with equity and debt participation. It offers a range of benefits like maturity benefit, death benefit and pension booster.

                                    • This ICICI Prudential life insurance policy is a ULIP plan with equity and debt participation. It offers a range of benefits like maturity benefit, death benefit and pension booster.
                                    • Wide range of policy term options – 10, 15, 20, 25, or 30 years.
                                    • Premium can be paid either regularly or for a limited period of five or ten years.
                                    • The minimum premium is ₹48,000 and there is no upper limit on the premium.
                                    • You can pay premiums according to your ease – at monthly, quarterly, half-yearly or yearly intervals.
                                    • You can conveniently switch your money between investment funds.

                                        Benefits

                                        • With the combination of both equity and debt, the plan offers better returns, while protecting your money against market ups and downs.
                                        • On completion of the tenth policy year, the pension booster benefit will be added every fifth policy year; only when at least five years’ premiums have been paid. Pension booster will be equal to 5% of the average daily total fund value of the previous 12 months.
                                        • In the event of your sudden death, your nominee will receive a guaranteed death benefit or fund value, whichever is higher.
                                        • You have the choice to receive payouts as per your needs – Regular Income option, Lump sum + Regular Income, Postponing your retirement date, and Single Premium Deferred Pension Product.

                                          Benefits

                                          Claim Process at ICICI Prudential Life Insurance

                                          The claims process at ICICI Prudential life insurance is simple and hassle-free. Here are the steps you will have to undertake for claim initiation-

                                          Review of ICICI Prudential life insurance

                                          ICICI Prudential life insurance has been providing cost-effective life insurance products, superior quality services, stable fund performance, and hassle-free claim settlement experience to its customers. The ‘Life Cover Plan- iProtect Smart’ was voted ‘Product of the Year 2016’ in the Consumer Survey of Product Innovation by Nielsen. ICICI Prudential boasts a good Claim Settlement Ratio for death claims, at 93.80%. The Company is also the first insurance company in India to be listed on NSE and BSE and has been making efforts towards launching products that meet varied customer requirements.

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