Life usually does not follow the path that you draw out exactly. Sure your salary may be hiked each year, but will it cover all of your expenses in the event of an unexpected expense? Especially in this age where health care and education expenses are rising quickly, is your salary really enough? You may find yourself in a lot of financial trouble if you do not have a back-up plan for an unexpected expense. For example, if your partner falls ill, you would definitely want to stand on your own feet to meet the related expense.
helps you to plan ahead for such events by aiding you to save small sums now, creating a lump sum amount to meet your future needs. The benefit of this ICICI Prudential Life Insurance plan is three-folds: Liquidity, Savings and Life cover.
Eligibility for ICICI Pru Anmol Bachat:
Single Premium
Minimum entry age
15 years
Maximum entry age
50 years
Minimum Single Premium
Rs. 2,500
Maximum Single Premium
Rs.15,000
Five Pay
Minimum entry age
18 years
Maximum entry age
52 years
Minimum Annual Premium
Rs.1,200
Maximum Annual Premium
Rs.6,000
Ten Pay / Fifteen Pay
Minimum entry age
18 years
Maximum entry age
55 years
Minimum Annual Premium
Rs.1,200
Maximum Annual Premium (if age at entry < 45 years)
Rs.3,000
Maximum Annual Premium (if age at entry >= 45 years)
Rs. 4,285
Key Features of ICICI Pru Anmol Bachat:
Plan type
Non-linked, participating endowment insurance plan
Plan Basis
Individual
Sum Assured on Death (Single Premium)
This is a guaranteed amount which is payable upon the policy holder’s death during the policy term. The Sum Assured on death will be equal to the higher of either the following:
2 times Annual Premium
Guaranteed Maturity Benefit
Sum Assured on Death (Five pay)
This is a guaranteed amount which is payable upon the policy holder’s death during the policy term. The Sum Assured on death will be equal to the higher of either the following:
Guaranteed Maturity Benefit
5 times Annual Premium
Sum Assured on Death (Ten Pay/ Fifteen Pay)
This is a guaranteed amount which is payable upon the policy holder’s death during the policy term. The Sum Assured on death will be equal to the higher of either the following if the age at entry of the life assured is less than 45 years:
Guaranteed Maturity Benefit
10 times Annual Premium
The Sum Assured on death will be equal to the higher of either the following if the age at entry of the life assured is 45 years or higher:
Guaranteed Maturity Benefit
7 times Annual Premium
Grace Period
15 days if monthly premium payment mode and 30 days if other modes.
Premium payment mode
Unless your policy is a Single Premium policy, you have a choice to pay your premiums monthly, half yearly or yearly. You can avail premium discounts if you pay premiums yearly or half-yearly. The discounts is as follows:
Monthly: Nil
Half yearly: 2.5%
Yearly: 4.5%
Surrender value
Single Premium policies: From the start of the policy, your policy has a surrender value.
Five Pay policies: A surrender value is acquired on payment of two full years’ premium.
Ten Pay/ Fifteen Pay policies: Upon payment of 3 full years’ premium, your policy acquires a surrender value. Once your policy has acquired a surrender value, on surrender you will get surrender value of vested bonuses or Special Surrender Value, whichever is higher. You will also get the Guaranteed Surrender Value.
Revival
In case a policy has discontinued payment of premiums, it is possible to revive it under these conditions:
The application for revival is made before the termination date of the policy and within two years from the due date of the first unpaid premium.
The prevailing Board approved underwriting policy will decide the revival.
The policyholder must provide evidence of health of the life assured, which must satisfactory to the Company.
The late payments of premiums are paid.
Benefits of ICICI Pru Anmol Bachat:
Survival Benefit: Survival Benefit, which is equal to one annual premium, will be paid during the policy term. This holds true only if the is alive and all due premiums have been paid.
Death benefit: If the death of the life assured is during the policy term, Death Benefit will be payable, irrespective of the survival benefits paid. This is under the condition that it is a fully paid policy.
Guaranteed Maturity Benefit: Guaranteed Maturity Benefit is a guaranteed amount that will be payable at the end of the policy term. The Guaranteed Maturity Benefit will be shown on the benefit illustration.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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I have taken my term insurance from ICICI prudential. I have trusted this bank because its a top most high, that is the reason i have chosen them. I'm happy about the claim ratio. I'm satisfied with the sum assured amount. I have chosen the annual payment mode after 1 year, i will change the payment mode on a monthly basis.
I took my life insurance policy from ICICI prudential and the agent cheated by saying the benefits. In this plan, i need to pay for 7 years with the amount of Rs. 50000. Once i paid the money, there is a lock in period of 8 years but the interest rates are getting less and i feel like end of the term i won't get any additional benefit.
Earlier i was having a life insurance policy from ICICI Prudential. Agent were explained me about the policy details. They said my money will get doubled after 5 years hence i have paid the premium amount of Rs. 25000 annually for 3 years and there is a lock in period for 2 years. Once i went to withdraw the policy i got Rs. 1000 extra.
I have taken term insurance with ICICI PRUDENTIAL on 4 years before. They have updated same policy so I discontinued old one and opened new policy. It is a term policy with tenure period of 30 years. I use to pay premium amount on annual basis of 18K. Agent has provided all the details and I received soft copy. One drawback with this insurer is their rates are high.
Taken my life insurance policy from ICICI Prudential one of my friend has recommended me about this policy. It was a systematic investment plan. I have paid the premium amount of Rs. 1,500 on every month. Total term period of policy is 3 years.
My life insurance was taken from ICICI Prudential. I have a kid so that i have thought of investing them . ICICI people have suggested me a good product based on my investment amount. If i invest of Rs. 1 lakh per year for the payment of 6 years and the next 15 years, i don't need to pay any money after 21 years, i get some lumpsum sum assured amount. They are providing the life insurance policy worth of Rs. 10 lakhs for myself. They will give some ULIP when i pay the premium. Its a market based policy.
On 5 years before I have taken a life insurance from ICICI PRUDENTIAL. The policy is for 15 years. I am paying premium in the annual package the amount of 13 thousands which is nominal. It is a retirement policy for the amount of 15 lakhs. While getting a policy my agent has given an information about the policy details. It covers my whole family.
I took term insurance policy with ICICI PRUDENTIAL on one year before , they have given clear details about benefits and are good. The agent has given hard copy documents on time. My premium is paying through credit card on monthly basis for 14 thousands. The tenure period for 20 years.
I have taken a life insurance in ICICI PRUDENTIAL on 6 months before. The policy is for 15 years. Now I am paying premium for 25 thousands rupees. While getting a policy my agent has given an information about the policy details, however there are some charges applicable.
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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CHOKKALINGAM K
, bangalore
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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ASWATHY S
, thiruvananthapuram
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.
