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ICICI Prudential Life Insurance

ICICI Prudential Life Insurance is a trusted insurer offering a wide range of life, health, retirement, and investment plans to meet diverse financial goals. With a high claim settlement ratio and tax benefits, it ensures both protection and savings.  

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ICICI Prudential Life Insurance is one of the most dominant players in the insurance sectors in India. They are known to offer products such as term insurance plans, endowment plans, etc. in order to match their customers various financial needs.

ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., one of India's largest private sector banks, and Prudential plc, a leading international financial services group headquartered in the United Kingdom.

ICICI Prudential Life was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from the Insurance Regulatory Development Authority of India (IRDAI).

ICICI Prudential Life's capital infused stands at Rs. 48.16 billion (as of March 31, 2015) with ICICI Bank Ltd. and Prudential plc holding 74% and 26% stake respectively. For the financial year 2015, the company garnered a total premium of Rs. 153.07 billion.

The company has assets under management of Rs. 1001.83 billion as on March 31, 2015.

For over a decade, ICICI Prudential Life has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with an array of products to match the different life stage requirements of customer and enable them to achieve their long term financial goals.

Term insurance plans

  1. ICICI Pru iProtect Smart
  2. ICICI Pru iCare II
  3. ICICI Pru Life Raksha
  4. ICICI Pru POS iProtect Smart
  5. ICICI Pru POS Life Raksha

Health insurance plans

  1. ICICI Pru Heart Cancer Protect
  2. ICICI Prudential Smart Health Cover

Unit linked insurance plans

  1. ICICI Pru Signature
  2. ICICI Pru1Wealth Plan
  3. ICICI Pru Lifetime Classic
  4. ICICI Pru Elite Life Super
  5. ICICI Pru Elite Wealth Super
  6. ICICI Pru Guaranteed Wealth Protector
  7. ICICI Pru Smart Life
  8. ICICI Prudential Smart Kid Solution

Traditional Savings/Money Back plans

  1. ICICI Pru Sukh Samruddhi
  2. ICICI Pru Lakshya Wealth
  3. ICICI Pru Lakshya Lifelong Income
  4. ICICI Pru Cash Advantage
  5. ICICI Pru Savings Suraksha
  6. ICICI Pru Assured Savings Insurance Plan
  7. ICICI Pru Future Perfect

Retirement plans

  1. ICICI Pru Guaranteed Pension Plan Flexi
  2. ICICI Pru Saral Pension Plan
  3. ICICI Pru Guaranteed Pension Plan
  4. ICICI Pru Easy Retirement
  1. ICICI Pru Immediate Annuity

Group Plans

  1. ICICI Pru Loan Protect
  2. ICICI Pru Loan Protect Plus
  3. ICICI Pru Group Term Plus
  4. Group Gratuity Plan
  5. Group Superannuation Plan
  6. Group Leave Encashment
  7. Group Immediate Annuity Plan
  8. ICICI Pru Group Loan Secure
  9. ICICI Pru Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana
  10. ICICI Pru Shubh Raksha Credit
  11. ICICI Shubh Raksha One
  12. ICICI Pru Shubh Raksha Life

Rural plans

  1. ICICI Pru Sarv Jana Suraksha Micro Insurance Plan
  2. ICICI Pru Anmol Bachat
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ICICI Prudential Term Insurance Plans

Type of the plan

Details

ICICI Pru iProtect Smart

  1. ICICI Pru iProtect Smart offers affordable premiums along with the option to pay the premium on a monthly, half-yearly, and yearly basis.
  2. The plan provides coverage till the age of 99 years.
  1. It features an add-on critical illness cover that provides claim payment without the need for hospital bills upon the initial diagnosis of any of the 34 covered critical diseases.

ICICI Pru Life Raksha

  1. In the event of the insured's unfortunate death, ICICI Pru Life Raksha offers a lump-sum payout to the family to help them manage their finances.
  1. Tax benefits can be availed under this plan.

ICICI Pru iCare II

  1. ICICI Pru iCare II pays a lump payment to the nominee in the event of the insured's untimely death during the period of the plan.
  1. By adding an accidental death benefit rider to the policy, additional protection can be availed.

ICICI Prudential Health Insurance Plans

Type of Plan

Details

ICICI Pru Heart Cancer Protect 

  1.  Under ICICI Pru Heart Cancer Protect, health insurance cover worth Rs.20 lakh is provided for cancer and heart at a monthly premium of less than Rs.160.     
  2. The plan offers 5% discount on first year premium for the insured and their spouse.     
  3. On the diagnosis of any of the listed minor conditions, 25% of the sum assured is offered.
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ICICI Prudential Unit-Linked Insurance Plans

Type of Plan

Details

ICICI Pru Signature 

  1.  ICICI Pru Signature offers life cover during the duration of the policy to ensure financial security for your family.     
  2. With the Whole Life option, this plan extends policy coverage to 99 years of age.    
  3. The Systematic Withdrawal Plan enables you to receive money regularly from your fund value.

ICICI Pru1 Wealth 

  1. ICICI Pru1 Wealth enables you to invest 100% of your money in the funds of your preference with only one premium payment.   
  2.  It offers various fund options that help you grow a corpus for the future.          

ICICI Pru Guaranteed Wealth Protector 

  1.  ICICI Pru Guaranteed Wealth Protector assures you of higher returns and keeps your money secure.     
  2. In case of an unfortunate event, a lump sum amount will be provided to the insured’s family.     
  3. A Wealth Booster is added to your savings under this plan.

ICICI Pru LifeTime Classic 

  1. ICICI Pru LifeTime Classic provides four portfolio options from which you can select depending on your investing requirements.     
  2. In the event of the insured's unfortunate death, life insurance and the current fund value as a lump sum settlement will be offered to the nominee.     
  3. The online top–up facility can be used to increase the investment.

ICICI Pru Smart Life 

  1. ICICI Pru Smart Life offers comprehensive protection for you and your family.   
  2. In the event of the insured's unfortunate death, a lump-sum payment will be offered to the insured’s family.     ·
  3. Additionally, you may manage your finances by investing it in debt or equity funds depending on your level of risk tolerance using the plan's fixed portfolio approach.

ICICI Prudential Traditional Savings/Money Back Plans

Type of Plan

Details

ICICI Pru Savings Suraksha 

  1.  ICICI Pru Savings Suraksha allows you to increase your funds while also providing the security of guaranteed returns.   
  2. You get an amount at the completion of the policy period that comprises the Guaranteed additions, Guaranteed Maturity Benefit, and extra bonuses declared by the firm, if any.   
  3. In the event of the insured's unfortunate death, a lump-sum payment will be offered to the insured’s family.

ICICI Pru Cash Advantage 

  1. ICICI Pru Cash Advantage provides regular payments called Guaranteed Cash Benefit (GCB) immediately after completion your premium payment period.   
  2. A lump sum pay-out known as the Guaranteed Maturity Benefit is offered when the policy term concludes.     
  3. In the event of the insured's unfortunate death, a lump-sum payment will be paid to the insured’s family.

ICICI Pru Lakshya Lifelong Income 

  1.  ICICI Pru Lakshya Lifelong Income provides protection and savings to meet your financial requirements.   
  2. With this plan, you can avail policy benefits till the age of 99 years.   
  3. Every year, you will get benefits in the form of regular additions until the income start date that will assist you in increasing your wealth.

ICICI Pru Future Perfect

  1. ICICI Pru Future Perfect an amount at the completion of the policy period that comprises the Guaranteed additions, Guaranteed Maturity Benefit, and extra bonuses declared by the insurer, if any.   
  2. In the event of the insured's unfortunate death, a lump-sum payment will be paid to the nominee.     
  3. You can save taxes with this plan.

ICICI Pru Sukh Samruddhi 

  1. ICICI Pru Sukh Samruddhi allows you to expand your investments by participating in bonuses and gives you the choice to choose whether you want the benefits as a one-time lump amount or as regular income.   
  2. Tax benefits can be availed under this plan.

ICICI Pru Lakshya Wealth

  1.  ICICI Pru Lakshya enhance your wealth while also protecting it.   
  2. Under this plan, a lump sum payment is provided on maturity.     
  3.  Tax benefits are available according to the prevailing tax laws.
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ICICI Prudential Retirement Plans

Type of Plan

Details

ICICI Pru Guaranteed Pension Plan Flexi 

  1.  ICICI Pru Guaranteed Pension Plan Flexi helps you accumulate retirement savings while also providing a lifelong guaranteed income after retirement.   
  2. The plan provides regular income along with options that let you access lump sum payments.     ·   It comes with many annuity options to meet your retirement needs.

ICICI Pru Signature 

  1. ICICI Pru Signature is a unique savings plan that can provide you with higher returns while also insuring your family members.     
  2. With the Whole Life option, you can enjoy insurance benefits until the age of 99 years.   
  3. The plan offers four portfolio options and a broad variety of funds across debt, equities, and balanced.

ICICI Pru Saral Pension Plan

  1.  The Insurance Regulatory Development Authority of India (IRDAI) launched the Saral Pension Plan, which is a standard individual immediate annuity plan.     ·Under this plan, you will receive a lifetime guaranteed regular income.     
  2. Flexible payout options like monthly, quarterly, half-yearly, and yearly are offered.

ICICI Pru Guaranteed Pension Plan 

  1.  You only need to make a single investment into the ICICI Pru Guaranteed Pension Plan and choose the date you wish to begin receiving income.   
  2. You can choose to receive regular income on a monthly, quarterly, semi-annual, or annual basis for the rest of your life.   
  3.  Under this plan, you get three annuity options to choose from.

ICICI Prudential Group Plans

Type of the plan

Basic sum assured

Policy term

ICICI Pru Loan Protect

The minimum sum assured provided under the plan is Rs.5 lakh

  1. Minimum policy term - 5 years
  2. Maximum policy term - 30 years

ICICI Pru Loan Protect Plus

Gives out a lump-sum amount to the family of the life assured in case of an unfortunate occurrence

  1. If it is a reducing cover - one can choose to have a policy term of 5-20, 25 or 30 years
  2. If it is a 5 or 7-year moratorium, one can choose to have a policy term of 8-20, 25 or 30 years

ICICI Pru Group Term Plus:

This plan provides financial cover to the members who are a part of the plan. In case of an unfortunate occurrence, the members' loved ones are provided with lump-sum payments to tide over any financial losses. This plan is most commonly preferred by employers for their employees as it provides a Life Cover for the family members. Some of the benefits offered under the plan are:

  1. Life cover without the need to submit medical test reports up to the free cover limit.
  2. Coverage provided to the employees in case of an unfortunate occurrence.

Group Gratuity Plan: This plan is suitable for employers as it gives them the opportunity to pay the gratuity amount to their employees and settle liabilities accordingly. The minimum entry age for an employee is 15 years under this plan, however, the maximum entry age must not exceed 85 years. ICICI Group Gratuity Plan offers a renewal policy on a yearly basis. This means that the policy undergoes auto-renewal on the anniversary.

Group Superannuation Plan: With this plan, employers can choose to provide a pension or superannuation benefits to their employees. The employees are presented with the opportunity to grow their savings according to their individual risk appetite and the plan also provides them with a corpus when they retire.

Group Leave Encashment: This plan takes care of the leave encashment liabilities of employers as it helps them build a savings pool that will ultimately pay out the leave encashment amounts to their respective employees. A flat cover of Rs.1,000 is provided to the employees under this plan. The minimum entry age for an employee is 15 years under this plan, however, the maximum entry age must not exceed 85 years.

Group Immediate Annuity Plan: As the name suggests, this plan is suitable for employers who want to provide retirement benefits to their employees. With the help of this plan, an employer can provide pension benefits to his/her employees, to help them sail through the period of retirement swiftly, without any financial burden. The payouts given to the employees can be yearly, half-yearly, monthly or quarterly, depending on which mode the employer selects.

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ICICI Prudential Rural Plans

Type of Plan

Details

ICICI Pru Sarv Jana Suraksha 

  1.   ICICI Pru Sarv Jana Suraksha is an economical micro insurance term plan that offers financial security to you and your family members.     
  2.   In the event of the insured's unfortunate death, a lump-sum payment will be offered to the insured’s family.

ICICI Prudential Life Insurance Claim Settlement Ratio:

ICICI Prudential Life Insurance Claim Settlement Ratio and Total Earned Premium for the Year 2021-22

Claim Settlement Ratio 

97.88% 

Total Earned Premium (in Crore) 

Rs.27068.77 crore 

ICICI Prudential Life Insurance Claim Process

The three-step claim settlement process of ICICI Prudential Life Insurance is mentioned below:

Step 1: Insurance Claim Reporting

The first step is to notify the insurance company of your claim. You can report the claim online, at the branch/central office, via call centre service, SMS, and email.

Step 2: Processing of Insurance Claim

The ClaimCare staff will thoroughly examine your claim information and personally walk you through the whole process. Your claim will be assessed and you will be notified if any additional documents are required. If you want assistance, the insurer’s claim professionals will help you.

Step 3: Claim Settlement

Upon receiving your documents, your claim will be settled. ICICI Prudential Life Insurance employs electronic means of transfer to settle your claim that secures your settlement money and eliminates documentation.

ICICI Prudential Life Insurance Tax Benefits 

The tax benefits available under ICICI Prudential Life Insurance are as follows:

Section 80C:

Tax deductions can be claimed on life insurance premiums paid for yourself, your spouse, or your children under Section 80C. Up to Rs.1.5 lakh per year is free from taxation under this provision.

Section 80CCC:

You can claim tax advantages on premiums paid for pension/retirement insurance up to Rs.1.5 lakh. The pension or annuity you get if you surrender your plan, however, will be taxed in accordance with current tax laws.

Section 80D:

Tax benefits are available for premiums paid in any method other than cash for health insurance policies purchased for yourself, your parents, your spouse, or dependent children.

  1. Tax benefits can be availed on paying premiums of up to Rs.25,000 for yourself, your spouse, or your dependent children. If the insured is aged 60 years or older, the limit is Rs.50,000.
  2. An extra tax advantage is available on paying premiums of up to Rs.25,000 for covering parents. If the insured is aged 60 years or older, the limit is Rs.50,000.

Section 80CCE:

Tax benefits under Sections 80C, 80CCC, and 80CCD (1) can be availed if total limit of deduction from taxable income is Rs.1.5 lakh.

Section 10(10A):

One third of the pension plan payment you receive upon retirement is free from tax. This is referred to as commutation.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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FAQs on ICICI Prudential Life Insurance

  • How can I pay my premiums?

    ICICI Prudential Life Insurance provides the option of paying premiums online, via cash, cheque, credit card, or debit card.

  • Can I change the premium payment frequency in my policy?

     Yes, if your insurance is active and you have paid all premiums, you can adjust the premium payment frequency. 

  • How can I find out if my premium was applied to my policy?

    You can get your premium payment information by logging in to your account.You can get your premium payment information by logging in to your account.  

  • How can I cancel my application?

     If you want to cancel your application before issuance of the policy, you need to send an email to Buyonline@iciciprulife.com. If the policy remains in the proposal stage for 45 days after payment, it will be cancelled by the insurer. You will receive an email confirming the same.    

  • What is a tax/premium paid certificate?

     The 'Tax/Premium Paid Certificate' records the total premium paid for all of your insurance in a given fiscal year. This document can be used as proof of investment for tax purposes.

  • What is the time limit in which the claim must be reported?

     For faster processing of claims, you must report it as soon as you can. You have 120 days from the date of disability to file a disability claim. Claims for critical illness or major surgery must be reported within 60 days of diagnosis date or operation.

  • Can my nominee modify the payout option on my term insurance policy?

    Yes, the nominee can modify the payout option for income and increasing income options that are specified at the policy's start (for applicable products).

  • Is there any waiting period in a term plan?

    A term life insurance policy protects you from the day it is granted. The sole exclusion is suicide-related death, which is covered by the policy after a year.

  • Where can I invest if I want to save tax?

    Investing in a Unit Linked Insurance Plan (ULIP) may be a good option to reduce the tax burden. Your taxes might be reduced by deducting the amount of your ULIP premium from your taxable income. 

  • How will I get my claim amount?

    Depending on your preference, the claim amount will be paid by cheque or Electronic Clearance System (ECS).

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