ICICI Prudential Investment Plans

4.3 / 5 based on 24 User Reviews
*Please note that the quotes shown will be from our partners

ICICI Prudential Traditional / Investment Plans

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Ltd. and Prudential Private Limited Company. Prudential Private Limited Company is a leading international financial service group having its headquarters in the United Kingdom. ICICI Prudential Life is one of the first private sector life insurance companies who after receiving approval from the Insurance Regulatory Development Authority of India (IRDAI) have begun its operation in December 2000. Amongst the entire private life insurers in the country, ICICI has enjoyed a dominant position for more than twenty years by offering world-class products and quality consistent services. The range of products offered by ICICI Prudential Life Insurance Company include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

  • These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
  • In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
  • The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
  • The plans may be issued either as Endowment Plans or Money Back Plans

ICICI Prudential Traditional / Investment Plans

ICICI Prudential Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

ICICI Pru Cash Advantagea traditional plan which provides regular monthly incomes. The features of the plan are as follows:

  • It is a participating plan which participates in the profits of the company through earning bonuses
  • Guaranteed Cash Benefits depending on the term, age and premium paying term, is paid every month after the completion of the premium paying term till the end of the term or death of the insured whichever is earlier. The rate of the benefits payable is 1% of the Sum Assured every month or 11.5% of the Sum Assured every year as chosen by the policyholder.
  • On maturity, higher of the Guaranteed Maturity Benefit including the vested bonuses and any terminal bonus or 100.1% of all premiums paid net of any Guaranteed Cash Benefit already paid is paid to the policyholder.
  • In case of death of the insured, higher of the Sum Assured including vested bonuses and any terminal bonus or Guaranteed Maturity Benefit including the vested bonuses and any terminal bonus is paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death
  • The Guaranteed Maturity Benefit depends on the premium paid, term, age and the premium paying term.
  • Loan can be availed under the plan up to a maximum of 80% of the Surrender Value
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

60 years

Maturity Age

-

80 years

Policy Term

15, 17, 20 years

Guaranteed Maturity Benefit

Rs.63, 881

As per the maximum premium, age and term

Annual Premium Amount

Rs.12, 000

No limit

Premium Payment Term

5, 7, 10 years

Premium Payment Frequency

Yearly, half-yearly, monthly

 

Sample Illustration

The table below shows the sample illustration of benefits for a policy term of 20 years and the corresponding Premium Paying Term of 10 years. The premium paid is Rs.50, 000 and the corresponding Sum Assured is Rs.5 lakhs

Description

Benefits @ 4%

Benefits @ 8%

Total Guaranteed Cash Benefit

317,712

317,712

 

Guaranteed Maturity Benefit

264,760

264,760

Total Reversionary Bonus

0

251, 970

Terminal Bonus

72,520  

199,480

Total Maturity Benefit

337,280

716,209

 

ICICI Pru Savings Suraksha a traditional savings plan with the following features:

  • It is a participating plan which participates in the profits of the company through earning bonuses
  • Guaranteed Additions @ 5% of the Guaranteed Maturity Benefit is paid every year in the first 5 years of the plan.
  • On maturity of the plan, the Guaranteed Maturity Benefit including the Guaranteed Additions, vested bonuses, terminal bonus, if any, is paid to the policyholder
  • In case of death of the insured higher of the Sum Assured including the Guaranteed Additions, vested bonuses, terminal bonus, if any or the Guaranteed Maturity Benefit including the Guaranteed Additions, vested bonuses, terminal bonus, if any, or 105% of all premiums paid till the date of death is payable to the nominee
  • Loan can be availed under the plan up to a maximum of 80% of the Surrender Value
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

60 years

Maturity Age

18 years

70 years

Policy Term

10 years

30 years

Sun Assured

7 or 10 times the annual premium depending on age

Annual Premium Amount

Rs.12, 000

No limit

Premium Payment Term

5, 7, 10, 12 years or equal to policy term

Premium Payment Frequency

Yearly, half-yearly, monthly

 

Sample Illustration

The following table presents a sample illustration for a male aged 35 years

 

Limited Pay

Regular Pay

Policy term

20 years

20 years

PPT

10 years

20 years

Premium

30,000

20,000

Sum Assured

300,000

200,000

Guaranteed Maturity Benefit

303,360

368,266

Guaranteed Additions

75,840

92,067

 

Benefit @ 4%

Benefit @ 8%

Benefit @ 4%

Benefit @ 8%

Vested Reversionary Bonuses

0

147,417

0

94,626

Terminal Bonus

46,362

159,481

37,719

154,031

Total Maturity Benefit

425,562

686,098

498,052

708,989

 

ICICI Pru Immediate Annuity –a traditional pension plan which provides annuity payouts immediately after paying the lump sum premium. The features of the plan are as follows:

  • Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium
  • The plan provides 5 annuity payout options to choose from which are:
  1. Life Annuity
  2. Life Annuity with Return of Premium
  3. Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life
  4. Joint Life Last Survivor
  5. Joint Life Last Survivor with Return of Purchase Price
  • The policyholder can increase the annuity amount any time he or she wants by paying additional premium to purchase an additional annuity
    • The company provides a premium discount based on the annuity amount and the mode of annuity payout chosen.
    •  Income tax benefit on the premium paid as per Section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

45 years

100 years

Purchase Price

Rs.1 lakh

No limit

Amount of Annual Payout

Rs.100

No limit

Annuity payout Frequency

Monthly, quarterly, half-yearly or yearly

 

Sample Purchase Price Rates

The following table shows the applicable Purchase Price payable under two different options if the policyholder wishes to avail an annuity payout of Rs.12, 000 every year.

Age

Life annuity with Return of Premium

Life annuity without Return of Premium

45 years

175,706

154,215

55 years

175,788

144,669

65 years

177,634

122,365

 

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

ICICI Prudential Investment Plans - FAQs

1. How to pay premium? What are the modes of payment available?

For receiving continuity of your policy benefits, it is critical to pay premiums on time. You can pay your ICICI Life Insurance premium through these 11 methods:

  • Net Banking
  • Credit card
  • Bill desk
  • Bank Website Debit Car+ ATM PIN
  • Debit Card
  • Bill junction
  • Infinity
  • E-collect
  • Rupay Debit Card
  • Skypack drop box
  • MINC Drop Box

For paying premium online, you can login to e-portal

Step 1: Enter your policy details – policy number and policyholder’s date of birth

Step 2: Select your online bank account, debit/ credit card or use the NEFT facility to pay the premium

Step 3: Authenticate and confirm your payment details and receive online confirmation

2. How can I check policy status for ICICI Prudential investment plans?

You can check the policy status via online, or opt for SMS and e-mail reminder facility.

You can check ICICI Prudential Life Insurance Policy Status Online as follows.

  • Open ICICI Prudential Life Insurance website in your browser
  • Now you will be directed to a new window. On the top right side of this new page you can see the customer login section
  • Enter user ID and password to navigate to checking the policy status

Only registered users can access the portal, so you need to sign up for the service, if you haven’t yet.

3. What is the policy renewal process for ICICI Prudential investment plans?

Online Policy Renewal facility is available to all ICICI Life Insurance customers. The process is as follows;

Step 1: Login into the website with your Client ID and password.

Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now

Step 3: Choose payment option- NEFT, Credit Card/Debit Card

Step 4: Authenticate and confirm your payment details and print out the payment receipt

4. What is the company’s process to settle claim for ICICI Prudential investment plans?

Step 1: Complete the claim form through -

Email - lifeline@iciciprufile[dot]com

Phone-Call a claim care

Online claim

From branch office

Write a letter-lifeline@iciciprufile[dot]com

Step 2: Form Evaluation

The Claim Care department examines the claim and if any essential documents are missing, the team immediately notifies the policyholder of the same. The team keeps the claimant up-to-date on the process via Emails and Letters.

Step 3: Claims Processing

On receipt of all the essential documents, the Claims department processes the application within 12 calendar days, if no investigation is needed for checking the claim made.

For quick access to claim funds, ICICI Life Insurance transfer funds directly into the beneficiary’s bank account.

In case of cashless hospitalization, you need to produce the relevant medical bills and reports, issued by the attending physician.

Upon completion of these documents, submit them to your nearest ICICI branch.

 

5. What is the policy cancellation process for ICICI Prudential investment plans?

You need to keep your policy for a minimum of 3 years before you can cancel it. You need to fill a surrender form at any of the ICICI Prudential Life branches, and submit your policy documents. The cancellation process will take 30 days to complete and the surrender value funds will be directly transferred to your bank account.

If you signed up for a single premium policy, you can cancel it after the first policy year.

ICICI Prudential Investment Plans Reviews

TOTAL REVIEWS (24)
Nishant
Karkala
September 22, 2016

Traditional Plan

Found a very good insurance policy which is a traditional insurance policy from icici prudential life insurance. Service facility is perfect given by the entire staff of the insurance company. Policy premium is less but the returns are high as compare to investments.

Vishal
Chandrapur
July 20, 2016

Superb Plan

ICICI prudential life insurance is the best insurers which provides best policies with better terms and conditions. The service provided by them is fantastic with on time surety. This is best investment policy in the market. I'm really fully satisfied with my insurance policy plan.

Charan
Gajraula
July 11, 2016

Investment plan

My traditional insurance plan is fantastic which has some very nice features. Premium is less but the returns are high. Policy coverage is high and claims are easy sanctioned because of quick service facilitate by the members of the company.

Deepak
Bangalore
June 29, 2016

Good

The traditional insurance plan I purchase has low premiums. Policy coverage is high and claims are better. Service facilitate by the company is fantastic. Updates regarding the policy is mailed to my email address. The web service is also nice and easy to access.

Yudhishtar
Dwarka
April 15, 2016

Marvelous Policy

I have icici prudential investment plan. Policy is below average. The premium is good and the returns are less. The services are great provided by the executives and staff members. Web services are better. Good future investment which save my taxes too.

Mohit
Agra
April 15, 2016

Usefull Plan

I invest my money in icici prudential traditional insurance policy plan. The policy coverage is good ~89% and the claims are high. The premiums are low ~32 K quarterly per year. Paybacks are really very good Rs.42 L. Good investment and tax saver policy plan.

Prem
Zahirabad
April 15, 2016

Responsive Facalty

Superb policy by icici prudential traditional insurance policy plan. The returns are good ~Rs.45 L in very low premiums ~Rs.37 K quarterly per year. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. I like it.

Mankaran
Mansur
April 15, 2016

Manageable

ICICI prudential life insurance is one of the best insurer. I took traditional insurance policy plan which provide me best service and good returns. The premiums are low and the policy coverage is 89% with high claims. The behaviour is good from executives and staff members. Nice insurance plan. I like my policy plan.

Utsav
Sultanpur
April 15, 2016

Trustworthy

I own icici prudential insurance traditional plan. Plan is good and premium is low. Policy coverage is high ~92% and payback returns too. Claiming amount is Rs.42 L. Service is fast like super sonic. The daily updates are mailed to me time to time. Overall, perfect policy plan. I like it.

Chetan
Navi_mumbai
April 15, 2016

Fair Plan

I have icici prudential traditional life insurance. The policy provides good coverage with low premiums. Claims are around Rs.40 L. Service always on time. The executives and staff members are facilitate great services. Satisfactory policy plan, nice work.

Chirag
Manipal
April 15, 2016

Perfect

ICICI prudential investment plan which have 90% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell number. Good work.

Prabhjot
Amritsar
April 15, 2016

Awesome

Policy has all benefits and the investments are also low. Around Rs.29.9 L is payback amount. ICICI prudential investment plan provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. Good work.

Umakant
Kota
April 15, 2016

Super Policy

The policy i have is icici prudential investment plan which is very good and the premiums are low with high in policy coverage 93%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings. I like the policy.

Hemant
Kanpur
April 15, 2016

Great Service

My icici prudential investment plan is good in services. The policy coverage is good ~88% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.47 L. I like the terms and conditions. Good work.

Karan
Mahabaleswar
April 15, 2016

Good Policy Coverage

I own icici prudential investment plan. The policy is good and premium is low. Policy coverage is high ~92 and payback returns too. Claiming amount is Rs.46 L after policy get mature. Service is fast like super sonic speed. The daily updates are mailed to me time to time. Overall, perfect policy plan which save tax too.

Amol
Chennai
March 03, 2016

Awesome.

Policy has all benefits and the investments are also low. Around Rs.18 L is payback amount. ICICI prudential life insurance provide me traditional plan which has nice facilities and the service is very quick.
Plan Name: Elite Life II
Agent Code: BPW00313

Krishna
Delhi
March 03, 2016

fine.

I buy traditional policy plan from icici prudential life insurance. Policy coverage is 80% and the claims are easily sanctioned because of fast services provided by executives. Nice behaviour too, i like it.
Plan Name: Wealth Builder II
Agent Code: BPW00313

Swathi
Yamunanagar
February 29, 2016

Awesome.

ICICI prudential life insurance traditional policy plan which have 94% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. Good work.
Plan Name: Wealth Builder II
Agent Code: BPW00313

Sandeep
Navi_mumbai
February 29, 2016

above average.

I have traditional plan from icici prudential life insurance. Policy coverage is 80% and the claims are 28L. Service is good and quick. But please improve your online services.
Plan Name: Smart Life
Agent Code: BPW00313

Abhishek
Ghaziabad
February 28, 2016

Good.

I have icici prudential life insurance traditional plan. Policy coverage is high and premium is low. Service is quick with good behaviour. Claims are easy to get because of good cooperation of executives. Nice policy.
Plan Name: Wealth Builder II
Agent Code: BPW00313

Bhaskar
Pune
February 19, 2016

superb plan...

My icici prudential life insurance traditional plan policy has low premiums, claims are high, policy coverage is 90% and the service is the best with on time surety. Payback amount is around Rs.21 lakh. Good work.
Plan Name: Wealth Builder II
Agent Code: BPW00313

Jasmine
Mumbai
February 18, 2016

superb plan...

ICICI prudential life insurance provides me traditional plan. Plan is extremely good with Rs.4599 premium twice in a year. Claim is ~Rs.19 lakh and the policy coverage is 90-97%. Great service which always on right time.
Plan Name: Wealth Builder II
Agent Code: BPW00313

Sahil
Delhi
February 18, 2016

Nice

My policy is great with huge benefits. ICICI prudential traditional plan i have with low premiums and the policy coverage is 90%. Claim is easy to make because of fast service and the work is done on time. Nice job guys.
Plan Name: Wealth Builder II
Agent Code: BPW00313

Vinit
Azamgarh
February 18, 2016

superb plan...

I purchase icici prudential traditional plan. The policy is good with much better response than other insurers. Policy coverage is 90% and claim is fifteen lakhs. Service is the best and on time.Nice work team.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313