Superannuation, also known as Pension Benefit, is a very important benefit for every employee. Superannuation is basically the retirement benefit which is provided to employees to aid them in saving a part of their income during their employment which can be used help ensure a financially secure life after retirement. Employees can grow their saving, which have been accumulated over the years, with the help of the Superannuation Plans. With this plan, they can accumulate their savings which can be later utilized for purchasing annuity at the time of retirement and ensuring financial security to take care of various needs. The Superannuation plans offered by ICICI Prudential life have been specially designed to meet requirements of the Accumulation Phase, so that employees may maximize their savings in correspondence to their risk capabilities.
Eligibility of ICICI Prudential Group Superannuation Plan
Minimum age at Entry
Applicant must be at least 20 years
Maximum Age at Entry
Applicant must not be more than 85 years
Minimum Vesting Age
Maximum Vesting Age
Key Features of ICICI Prudential Group Superannuation Plan
Unit linked / Endowment Pension Benefit Plan
Premium Payment Frequency
Premium payment can be made on a monthly, quarterly, half-yearly or yearly basis.
Minimum policy term is fixed at 1 year.
5 Annuity Options available
Benefits / Advantages of ICICI Prudential Group Superannuation Plan
Assistance for Scheme setup - ICICI Prudential will provide all necessary assistance to help provide solutions which are tailored to address your specific requirements.
Managing Investments – You can choose from a two different investment options, which are:
Unit linked funds – These are market linked investments which not only provide healthy returns but also allow you to decide asset allocation which is best suited to your needs.
Endowment fund – This offers stable growth to your investments
Dedicated Service – Fully understanding the importance of your needs, ICICI Prudential provides a highly competent and dedicated service team which will assist you with fulfilling your requirements.
Quick Claim Settlement – Settlement of claims is a very important service which must be done in a timely fashion. ICICI Prudential ensures that all claims are settled and payouts given well within the given time period.
Annuity Payment – In addition to providing a Group Immediate Annuity plan, ICICI Prudential group plans also provides discounts to Superannuation customers, along with five annuity options which employees can pick from.
How It Works
Employers can institute two
- Defined Benefit or Defined Contribution. If the employer has chosen to setup a Defined Benefit superannuation scheme, the benefits which will be payable to the employee at the time of retirement are clearly defined and funds accumulated as part of this plan are utilized towards claim payments when employees leave the organization.
Under the Defined Contribution (DC) superannuation scheme, a pre-decided amount or percentage will be deducted from the employee’s salary and invested in the employee’s superannuation fund. The funds accumulated under this plan will be utilized for purchase of an Annuity plan which can later on be a source of regular cash inflow for the employee.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
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Reviewed on Oct 10, 2019
ICICI prudential is providing me a best policy so i have taken them. Its ULIP (Unit Linked Insurance Policy) policy. I am paying the premium amount of Rs. 30000 every year. I pay the sum assured amount of Rs. 2.10 lakhs. I used to pay the premium through online.
ICICI Prudential premium was less for my life insurance so i chosen. I am holding the policy for past 3 years and they are providing me a satisfactory coverage amount. This is a term policy. Its covers with the accidental cover and disability cover.
My husband is working in ICICI Prudential so have taken 2life insurance policy. They are giving better benefits than others. I am not sure about the tenure details and premium because it has been dealt by husband. The payment mode is online.
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Reviewed on Sep 29, 2019
I have taken an accidental policy with ICICI prudential. They have insured me 1crore and the premium is very low which am happy. I have taken the policy last year and got the insurance paper on time. They are offering information time to time and the response was very nice.
From ICICI Prudential I took term plan it has the premium Rs. 511 per month, if there is any accident at the time the family member get Rs. 10 lakhs of coverage. They gave me the acknowledge from their end but response is lacking and I feel its not good plan which has other benefits after the maturity.
I want to all the financial portfolio to be with ICICI hence i am using all the services through ICICI so i took the term insurance policy from ICICI prudential. I am paying the premium amount of Rs. 10000 every year and this policy has coverage value of Rs. 50 lakhs. This covers upto 75 years of my age.
I am having a good relationship with ICICI BANK so I have taken life plan from ICICI Prudential. I need to pay the premium for 7 years and the maturity is 10 years. I am paying monthly 5K through auto debit and am not sure about the benefits. I got the insurance paper.
My company has provided me a life insurance policy from ICICI Prudential. Its a life insurance policy which gives for the customer who takes the loan. This policy has a coverage value of Rs. 10 lakhs. I'm paying the premium amount of Rs. 5000 and i have chosen the annual payment mode.
Bought my term plan from ICICI Prudential and i have closed the fore-closed policy from ICICI prudential which is a pension policy and wealth plus hence i have chosen the term plan. It was a ULIP plan earlier. In this ICICI terms, critical illness also covered. I am satisfied with the coverage value. I need to keep a balance in my account when they are taking a premium.
The money which i invested its not in a growth mode hence i won't recommend the Life insurance policy from ICICI Prudential. That time I was an agent for ICICI thats the reason, i have taken this policy. I am paying the premium amount of RS. 14000 in a yearly basis. Total sum assured amount is Rs. 2 to 5 lakhs. No one has contacted me from ICICI. This is a market based policy.
My company has provided me a life insurance policy from ICICI Prudential. This policy covers for death cover and life cover. I didn't get a chance to speak with call the customer care. They have provided me a coverage value of Rs. 25 lakhs. The premium amount is taken by corporate people.
I have taken life insurance with ICICI PRUDENTIAL on 4 years before which was taken for 10 years but after that can also continue for this policy. It covers for my whole family members for this insurance. I use to do payment through an online. I am paying premium in the yearly package.
I have a life insurance with ICICI prudential and there is no specific parameter for taking this policy. It was taken for the tax benefits. The benefits are okay. I am getting good rate of returns and the policy period is 7 years but I need to pay the premium for only 4 years. I am charging monthly around 3,700 rupees through online.
I have life cover with ICICI Prudential which was taken on 5 years before.The policy is for 10 years. I used to make the premium on a yearly basis. I use to payment through an online. An agent has given all the details about the policy and given documents as well.
I have my term policy with ICICI Prudential. They need to improve the benefits and not providing the suggestion for the customer to avail a better policy. I have been paying the premium for more than one year and need to pay 2more years. The payment mode is online and its good.
I also recommend this term insurance to my friendly. Based on the claim ratio, i have taken the policy from ICICI Prudential. Their claim settlement ratio is 95% and above. This policy cover upto 60 years of my age and 6 years ago, i bought the policy. The sum assured amount is Rs. 1 Crore
I have life cover with ICICI Prudential, I used to make the premium around Rs. 5000 per annum it has the tenure period around three years. After that I will be getting some sum assured and bonus interest. Each and every payment I used to make through I mobile.
I have ICICI prudential term plan, the premium amount is around Rs. 6500 per annum it has some certain tenure period . It covers upto 75 years, sum assured is good. They have good claim settlement ratio. I got the policy copy on time, it has critical illness cover too.
ENDOWMENT PLAN i have taken with the ICICI PRUDENTIAL and i am using from last 2011, the maturity period is for 15years, the premium paying for yearly once the policy coverage is for self with the policy. I have paid the premium for 7 years with the plan.