ICICI Prudential Life Insurance
ICICI Prudential Life Insurance
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ICICI Pru Life Insurance

ICICI Prudential Life Insurance Company began its first operations in the year 2001. Since then, it has continued to be one amongst 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 "Customer Service Company of the Year" by India Insurance Summit & Awards 2020. ICICI Prudential Life insurance is perhaps the first private life insurance provider that has attained assets under management of 1 trillion rupees. Furthermore, it is also the first insurance company in India that was listed on BSE and NSE in the year 2017.

Highlights

Claim Ratio

98.6%

Death Claim Settlement Duration

1 Day

Customer Assistance

24*7

**Last Updated on 25-08-2020

ICICI Prudential Life Insurance Plans

1. ICICI Pru Term Insurance Plans

If you wish to provide full protection and financial stability to your family (in case of your unforeseen death), then term insurance plans are meant for you. It covers you for a certain duration, where if the insured person dies, the beneficiary will receive the death benefit as the sum assured along with other benefits. Some of ICICI Prudential Life Insurance's term plans are given below:

i) ICICI Pru iProtect Smart

Known to be the top-selling plan since its launch, this term plan offers protection to your family and offers critical illness cover to you.

Key Features

Flexibility to choose Premium Payment Frequency: The plan goes easy on your wallet and allows you to choose the premium payment frequency between yearly, half-yearly and monthly modes.

Maturity: With the premium as low as 2,400 rupees, the plan will cover you till the age of 99.

Critical Illness: Upon the first diagnosis on any of the 32 Critical Illnesses, you will receive a payout. You don't even require a hospital bill and just a copy of your diagnosis report will suffice.

4 Plan Options:You can choose from 4 payout options - Lump Sum, Income, Increasing Income, and Lump Sum plus Income

Life Cover on Terminal Illness: Upon diagnosis of terminal illness, the term plan will pay your insurance money before death. This includes AIDS too.

Accidental Benefit: This allows you to add an accidental cover of your choice.

Eligibility

Entry age

25 to 40 years

Maturity age

99 years

Premium

Minimum Rupees 2,400 (Under Life Option)

Policy tenure

59 to 74 years

**Last Updated on 25-08-2020

ii) ICICI Pru iCare II

ICICI Pru Care II provides protection to your loved ones and ensures that they lead a comfortable life without any financial worries in your absence.

Features

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

    iCare II Option I, where your family will receive the lump sum amount equal to the Sum Assured chosen by you. or

    iCare II 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 crore.

  • Premiums: Insurance cover at extremely affordable premiums.
  • Tax Benefits: Your taxable income can reduce under Section 80C and 10(10D) by investing up to Rs. 1.5 Lakh as per the Income Tax Act, 1961.

Eligibility

Minimum/Maximum age at entry

One Pay - 18/60 years (age last birthday)
Regular Pay - 18/65 years (age last birthday)

Maximum age at maturity

85 years (age last birthday) for Regular Pay Option I
80 years (age last birthday) for Regular Pay Option II
65 years (age last birthday) for One pay

Premium payment options

Regular Pay, One Pay

Policy term

Regular Pay: 5 years to 67 years
One pay: 5/10 years

**Last Updated on 25-08-2020

iii) ICICI Pru Precious Life

ICICI Pru Precious Life is specially designed to offer life cover to individuals who have existing health problems or those who have undergone critical surgeries.

Key Features

Wide Coverage: Life cover is offered to individuals with existing health problems including diabetes, high BP, asthma, and even those successfully recovered from cancer or surgery.

Accidental Death Benefit: You can opt for enhanced protection with this benefit.

Flexible Payout: You can choose how you want your payouts- in a lump sum or as monthly income or even a combination of both.

Loyalty Discounts: You, as the customer, can enjoy a discount on your first year's premium. The discount is 5% for Regular Pay policies and 2% for Limited Pay policies.

Eligibility

Minimum / Maximum age at entry

18/65 years

Minimum / Maximum age at maturity

23/70 Years

Premium Payment Term

Single Pay: Single

Limited Pay: 5 years and 10 years

Regular Pay: Same as Policy Term

Policy Term

Payment Option

MinimumMaximum

Single Pay

5 years20 Years

Limited Pay - 5 years

10 Years40 Years

Limited Pay- 10 years

15 Years

Regular Pay

5 Years

Policy term offered will be subject to underwriting

Minimum Sum Assured

Rs. 2,00,000

Maximum Sum Assured

As per the Board Approved Underwriting Policy

**Last Updated on 25-08-2020

iv) ICICI Pru Life Raksha

Considering the way life is uncertain, you can cover the needs of your loved ones even in your absence with this plan. It will provide you and your family complete protection. Upon your death during the policy term, your family is entitled to receive a lump sum amount that will protect their financial stability thereafter.

Features

Lump Sum: The amount disbursed will be the one that is the highest of the following:

i) A fixed and minimum amount called sum assured.

ii) The amount that is equal to 10 times your annual premium.

iii) 105% of the entire premium amount paid.

Tax Benefits: Upon investment up to Rs. 1.5 Lakhs, your taxable income can be reduced under Section 80C and 10(10D) as per Income Tax Act, 1961.

Flexibility: You can choose to pay your premiums monthly, half-yearly or yearly.

Eligibility

Entry age

18 years to 60 years

Sum Assured

Rs. 50,000 to 5,00,000

Premium

Payment throughout policy term

Policy tenure

5 years

**Last Updated on 25-08-2020

v) ICICI Pru POS iProtect Smart

If you want to have the flexibility to design your own safety plan to protect your family's future (in your absence), then this term plan is suitable for you. You can still provide comfort, happiness and security even after your unfortunate demise.

Features

Accidental Death Benefit: Your death benefit cover can be extended by adding this coverage to your plan.

Simplified process: Your policy can be started without any hassle of medical examination.

Women for Life Cover: The premium rates for women are specially designed for life cover.

Flexibility: You can either pay your premiums at once, for a limited period or throughout the tenure of your policy.

Tax Benefits: You are eligible for taxable deductions on the premiums paid and the benefits you have received with this plan.

2 Options to Choose: You can choose Life Option for a lump sum as a death benefit or Life Plus Option where you get covered for Accidental Death Benefit as well.

Eligibility

Entry age

18 years to 60 years

Maturity age

23 years to 65 years

Premium

Minimum Rs. 2,400 excluding taxes

Policy tenure

Single Pay: 5 years to 20 years

Regular Pay: 5 years to 40 years

Limited Pay: 10 years to 65 years less age at entry

Minimum Sum Assured

Subject to the minimum premium

Maximum Sum Assured

Unlimited (subject to Board Approved Underwriting Policy)

**Last Updated on 25-08-2020

vi) ICICI Pru POS Life Raksha

You can keep your family safe and financially secure even if something unfortunate were to happen to you. With this plan, you can protect your family by providing them a lump sum to meet immediate liabilities that may arise in your absence.

Features

Death Benefit: The nominee shall receive the death benefit as the sum assured that was chosen by you.

Five year regular pay: You pay for 5 regular years to continue your life cover throughout the policy term.

Tax Benefits: You are eligible for tax benefits under Section 80C of Income Tax Act, 1961.

Flexibility: You can make your premium payment either yearly, half-yearly or on a monthly basis.

Eligibility

Entry age

18 years to 60 years

Sum Assured

Rs. 50,000 to 5,00,000

Premium

Varies as per the chosen sum assured and the age of the policyholder

Policy tenure

5 years

Premium Payment Term

5 years

**Last Updated on 25-08-2020

2. ICICI Pru Cancer Insurance Plans

No matter how healthy we are, we cannot predict a sickness as it comes without a warning. You may end up needing expensive medical treatments to heal. In such a scenario, it is difficult to maintain financial stability as all your available funds may go into the necessary medical procedures. ICICI Cancer Insurance Plan will cover such expenses to offer you a comfortable recovery. Let's find out its details-

i) ICICI Pru Heart/Cancer Protect

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

Affordable: You can avail a cover of Rs. 20 Lakh for heart and cancer at less than Rs. 160 per month.

Family Benefit for Couples: You can avail a discount of 5% on your first year premium if you buy this cover for yourself and your spouse.

Existing Customers Discount: If you are an existing customer, you will receive a 5% loyal discount on your first year premium.

Payout: Upon diagnosis of any of the listed conditions, you will get 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.

Waiver of Premium: Your premium will be waived off in case you are diagnosed with a permanent disability due to an accident.

Income Benefit: Get up to 1% of the sum assured as additional income for 5 years upon diagnosis of a major illness.

Increasing Cover Benefit: This will increase your cover to 10% for every claim-free policy year.

Eligibility

Age at Entry (as on last birthday)

Minimum: 18 years
Maximum: 65 years

Maturity age (age as on last birthday)

Minimum: 23 years
Maximum: 75 years

Policy Term

Single Pay: 5 years

Regular Pay: 5 to 40 years

Minimum Sum Assured

Rs. 2 lakh

Maximum Sum Assured

Cancer cover : Rs. 50 lakh

Heart cover : Rs.25 lakh

**Last Updated on 25-08-2020

3. 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. Here, you pay an annual or monthly premium to avail the best benefits possible. Let's check out ULIP Plans by ICICI Pru

i) ICICI Pru Signature

This unit-linked insurance plan offers life insurance and flexible investment options all in one. This special savings plan can help you get better returns in order to protect your loved ones with life cover. Your entire premium is allocated to the funds of your choice.

Features

Low Charges: Your entire premium is used without any deductions when investing in the funds along with return of mortality and policy administration charges at maturity.

Loyalty Rewards: You will be rewarded with Wealth Boosters by staying invested in the plan.

Whole Life Cover: You can enjoy the policy benefits till the age of 99 years.

Flexibility: You can choose amongst 4 portfolio strategies and a wide range of funds to suit your investment needs.

Unlimited Free Switches: You can switch between the funds as many times as you want for Fixed Portfolio Strategy. This is completely free of cost.

Systematic Withdrawals: You can make regular withdrawals from the policy.

Eligibility

Entry age

0-60 years

Premium

Rs. 30,000

Whole Life: Rs. 60,000

Premium Term

Limited Pay: 5, 7 and 10 years.

Regular Pay: Same as policy tenure

Whole Life-Limited Pay: 7, 10 and 15 years

Policy tenure

10 years to 30 years.

Whole Life Option: 99 - age of entry

The minimum age for partial withdrawals

Allowed only if the Life Assured is at least 18 years of age.

Partial Withdrawal

Can be withdrawn only after the first 5 policy years

**Last Updated on 25-08-2020

ii) ICICI Pru1 Wealth - Single Premium Plan

With just a single premium payment, you can get 100% of your money invested in your choice of funds. It is hence more than just a life insurance plan, where you get 7 choices of funds to choose from. There are 3 equity funds, 3 debt funds and 1 balanced fund. Furthermore, you can switch between these funds at any point in time at no additional charges.

Features

Wealth Boosters: You will be rewarded with wealth boosters at the end of your policy term. The amount will be a percentage of your premium paid.

Life Cover: You will get the benefit of life cover up to 10 times of the premium you pay throughout the policy tenure.

Secure Future: With MWP Act, you can protect your wife and children financially even in your absence.

Tax Benefits: You will receive a tax-free maturity amount under Section 10(10D) and tax rebate on the premium paid under the Section 80C of the Income Tax Act, 1961.

Eligibility

Entry age

8 years to 60 years

Sum Assured

Age at entry <= 50 years: 1.25 times to 10 times of Single Premium

Age at entry > 50: 1.25 times of Single Premium

Premium

Starts at Rs. 50,000 per year.

Policy tenure

5 years and 10 years.

**Last Updated on 25-08-2020

iii) ICICI Pru Life Time Classic

This non-participating unit linked plan will provide you with complete financial protection for your loved ones via life cover and will give you the potential to generate wealth and save for your future. You can choose between 4 portfolio strategies for your personal investment requirements.

Features

Funds to Invest: You can invest in your choice of funds and switch between them at any point in time.

Financial Protection: Upon the death of the policyholder, the beneficiary is entitled to get life cover and the fund value as a lump sum payout.

Tax Benefits: You can avail tax benefits on the premiums you have paid up to Rs. 46,800 under Section 80C of the Income Tax Act, 1961.

Top Up: You can enhance your investment plan at any point of your policy term by using the online top-up facility.

Rewards: You will be eligible for loyalty rewards and wealth boosters for just paying your premiums regularly and staying invested.

4 Portfolio Strategies: You can choose between Target Asset Allocation Strategy, Trigger Portfolio Strategy 2, LifeCycle based Portfolio Strategy 2, and Fixed Portfolio Strategy.

Premium Payment Term

Age at entry (last Birthday)

Policy Term

Single Pay

0 to 21

22 to 29

30 to 35

36 to 38

39 to 75

5-30

Limited Pay

0 to 41

10, 15 to 25

42 to 44

10, 15 to 20

45 to 46

10, 15

Regular Pay

47 to 55

10

56 to 65

10

Minimum premium

Single Pay: Rs. 50,000

Limited Pay and Regular Pay: Rs 30,000 p.a

**Last Updated on 25-08-2020

iv) ICICI Pru Guaranteed Wealth Protector

This 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 any inflation while protecting your investments.

Features

Grow your money: You can see your savings grow at a higher rate than the inflation rate.

Assured Benefit: This plan offers you a capital guarantee on the money that you invest.

Loyalty Additions: You will be rewarded for being a loyal customer of the company, which will help you grow your wealth. Each loyalty addition is equivalent to 0.25% of the average Fund Value.

Wealth Boosters: You will receive a wealth booster at the end of the 10th policy year.

Tax Benefits: You can reduce your taxable income by investing as much as Rs. 1.5 Lakhs under Section 80C.

Eligibility

Entry age

8-70 Years

Maturity age

18 years to 70 years for 5 Pay and 72 years for 7 pay

Premium

Rs. 24,000 for yearly premium and Rs. 48,000 for other modes. No upper limit

Policy tenure

5 Pay Option: 10 years

7 Pay Option: 12 years

**Last Updated on 25-08-2020

v) ICICI Pru Smart Life

This unit-linked insurance plan provides you with an opportunity to get better returns and grow your money with investments in equity and debt funds for a long period of time. This combination will help you beat inflation along with protection of your investments.

Features

2 Strategies to choose from: You can choose between Fixed Portfolio Strategy and Lifecycle based Portfolio Strategy, as per your needs.

Lump Sum: Your family will receive a lump sum by the company, which will either be a fixed amount called the sum assured or the 105% of total premiums (whichever is higher).

Smart Benefit: This will ensure that your savings continue to grow so that you can fulfil your family's goals. In case of an unfortunate mishap, the ICICI Pru will pay the future premiums on your behalf and the policy will go uninterrupted.

Rewards:You will be eligible for loyalty additions and wealth boosters for being regular with your payments.

Easy withdrawal: You can withdraw up to 20% of your Fund Value at any point in time from the sixth year of your policy term.

Eligibility

Entry age

20 years to 54 years

Maturity age

30 years to 64 years

Premium

20 years to 49 years of Age at Entry - Rs. 45,000

50 years to 52 years of Age at Entry - Rs. 1,20,000

53 years to 54 years of Age at Entry - Rs. 5,00,000

Policy tenure

10 years to 25 year

**Last Updated on 25-08-2020

vi) ICICI Pru Smart Kid Plan

With various aspirations of your child, you would want to up your game by staying on par with their expectations. You are not just worried about the rising cost of education but are also worried about life's uncertainties that may jeopardize your child's future. This plan will help you stay ahead and plan for your child's expenses.

Features

Liquidity: You can fund the expenses at key educational milestones of your child via partial withdrawals at any time after the completion of 5 years of the policy.

Added Advantages: The plan offers rewards of Wealth Boosters and Loyalty Additions for long term investments.

Life Cover: A lump sum amount will be paid out to the nominee (if the policyholder is dead) in case of an unfortunate event that needs immediate funding.

Eligibility

Entry age

20 years to 54 years

Premium

Rs. 45,000 for Limited Pay

Policy tenure

One Pay - 10 years

Limited Pay -

5,7 pay - 10 to 25 years

10 pay - 11 to 25 years

**Last Updated on 25-08-2020

vii) ICICI Pru Smart Couple Plan

It is important to take care of your spouse's well-being. Not only do you share your lives but also share your goals like buying a new home, starting a new company, etc. ICICI Prudential Life Insurance will help you achieve these milestones despite rising costs or in case of an unfortunate event.

Features

  • Choice of investment strategy to suit your needs.

  • In case of an unforeseen event, a lump sum payment will be released to fund immediate financial needs.

  • Rewards of Wealth Boosters and Loyalty Additions for long term investments.

  • Security of your loved ones with premium waived in your absence.

  • You can avail tax savings on the premiums you have paid under Section 80C and maturity proceeds under Section 10(10D).

Eligibility

Entry age

Min age: 20 years

Max age: 54 years

Premium

Rs.45,000 for Limited Pay

Policy tenure

One Pay: 10 years

Limited Pay:

For 5,7 pay - 10 to 25 years

For 10 pay - 11 to 25 years

**Last Updated on 25-08-2020

4. ICICI Pru Traditional Savings/Money Back Plans

If you want your benefits to be a combination of both insurance and savings together, then the money-back plans are meant for you. It 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 traditional saving plans

i) ICICI Pru Cash Advantage

With this money-back plan, you will receive money at regular intervals upon completion of your premium payment term. This regular payout is called Guaranteed Cash Benefit (GCB).

Features

Maturity: At the end of the policy term, you will get an amount called lump sum which is known as Guaranteed Maturity Benefit.

Death Benefit: In case of an unforeseen event, your family will receive a lump sum amount.

Flexibility: You can choose the frequency of premium payments between 5 Pay option, 7 Pay option and 10 pay option.

Tax Benefits: Your taxable income can be reduced by investing around Rs. 1.5 Lakh under Section 80C. Furthermore, maturity and death benefits are completely tax-free.

Eligibility

Entry age

0-60 years

Maturity age

18 years to 80 years

Premium

Minimum of Rs. 12,000 per year

Policy tenure

20 Years (Maximum)

**Last Updated on 25-08-2020

ii) ICICI Pru Savings Suraksha

With the promise of protecting your money, ICICI Pru Savings Suraksha guarantees to grow your wealth.

Features

Guaranteed Additions: This benefit will be added to your policy every year for the first five years of your policy. Furthermore, if any premiums are due till that year, they are all paid off by the company.

Guaranteed Maturity Benefit: This policy guarantees a lump sum amount, which is payable at the end of the policy tenure.

Death Benefit: A sum assured will be released upon the death of the policyholder.

Tax Benefits: You can reduce your taxable income on investing up to Rs. 1.5 Lakhs under Section 80C.

Eligibility

Entry age

0-60 years

Maturity age

18 years to 70 years

Premium

Minimum of Rs. 12,000 per annum

Policy tenure

10 to 30 years

**Last Updated on 25-08-2020

iii) ICICI Pru Assured Savings Insurance Plan

You can secure your financial future with this savings plan. It offers a decent range of benefits in the form of a lump sum.

Features

Maturity: Upon maturity of your policy, you will receive a lump sum amount, which will help you fulfil your family's dreams.

Guaranteed Additions: A guaranteed addition of 9% or 10% will be added to your policy every year for a specific duration, depending on your policy term.

Death Benefit: Your family will receive a lump sum payout in case of your absence due to unforeseen death.

Flexibility: You can choose to pay monthly, half-yearly or annually, whichever mode best suits your financial needs.

Eligibility

Premium Payment Term(years)

5

7

10

Policy Term (years)

10

15

10

12

15

12

Minimum / Maximum age at entry (years)

8/60

3/57

8/60

6/60

3/57

6/60

Minimum / Maximum age at maturity (years)

18/72

Minimum Annual Premium(Rs.)

30,000

18,000

18,000

18,000

18,000

12,000

**Last Updated on 25-08-2020

iv) ICICI Pru Future Perfect

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

Features

Guaranteed Additions: You will get an additional benefit during the first few years of your policy term, depending on the length of the tenure.

Guaranteed Maturity Benefit: A guaranteed lump sum amount will be released to the policyholder at the end of the policy term.

Death Benefit: You can secure the future of your loved ones with a death benefit that is received as a lump sum upon your unforeseen death.

Tax Benefits: Your taxable income can be reduced by investing up to Rs. 1.5 Lakhs under Section 80C of Income Tax Act, 1961.

Eligibility

Entry age

3 years to 45 years

Maturity age

18 years to 60 years

Premium

Minimum of Rs. 40,000 per year

Policy tenure

10 or 15 years

*The values may change as per the chosen policy option

**Last Updated on 25-08-2020

v) ICICI Pru Lakshya

Our goals keep evolving as our lives progress; buying a new house or funding a child's education or even protecting our loved ones. The plan comes in two variants:

  • ICICI Pru Lakshya Wealth &
  • ICICI Pru Lakshya Lifelong Income

With ICICI Pru Lakshya Wealth plan, you can grow your wealth to reach our desired goals.

Features

Lump Sum: Upon maturity of the insurance policy, you will get a lump sum amount to fulfil your dreams.

Capital Protection: You will receive guaranteed capital protection as the sum assured upon maturity.

Guaranteed Value Benefits: You will be rewarded with applicable Guaranteed Value Benefits if you Start Early, Save More, Stay More and if you are a woman (SHE).

Bonuses: You will enjoy bonuses in the form of Regular additions every year. Furthermore, you will receive a terminal bonus on maturity. The two are only applicable if declared at the time of purchase.

In order to continue enjoying this for the rest of your life, ICICI Pru has brought forth ICICI Pru Lakshya Lifelong Income that is a life product offering protection and savings to fulfil your financial needs.

Features

Regular Income: You will receive a Guaranteed Income and Cash Bonus every year from the Income Start Date until the end of 99 years of age.

Guaranteed Capital Protection: You will receive this benefit in the form of Sum Assured on Maturity.

Regular Additions: You can enjoy bonuses in the form of Regular Additions till the start date of your Income.

Life Cover: You can cover your life throughout the policy term till the age of 99 years in order to secure you and your family's future.

Liquidity: You can avail benefits during the policy term in case of any financial emergency.

Tax Benefits: You can avail tax benefits for this policy under Section 80C and 10(10D).

Eligibility

ICICI Pru Lakshya Wealth

Premium Payment Option

Limited

Premium Payment Term (PPT) in years

5

7

10

12

Policy Term (PT) in years

12, 15, 20, 25 and 30

15, 20, 25 and 30

Min / Max Age at Entry (in years)

PPT/ PT (years)

12

15

20,25,30

5

6/ 45

3/ 50

0/(70 - Policy Term)

7

6/ 50

3/ 55

10

N/A

3/ 55

12

3/ 50

Min / Max Age at Maturity (in years)

18/70

Sum Assured on Death

Higher of (10 times Annualised Premium or PPT X Annualised Premium)

**Last Updated on 25-08-2020

ICICI Pru Lakshya Lifelong Income

Premium Payment Option

Limited

Premium Payment Term (PPT) in years

10

12

15

Max Age at Entry (in years)

55

53

50

Policy Term (PT) in years

99 - Age at entry

Sum Assured on Death

Higher of (10 times Annualised Premium or PPT X Annualised Premium)

**Last Updated on 25-08-2020

5. ICICI Pru Retirement Plans

You do not need to compromise your comfortable life even after retirement. ICICI Pru's retirement plans will support your living standards and prevent it from disappearing. These pension plans will stay on par with your living expenses even if your professional income or savings start to decrease gradually. Let's take a look at them.

i) ICICI Pru Easy Retirement

You can enjoy the opportunity with this plan to get better returns, and you can even grow your money by investing in a mixture of debt and equity funds. This combination will allow you to beat the inflation along with protection of your investments.

Features

Beat Inflation: With a mixture of equity and debt, your savings are bound to grow at a higher rate than the inflation rate.

Guaranteed Assured Benefit: You will receive a capital guarantee on the money that you invest. This will be released upon the maturity of your policy.

Switch Easily: You can move your money between the funds of your choice with the help of the Switch option.

Pension Boosters: ICICI Prudential Life Insurance will add Pension Boosters to your retirement savings thereby allowing your savings to grow smoothly without any additional need for investment.

Multiple Options to Receive Money: You can choose between Regular Income option, Lump sum + Regular Income, Postpone your retirement date, and Single Premium Deferred Pension Product as per your needs.

Annuity: You are eligible for annuity options where you can choose from the 5 options that suit your needs. They are Life Annuity, Life Annuity with Return of Purchase Price, Joint Life: Last Survivor without Return of Purchase Price, Joint Life: Last Survivor with Return of Purchase Price, and Life annuity guaranteed for 5/10/15 years and thereafter.

Death Benefit: Your family will receive Guaranteed Death Benefit or the Fund Value, whichever is higher.

Tax Benefits: Your taxable income can be reduced by investing up to Rs. 1.5 Lakhs under Section 80CCC.

Eligibility

Entry age

35 years to 70 years

Pension age

18/80 years

Premium

Minimum of Rs. 48,000

Policy tenure

10, 15,20, 25, or 30 years

**Last Updated on 25-08-2020

ii) ICICI Pru Immediate Annuity

Your retirement years can be an amazing journey if it is planned well. You can keep some money aside to secure your future with this plan as this will ensure a steady flow of income. Your regular expenses will hence be covered easily.

Features

Lifelong Income: Once you buy this plan, your regular income can begin to flow in as soon as the next month. This is guaranteed for a lifetime.

Flexibility: You can choose your own payout options from the wide range of annuity options.

Safe Investment: Your annuity is always informed to you at the time of purchase and is guaranteed for a lifetime.

Tax Benefits: You can avail tax benefits on the premium amount you pay under Section 80CCC and Section 10(10A) of the Income Tax Act, 1961.

Eligibility

Minimum Annuity

Rs. 12,000 per annum

Maximum Annuity

No Limit

**Last Updated on 25-08-2020

6. ICICI Pru Group Plans

You can cover more than one person with group plans under a single insurance policy. ICICI Prudential Life Insurance covers a group of people, which can be bought by various organizations to provide cover for their members. The groups can be of any of the two types: Formal Groups, where it is an employer-employee relationship and Informal Groups, where it is a non-employer-employee relationship. Below are the plans serving under this category.

i) ICICI Pru Loan Protect

You can protect yourself and your family against mortgage and auto loans that are taken by you. This policy will save your day in case of your unforeseen demise during the policy term.

Features

Comfort: You can choose the policy term for the payment of premiums between One Pay option and Limited Pay option for 5 years.

Death Benefit: Your family will receive a lump sum amount upon your death as a policyholder. You can choose between Fixed cover or Reducing cover.

Tax Benefits: Your taxable income can be deducted on investment up to Rs. 1.5 Lakhs under Section 80C.

Eligibility

Entry age

18 to 65 years

Maturity age

23 to 70 years

Life Cover

Minimum of Rs. 5,00,000

Policy tenure

5-30 years

**Last Updated on 25-08-2020

ii) ICICI Pru Loan Protect Plus

You can save your family from the burden of the loans with this insurance plan. This way your family can lead a carefree life even in your absence.

Features

Comfort: You can choose the length of premium payment years by choosing between One Pay option and Limited Pay option of 5 years.

Death Benefit: Upon your unforeseen death, your family will receive a lump sum amount to ensure that your loan is repaid.

Additional Payouts: 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.

Tax Benefits: You will be eligible for taxable income deduction under Section 80C by investing up to Rs. 1.5 Lakhs.

Eligibility

Entry age

18 years to 65 years

Maturity age

23 years to 70 years

Sum Assured

Minimum of Rs. 5,00,000

Policy tenure

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

Moratorium: 8 years to 20,25 or 30 years

**Last Updated on 25-08-2020

iii) ICICI Pru Group Term Plus

You can cover the members of your group in case of your unfortunate demise. Your loved ones will receive benefits to ensure their financial security.

Features

Death Benefit: Upon the death of the policyholder, the nominee will receive the lump sum amount.

Employers' Benefits: Your members will enjoy benefits at a low cost and you can avail tax deductions on the premium that is paid.

Employees' Benefits: You will be covered (without the need for a medical examination) with life cover.

Informal Group Benefits: The plan provides a simple administration process along with various benefits for both the members and the group administrator.

Eligibility

Minimum Number of Members

Formal Group - 10 Members

Informal Group - 50 Members

Life Cover

Minimum of Rs. 5,000 for each member

Age at Entry

15 years to 79 years

**Last Updated on 25-08-2020

iv) Group Gratuity Plan

You can save up all your money and build a personal kitty that will help you pay the amount of gratuity to your employees. You will receive returns that are earned on this kitty.

Gratuity: You can choose to invest a certain amount of money to meet your gratuity liability in future. This amount is invested to provide large returns over the long term.

Easy Administration: You will be able to ensure your convenience and ease when managing this policy.

Choose your Product: You can choose between Group Unit Linked Employee Benefit Plan and Group Suraksha Plus for managing your group Gratuity.

Tax Benefits: As an employer, your annual contribution is eligible for deduction under taxable income. For employees, the gratuity received is tax-free.

Eligibility

Minimum Number of Employees

10 Members

Age at Entry

15 years to 85 years

Life Cover

Minimum of Rs. 1,000 for each employee

Policy tenure

1 year

**Last Updated on 25-08-2020

v) Group Superannuation Plan

You can offer benefits to your employees with this plan. It will help them with their long-term savings for retirement.

Two Schemes: You can choose between two schemes for your employees - Defined Benefit and Defined Contribution.

Easy Administration: The maintenance of this policy is absolutely easy for your convenience.

Choose Your Investment Product: You can choose one among the following investment products for managing your group policy - Group Unit Linked Superannuation, Group Suraksha Plus Superannuation, and Group Superannuation Suraksha.

Annuity Options: Your employees will be awarded discounts on the Group Immediate Annuity Plan if they have this plan.

Tax Benefits: You, as the employer, are eligible for tax benefits under Section 36(1)(iv).

Eligibility

Entry age

15 years to 85 years

Policy tenure

1 year

**Last Updated on 25-08-2020

vi) Group Leave Encashment

You can easily pay your employees the leave encashment amount by saving and building a pool with the help of this insurance policy.

Features

Easy Administration: You can manage this policy at your convenience and ease.

Choose Your Investment Product: You can choose between two plans for management - Group Unit Linked Employee Benefit Plan and Group Suraksha Plus.

Tax Benefits: As the employer, the cash equivalent of the Leave Encashment Benefit is deductible from the taxable income under Section 37(1) subject to terms and conditions mentioned under Section 43B(f) of Income Tax Act, 1961.

Eligibility

Entry age

15 years to 85 years

Life Cover

Flat Rs. 1,000 for all employees

Policy tenure

1 year

**Last Updated on 25-08-2020

vii) Group Immediate Annuity Plan

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

Features

Annuity: You can provide regular income to your employee upon their retirement.

Multiple Payout Options: 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.

Protection from Longevity Risk: This plan will ensure that your employees will receive the pension through their lifetime.

viii) ICICI Group Loan Secure

You can protect your employees by offering multiple options to cover death, terminal illness, accidental death, critical illness and disability.

Features

  • You can choose between various options for reducing cover.
  • Moratorium periods of 3 and 7 years are available.
  • You can choose the coverage term up to a maximum of 30 years.

ix) ICICI Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana

This plan was introduced by the Government of India.

Features

  • It was introduced as a low premium insurance scheme to be affordable for everyone.
  • The applicant must be in the age group of 18 to 50 years to avail the benefits of this scheme.

x) ICICI Pru Shubh Raksha Credit

You can protect yourself against loans with this insurance plan.

Features

  • Protection against loans to all the members of this policy.
  • Easy to onboard members under this group insurance policy.

xi) ICICI Pru Shush Raksha One

You can offer protection to the members of this policy.

Features

  • The rates of this policy premium are affordable.
  • The onboarding process is simplified for the best use.
  • One can start this plan with a minimum Life Cover of Rs 1000

Eligibility:

Minimum Age at Entry (Age completed birthday)

14 years

Maximum Age at Entry (Age completed birthday)

69 years

Min / Max Age at Maturity (Age completed birthday)

14 / 70 years

Min./Max Policy Term

1 Month- 1 Year

Minimum/ Maximum Sum Assured

Rs. 1,000 - Rs. 2,00,000 per member

**Last Updated on 25-08-2020

xii) ICICI Pru Shush Raksha Life

All the members under this group policy are protected.

Features

  • The members of this group policy get protection at an affordable cost.
  • The process of onboarding is simple.

xiii) ICICI Pru Super Protect - Credit

This policy protects members against loans.

Features

  • You can protect the members availing of a loan under this policy.
  • You can choose from various coverage options.
  • You can also choose from various benefit options to suit the members' needs.

xiv) ICICI Pru Super Protect - Life

You can protect the members of your group policy with this insurance plan.

Features

  • All the members of your group will be protected against unforeseen death.
  • The cost of insurance is affordable.
  • The coverage and benefit options can be chosen as per the members' needs.

7. ICICI Pru Rural Plans

Every Indian deserves an opportunity to live their life under the protection of Life Cover and avail benefits to increase their savings. Rural Plans by ICICI Prudential Life Insurance is curated for people from any part of the country.

i) ICICI Pru Sarv Jana Suraksha

If you wish to provide your family with comfort and financial security at an affordable cost, then this plan is curated just for you.

Features

Death Benefit: In case of unforeseen demise of the policyholder, the family will receive a lump sum amount to take care of their immediate financial requirements.

Affordable: The premium rates are as low as a minimum of Rs. 50 per year and a maximum of Rs. 2000 per year.

Eligibility

Entry age

18 years to 55 years

Sum Assured

Rs. 5,000 to Rs. 2,00,000

Premium Payment

Same as policy tenure

Policy tenure

5 years

**Last Updated on 25-08-2020

ii) ICICI Anmol Bachat

You can protect your family and loved ones with the help of this insurance. You will be able to provide for your child's education, marriage, and even their much-awaited vacation.

Features

Comfort: You can pay the premiums as per your convenience - Single Pay, 5 Pay, 7 Pay or 10 Pay.

Flexibility: You can choose the frequency of premium from annual, biannual and monthly payments.

Maturity: You are eligible for guaranteed maturity benefit if you have paid regular premiums and have survived until the end of the policy term.

Death Benefit: Your family will get a lump sum payout upon your unfortunate death.

Tax Benefits: By paying premiums up to Rs. 1.5 Lakhs, you can avail tax exemptions as per the Income Tax Act, 1961.

Eligibility

Entry age

18-60 Years

Number of Premiums

10

Premium

Rs. 2,400 to Rs. 12,000 per annum

Policy tenure

5-15 years

**Last Updated on 25-08-2020

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

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

IRDAI Approved

PolicyX.com is approved by the Insurance Regulatory and Development Authority. With this license, they are allowed to operate in the insurance industry. For your reference, our license number is IRDA/WBA/17/14.

Compare Quotes

You can easily compare quotes from various insurance companies on our portal, considering the fact that it is built with the latest technologies. 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

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

Our customer service, known for their endless support, is always at your service to answer the trickiest of queries. This will be taken care of up until the point of your satisfaction.

How To File a Claim Under ICICI Prudential Life Insurance Policy?

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

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

The claim process undergoes 3 major steps:

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

The various documents that are required for filing a claim are:

  1. Claimant Statement Form
  2. Death Certificate for Death Claims
  3. Medical/Hospitalization Documents
  4. Claimant's address proof, photo identity proof and cheque/copy of bank passbook

Frequently Asked Questions (FAQs)

The Solvency ratio as mandated by IRDAI must be at least 1.5. However, ICICI Pru Life has a solvency ratio of 2.52.

Yes, you can buy a term insurance policy under the Married Women's Property Act to protect the money paid under the policy from other claims.

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

The fund value is calculated as per the number of units owned by the policyholder. If the current price of the unit is Rs. 20 and the policyholder owns 15,000 units, then the fund value will be 15000 x 20 = 3,00,000.

You will need documents for age proof, identity proof, address proof, income proof, and medical reports.

No, the pension will not end even after the policyholder's death. Depending on the type of pension chosen, either the spouse or the chosen beneficiary will receive the pension instead.

Yes, you can have more than one health insurance policy. However, you can only use the second policy upon exhaustion of the first health policy's cover.

Yes, a minor can be appointed as the beneficiary. However, it is always recommended that your appointee has at least completed the age of majority.

No, your Accidental Death claim will not be accepted and processed without FIR and post mortem report.

Yes, ICICI Prudential Life Insurance will cover death due to suicide, provided, the FIR and post mortem reports are submitted during the claim settlement process.

Last updated on 25-08-2020