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.Read more
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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.`
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These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.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 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:
Life Annuity with Return of Premium
Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life
Joint Life Last Survivor
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.
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|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|
Applying for a Traditional / Investment Plan from the company:
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
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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:
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
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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.
Only registered users can access the portal, so you need to sign up for the service, if you haven’t yet.
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
Step 1: Complete the claim form through -
Email - lifeline@iciciprufile[dot]com
Phone-Call a claim care
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.
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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
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