ICICI Prudential Life Insurance
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ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between the ICICI Bank and Prudential Corporation Holdings Limited. The company started its operations in the year 2001. Since then, it has continued to be one of the top Indian life insurance companies in the industry. They operate with the core philosophy of customer centricity and it is evident, considering it was awarded 'Claims & Customer Service Excellence Awards' in Life Insurance Category by FICCI in 2020.

Highlights

Claim Ratio

98.58%

Death Claim Settlement Duration

1 Day

Customer Assistance

24*7

Assets Under Management

Rs.1,814.92 billion

**Last Updated on 02-02-2021

The company offers a wide range of products such as protection plans, savings plans, retirement plans, ULIP plans, among others to meet the requirements of different people. Let's take a brief look at them.

ICICI Pru Term Insurance Plans

Term Insurance plans provide full protection and financial stability to your family in case of your unforeseen death and allow them to fulfil their future goals. A list of ICICI Prudential Life Insurance term plans are given below:

Plan Highlights

Plans

Age at Entry (as on last birthday)

Policy Term

Maximum Sum Assured

ICICI Pru iProtect Smart

18 years to 65 years

99 years

Unlimited

ICICI Pru iCare II

18 years to 65 years

5 years to 67 years

Unlimited

ICICI Pru Precious Life

18 years to 65 years

5 years-40 years

As per the Board Approved Underwriting Policy

ICICI Pru Life Raksha

18 years to 60 years

5 years

Rs. 5,00,000

**Last Updated on 02-02-2021

*The values may change as per the chosen plan/policy option

  1. ICICI Pru iProtect Smart

    ICICI Pru iProtect Smart offers 360-degree protection and lets you design your safety net to protect your family's future financially in your absence.

    Features:

    • It offers coverage against death, terminal illness, and disability. It also allows the policyholder to choose from Accidental Death Benefit and Accelerated Critical Illness Benefit.
    • The plan offers special premium rates for non-tobacco users.
  2. ICICI Pru iCare II

    ICICI Pru iCare II is an affordable term insurance plan that provides protection to your loved ones and ensures that they lead a comfortable life without any financial worries in your absence.

    Features:

    • The plan offers flexibility to choose protection cover based on your needs:

      Option I, where your family will receive the lump sum amount equal to the sum assured chosen by you.

      Option II (applicable only for Regular Pay option), where you can choose accidental death benefit equal to the sum assured (chosen by you) up to a maximum of 2 crores.

    • A policyholder can also avail of tax benefits under the prevailing tax laws.
  3. ICICI Pru Precious Life

    ICICI Pru Precious Life is specially designed to offer life cover to individuals who have existing health problems such as diabetes, high BP, asthma, and even to those successfully recovered from cancer or other surgeries.

    Features:

    • You can choose how you want your payouts- in a lump sum or as monthly income or even a combination of both.
    • The plan offers a loyalty discount of 5% (for Regular Pay policies) and 2% (for Limited Pay policies) to the existing customers. This is only applicable to the 1st year's premium.
  4. ICICI Pru Life Raksha

    ICICI Pru Life Raksha provides you and your family with complete financial protection and offers them a lump sum amount that will help them to meet the immediate liabilities that may arise in your absence.

    Features:

    • In case of an unforeseen eventuality during the policy term, the higher of the following will be paid to your family:

      A fixed, minimum amount called sum assured.

      An amount equal to 10 times the annual premium.

      105% of the total premiums paid.

    • By paying regular premiums, your taxable income can be reduced under Section 80C and 10(10D) as per Income Tax Act, 1961.

ICICI Pru Health Insurance Plan

Getting diagnosed with a critical illness can cause a lot of stress among you and your loved ones. From getting expensive medical treatments to maintaining financial stability, you must have a health insurance plan. ICICI Heart/Cancer Insurance Plan offers you coverage in such unfortunate scenarios. Let's find out its details-

Plan Highlights

Plans

Age at Entry (as on last birthday)

Policy Term

Maximum Sum Assured

ICICI Pru Heart/Cancer Protect

18 years to 65 years

Single Pay: 5 years

Regular Pay: 5 to 40 years

Cancer cover : Rs. 50 lakhs

Heart cover : Rs.25 lakhs

**Last Updated on 02-02-2021

  1. ICICI Pru Heart/Cancer Protect

    Heart attack and cancer are perhaps the deadliest illnesses in today's time. Even though modern medicine can be a lifesaver, it comes at a high cost. This may strain your finances. Hence, ICICI Pru has come up with this plan that gives what traditional health plans lack- a lump sum payout upon detection.

    Features:

    • Avail of a family discount of 5% on the first year's premium if you buy this cover for yourself and your spouse, along with a 5% loyalty discount for existing customers.
    • Upon diagnosis of any of the listed conditions, a policyholder will be paid a lump sum without any medical bills. If your medical condition falls under the minor category, you will receive up to 25% of the sum assured upon diagnosis.

ICICI Pru Unit-Linked Insurance Plans

If you wish your premium to work as the best of both worlds i.e., protect your life and invest in stocks, bonds, or mutual funds, then ULIP plans are the best for you. Let's check out ULIP Plans by ICICI Prudential.

Plan Highlights

Plans

Age at Entry (as on last birthday)

Policy Term

Maximum Maturity Age

ICICI Pru Signature

0-60 years

10 years to 30 years.

Whole Life Option: 99 - age of entry

99 years

ICICI Pru1 Wealth

8-60 years

5 and 10 years

70 years

ICICI Pru Life Time Classic

0-75 years

5-30 years

80 years

ICICI Pru Guaranteed Wealth Protector

8-70 years

10/12 years

80 years

ICICI Pru Smart Life

20-54 years

10-25 years

64 years

**Last Updated on 02-02-2021

*The values may change as per the chosen plan/policy option

  1. ICICI Pru Signature

    This special savings plan can help you get better returns to protect your loved ones with life cover. The plan comes with systematic withdrawals, where you can make regular withdrawals from the policy.

    Features:

    • Grab wealth boosters after the end of every 5 years, starting from the end of the 10th policy year.
    • You can enjoy the policy benefits till the age of 99 years.
  2. ICICI Pru1 Wealth

    With just a single premium payment, you can get 100% of your money invested in your choice of funds. The plan offers you to choose and switch between 7 fund options at any point in time at no additional charges.

    Features:

    • You will be rewarded with wealth boosters at the end of your policy term. The amount will be a percentage of your premium paid.
    • By paying the policy premium, the policyholder has the option to get tax benefits as per the prevailing tax laws.
  3. ICICI Pru Life Time Classic

    ICICI Pru Life Time Classic is a non-participating unit-linked plan that will provide complete financial protection to your loved ones via life cover and give you the potential to generate wealth and save for your future.

    Features:

    • Invest in your choice of funds and switch between them at any point in time.
    • You have the option to pay the premium via monthly, half-yearly, or yearly frequency. You can also make a one-time payment.
  4. ICICI Pru Guaranteed Wealth Protector

    The unit-linked insurance plan provides you with an opportunity to better your returns and grow your savings by investing in a mix of debt and equity funds. This will help you beat inflation while protecting your investments.

    Features:

    • The plan rewards you with loyalty additions and wealth boosters. Each loyalty addition is equivalent to 0.25% of the average fund value.
    • You have the option to pay the premium once or for 5/7 years.
  5. ICICI Pru Smart Life

    ICICI Pru Smart Life is a savings and protection oriented ULIP that provides you with an opportunity to get better returns and grow your money with investments in equity and debt funds for a long period.

    Features:

    • You can choose between Fixed Portfolio Strategy and Lifecycle based Portfolio Strategy, as per your needs.
    • The plan comes with 'Smart Benefit', under which you can ensure that your savings continue to grow and you can fulfil your family's goals. In case of an unfortunate mishap, this plan will pay the future premiums on your behalf and the policy will go uninterrupted.
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ICICI Pru Traditional Savings/Money Back Plans

A savings plan is an ideal option for you to generate a corpus to meet the financial goals you have set for your family. These plans will act as a safety net for your financial stability. Let's find out more about ICICI's traditional saving plans.

Plan Highlights

Plans

Age at Entry

Maturity Age

Policy Term

ICICI Pru Guaranteed Income For Tomorrow

18 years to 60 years

18 years to 80 years

5 years-20 years

ICICI Pru Cash Advantage

0 years to 60 years

18 years to 80 years

15/17/20 years

ICICI Pru Savings Suraksha

0 years to 60 years

18 years to 70 years

10 years- 30 years

ICICI Pru Assured Savings Insurance Plan

8 years to 60 years

18 years to 72 years

10/12/15 years

ICICI Pru Future Perfect

91 days to 58 years

18 years to 70 years

10/12/15/17/20/25/30 years

ICICI Pru Lakshya

Lakshya Wealth plan

0 to 70 - policy term

18 years to 70 years

12-30 years

Lakshya Lifelong Income

0 years to 55 years

NA

99 - Age at entry

**Last Updated on 02-02-2021

*The values may change as per the chosen plan/policy option

  1. ICICI Pru Guaranteed Income For Tomorrow

    ICICI Pru Guaranteed Income For Tomorrow is a combination of protection and savings life insurance plan that comes with guaranteed benefits and helps you achieve your life goals.

    Features:

    • The plan offers the flexibility to choose different plan options, premium payment term, policy term, and income period, depending on your needs.
    • The plan offers tax benefits on premiums paid and benefits received as per prevailing tax laws.
  2. ICICI Pru Cash Advantage

    ICICI Pru Cash Advantage is a unique savings and protection oriented plan that offers

    guaranteed amount every month for 10 years, along with bonuses and life cover and secures your family in case of your death.

    Features:

    • At the end of the policy term, you will get an amount called lump sum, which is known as Guaranteed Maturity Benefit.
    • You can choose the frequency of premium payments between 5/7/10 years.
  3. ICICI Pru Savings Suraksha

    With the promise of protecting your money, ICICI Pru Savings Suraksha guarantees to grow your wealth, and at the same time, offers a life cover for the entire policy term.

    Features:

    • A policyholder has the option to pay the premium either regularly or for a limited period of 5/7/10/12 years.
    • The plan offers a guaranteed maturity benefit, which is payable at the end of the policy tenure.
  4. ICICI Pru Assured Savings Insurance Plan

    You can secure your financial future with ICICI Pru Assured Savings Insurance Plan. It comes with a wide range of benefits and gives you guaranteed savings benefits.

    Features:

    • Upon maturity of your policy, you will receive a lump sum amount, which will help you fulfil your family's dreams.
    • A guaranteed addition of 9% or 10% of total premiums paid will be added to your policy every year, depending on your policy term.
  5. ICICI Pru Future Perfect

    You can grow and protect your wealth with ICICI Pru Future Perfect, with benefits not just upon maturity but also during the policy term.

    Features:

    • The plan offers the flexibility to choose premium payment term, premium payment frequency, policy term, etc. as per your needs.
    • Secure the future of your loved ones with a death benefit that is received as a lump sum (upon your unforeseen death).
  6. ICICI Pru Lakshya

    ICICI Pru Lakhshya is specially designed to fulfil your dreams; whether it's buying a new house or funding a child's education or even protecting your loved ones from life's uncertainties. The plan grows your wealth and protects your money The plan comes in two variants:

    Features:

    • Get an option to take the payout as- lump-sum at policy maturity, income for a limited period, or lifelong income with income till 99 years of age.
    • Avail flexibility to pay premiums in annual, half-yearly, or monthly frequency.

ICICI Pru Retirement Plans

You do not need to compromise on your post-retirement life. ICICI Pru's retirement plans are designed to support your living standards and expenses in the golden years.

Plan Highlights:

Plans

Entry age

Sum Assured

Policy tenure

ICICI Pru Easy Retirement

18 years to 70 years

NA

10, 15, 20, 25, or 30 years

ICICI Pru Immediate Annuity

NA

ICICI Pru Guaranteed Pension Plan

30 years to 100 years

NA

**Last Updated on 02-02-2021

*The values may change as per the chosen plan/policy option

  1. ICICI Pru Easy Retirement

    ICICI Pru Easy Retirement allows you to get better returns, and you can even grow your money by investing in a mixture of debt and equity funds. The plan comes in two variants- single premium and regular premium.

    Features:

    • You will receive a capital guarantee on the money that you invest. This will be released upon the maturity of your policy.
    • The plan adds pension boosters to your retirement savings, thereby allowing your savings to grow smoothly without any additional need for investment.
  2. ICICI Pru Immediate Annuity

    ICICI Pru Immediate Annuity offers financial security in your golden years and assures a regular stream of income throughout your life.

    Features:

    • Choose between 12 annuity options to match your needs.
    • The plan grants the return of purchase price option on death, permanent disability due to an accident or critical illness.
  3. ICICI Pru Guaranteed Pension Plan

    ICICI Pru Guaranteed Pension Plan gives a regular stream of income throughout your life to ensure that you live your post-retirement life without any financial worries. The plan comes in two variants- Immediate Annuity and Deferred Annuity.

    Features:

    • The plan allows you to choose from a wide range of 11 annuity options to suit your specific needs.
    • The plan offers a top-up option, which lets you increase your annuity and benefit from the high purchase price.

ICICI Pru Group Plans

ICICI Pru Group Plans cover a group of people under a single insurance policy. Such plans can be purchased by organizations to provide cover for their members. Let's take a look at them:

Plan Highlights:

Plans

Entry age

Minimum Sum Assured

Policy tenure

ICICI Pru Loan Protect

18 years to 65 years

Rs. 5 Lakhs

5-30 years

ICICI Pru Loan Protect Plus

18 years to 65 years

Rs. 5 Lakhs

Reducing Cover: 5 to 20, 25, or 30 years

Moratorium: 8 years to 20, 25, or 30 years

ICICI Pru Group Term Plus

15 years to 79 years

Minimum of Rs. 5,000 for each member

NA

Group Immediate Annuity Plan

NA

**Last Updated on 02-02-2021

  1. ICICI Pru Loan Protect

    ICICI Pru Loan Protect is a non-participating term insurance plan, which secures your family against mortgage and auto loans in case of your death.

    Features:

    • You can choose the premium payment term between single pay and limited pay for 5 years.
    • The nominee can take the death benefit via the following- fixed/reducing cover.
  2. ICICI Pru Loan Protect Plus

    You can save your family from the burden of the loans with this insurance plan and can ensure that they lead a carefree life even in your absence.

    Features:

    • The plan allows you to pay premiums as per your comfort. One can choose between one pay option or a limited pay option of 5 years.
    • In case you suffer from a major illness, disability or have met with an accident, this plan will offer you an additional payout that you need to repay the loan and also pay daily expenses.
  3. ICICI Pru Group Term Plus

    ICICI Pru Group Term Plus offers life insurance coverage to all the members of the group and ensures that their loved ones receive financial security.

    Features

    • Upon the death of the policyholder, the nominee will receive the lump sum amount.
    • The plan provides a simple administration process along with various benefits for both the members and the group administrator.
  4. ICICI Pru Group Immediate Annuity Plan

    This plan allows employers to offer pensions to their employees so that they can take care of their post-retirement needs.

    Features:

    • The employee has the option to grab payouts via yearly, half-yearly, monthly, or quarterly frequency.
    • You can choose between 11 payout options: Life Annuity, Life Annuity with Return of Purchase Price, Life Annuity with Return of 50% of Purchase Price, Life Annuity with Return of 75% of Purchase Price, and several more.

ICICI Pru Rural Plans

Every Indian deserves an opportunity to live his life under the protection of life cover and avail benefits to increase his savings. ICICI Prudential Life Insurance offers 2 rural plans curated for people from any part of the country. Let's understand more about these plans:

Plan Highlights:

Plans

Entry age

Maximum Sum Assured

Policy tenure

ICICI Pru Sarv Jana Suraksha

18 years to 55 years

Rs. 2,00,000

Regular Pay: 5 years

ICICI Anmol Bachat

18 years to 60 years

NA

5-15 years

**Last Updated on 02-02-2021

  1. ICICI Pru Sarv Jana Suraksha

    ICICI Pru Sarv Jana Suraksha is a non-linked, non-participating term micro insurance plan that offers security to you and your family at a very affordable cost.

    Features:

    • In case of unforeseen demise of the policyholder, the family will receive a lump sum amount equal to the sum assured.
    • The premium rates are as low as Rs.50 per year, allowing the policyholder to secure his loved ones without burdening his pockets.
  2. ICICI Anmol Bachat

    ICICI Anmol Bachat comes with the dual benefits of savings and protection. The plan helps you to save and achieve your long-term goals along with a life cover.

    Features:

    • You can choose the frequency of premium- annual, biannual, and monthly payments.
    • The plan offers guaranteed maturity benefit if you have paid regular premiums and survived until the end of the policy term.

Why Trust On ICICI Pru Life Insurance?

Below are the following reasons that represent why ICICI Prudential Life Insurance has a high demand in the market. Let's learn about them.

  • ICICI Prudential's 'Customer First' motto, and its core values such as humility, passion, integrity, and boundarylessness is what makes it one of the leading companies in the insurance sector.
  • The company offers a wide range of life insurance plans that come with comprehensive cover in return for affordable premiums.
  • For the last five years, the company has maintained a claim settlement ratio of above 90%.

Why Should You Purchase ICICI Prudential Life Insurance via PolicyX.com?

If you have decided to buy ICICI Prudential life insurance, then PolicyX.com is a perfect platform to embark on this journey. Why? Here are the reasons for the same-

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PolicyX.com is approved by the Insurance Regulatory and Development Authority. With this license, we are allowed to operate in the insurance industry.

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You can easily compare quotes from various insurance companies on our portal because it is built with the latest technology. A few clicks, and you will be able to compare benefits, features, and even select the option most suitable for your needs.

Hassle-Free Documentation

Hassle-Free Documentation

You can give up on your worries about paperwork when purchasing a life insurance policy on PolicyX.com. Just ensure that you have all your basic details to enter and purchase your life insurance in one go.

End-to-End Support

End-to-End Support

Our customer service, known for their endless support, is always at your service to answer the trickiest of queries.

How To File a Claim Under ICICI Prudential Life Insurance?

If you want to report a claim, you can contact for support via any of the following channels:

  • Visit the claims section of ICICI Prudential Life Insurance and fill out the form with the necessary details.
  • Call the 24x7 ClaimCare Number - 1860 266 7766.
  • Email for claim settlement: claimsupport[at]iciciprulife[dot]com
  • Visit your nearest ICICI Prudential Life Insurance branch.

The claim process undergoes 3 major steps:

  • Claim Reporting, where you provide the company with the necessary details along with the physical documents.
  • Claim Processing, where the ClaimCare team will assess your claim and assist you with the process.
  • Claim Settlement will be done after cross-checking all the details.

Documents needed:

  • Claim Form.
  • Death Certificate for Death Claims.
  • Medical/Hospitalization Bills/Documents.
  • Claimant's address proof, photo identity proof, and cheque/copy of bank passbook.
  • Others requested by the company.

Frequently Asked Questions (FAQs)

The Solvency ratio (as mandated by IRDAI) must be at least 150%. However, ICICI Pru Life has a solvency ratio of 194.1% as of March 31st, 2020.

Yes, ICICI Prudential Term Plans cover death due to health issues, including coronavirus. If the policyholder passes away due to COVID-19, his nominee will receive a sum assured as a death benefit.

Yes, a minor can be appointed as the beneficiary. However, to do the same, you have to appoint an appointee.

Yes, ICICI Prudential Life Insurance covers death due to suicide once the waiting period of one year is completed.

Last updated on 02-02-2021