ICICI Prudential Investment Plans

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• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.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 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

• 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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Eligibility Details

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.

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