ICICI Prudential Life Insurance

Benefits of Buying an ICICI Prudential Life Insurance Plan

Here is a list of all the ICICI Prudential Life Insurance Benefits that you need to know before purchasing an ICICI life insurance plan.

• Financial Protection: All ICICI Prudential life insurance plans provide financial protection to your loved ones in case of your untimely demise. The company’s group plans also help secure the lives of all the individuals working in an organization.

• High Claim Settlement Ratio: ICICI Prudential life insurance has an impressive Claim Settlement Ratio of 97.82% for the financial year 2021-22. CSR values indicate the number of claims settled against the number of claims filed in the respective financial year.

• Reputed Insurance Provider: ICICI Prudential is a reputed company in the insurance sector as it started operating in the year 2001. The company is a joint venture between the Indian bank, ICICI Bank, and the UK insurance company, Prudential Corporation Holdings. The company has gained several awards over the years and was the first private life insurance company to gain assets under management of Rs. 1 Trillion.

• Budget-friendly Premiums: ICICI Prudential offers the most comprehensive plans at the most affordable premium rates. You can go through their list of available plans and purchase the one that fits your budget.

• Online Customer Services: The company offers its customers the chance to maintain and keep track of their policy updates through its ICICI Life Insurance Login Portal. You can access your policy account to pay your premiums online, update your personal profile and track claim requests, and more, via the portal.

ICICI Prudential Life Insurance Plans

Let us take a look at these plans and see their entry and maturity age range. Here is a list of all the life insurance plans offered by ICICI Life Insurance Company in detail.

• ICICI Pru Term Plans

• ICICI Pru ULIP Plans

• ICICI Pru Pension Plans

• ICICI Pru Child Insurance Plans

• ICICI Pru Traditional Savings/Money Back Plans

• ICICI Pru Group Insurance Plans

• ICICI Pru Rural Plans

ICICI Pru Term Plans

The term life insurance policy help in protecting your family’s future and ensures that they lead their lives comfortably without any financial worries, even in your absence. They offer a death benefit to your family in the event of your unfortunate death during the policy term. Your family can use this amount to live their lives comfortably and pay off their debts.

1. ICICI Pru iProtect Smart

   • Special premium rates are available, especially for non-tobacco users. 

   • Gives a choice to increase the life cover at important milestones in life like marriage and childbirth or adoption.

   • Tax benefits applicable on premiums paid as per prevailing tax laws.

   • Need-based benefit payout option available in the form of a lump sum or monthly income for 10 years.

   • Offers flexibility to pay premiums once, for a limited period, or throughout the policy duration.

2. ICICI Pru iProtect Return of Premium

   • With the plan’s return of premium option, you can receive all the premiums back on maturity.

   • You can also choose to receive monthly income benefits after you turn 60 years of age.

   • The plan offers a return of premium with life stage cover which changes your life cover as per your life stage and returns your premiums back on maturity.

   • The early return of premium with life stage cover returns your premiums at the age of 60/70 and get your life cover changes at the respective life stages.

   • The option to choose from 4 different benefit options and include critical illness or accidental death benefit riders.

3. ICICI Pru Saral Jeevan Bima

   • The Saral Jeevan Bima plan offers a death benefit to your family in case of your unfortunate death during the policy term.

   • The policy also offers cover against accidental death only during the 45-day waiting period.

   • In case the policyholder dies due to any other reason other than accidental reasons during the waiting period, the nominees will only receive a 100% of the premiums paid, excluding taxes.

   • The plan offers premium payment flexibility through which you can pay your premiums in a lump sum, limited period, or throughout the policy term.

   • The plan allows you to claim tax exemption as per the prevailing tax laws.

4. ICICI Pru iCare II

   • Secures the future of the loved ones of the insured even in his/her absence.

   • You can choose a protection cover as per your requirements from two different options.

   • This plan can be started with a minimum premium of Rs.2,400 per annum, excluding the cesses and taxes, which are applicable.

   • The insured can pay the premium either all at once or at regular intervals throughout the plan period.

   • Provides tax benefits under the IT Act of 1961.

5. ICICI Pru Precious Life

   • The plan offers wide coverage for people with current health issues and for those who have successfully recovered from any disease/surgeries.

   • You can enhance your life cover by including the accidental death benefit rider in the base plan.

   • You can select the benefit payout as per your family’s needs.

   • The plan offers flexibility to pay premiums with their single premium, regular premiums, or limited premium payment.

   • There are lower premium rates for non-tobacco users.

6. ICICI Pru Life Raksha

   • The plan can only be purchased for a 5-year policy term with a regular payment option.

   • There are no maturity, surrender, or survival benefits available under the plan.

   • The premiums can be paid on a yearly, half-yearly, or monthly payment mode.

   • Tax benefits will be applicable u/s 80C and 10(10D) of the IT Act, 1961.

   • The minimum and maximum premium rates will be dependent on your age and the sum assured.

7. ICICI Pru Loan Protect

   • This plan provides life cover to people who have taken a mortgage or any other loan from any financial institution.

   • You can purchase the plan at a fixed or reducing cover per your needs.

   • You have the choice to select a policy term that is less than or equal to the loan tenure.

   • You can choose to pay the premiums all in one go or pay them for a limited period of 5 years.

   • You will receive tax benefits under the plan as per the prevailing tax laws.

8. ICICI Pru Loan Protect Plus

   • The plan offers comprehensive benefit options and get protection against death, accidental death, total and permanent disability, and critical illnesses.

   • You can choose a life cover that is fixed or reducing throughout the policy term.

   • You have the option to pay the premiums in a single lump sum or for a limited period of 5 years.

   • You can pay the premiums on a yearly, half-yearly, or monthly basis.

   • The plan offers tax benefits u/s 80C and 10(10D) of the IT Act of 1961.

ICICI Pru ULIP Plans

These are unit-linked insurance plans which help you in managing your funds based on your risk appetite. These life insurance products provide you with a chance to increase your wealth over time while providing you security against the uncertainties of life.

1. ICICI Pru Signature Online

   • In this plan the entire premium paid by you is invested in the funds of your choice.

   • The plan returns the mortality and policy administration charges at the maturity of the plan.

   • With the plan’s whole life policy you can gain life cover until the age of 99 years.

   • The plan offers wealth boosters at the end of every 5 years beginning at the end of the 10th policy year.

   • You can withdraw money regularly from the policy with the plan’s systematic withdrawal.

2. ICICI Pru1Wealth

   • The plan offers a policy term of either 5 or 10 years.

   • You can choose to invest your premiums in a wide range of 9 fund options.

   • You can switch between funds as many times as you want for free.

   • You can purchase the plan under the Married Woman’s Property Act and secure the corpus for your family.

   • You can get wealth boosters as a percentage of your single premium at the end of the policy term.

3. ICICI Pru Life Time Classic

   • You have the option of choosing from 4 portfolio strategies.

   • You can select the protection level as per your needs.

   • The plan offers the option to enhance the base cover with its Accidental Death Rider.

   • You will be eligible for wealth boosters once every 5 years.

   • Tax benefits will be applicable on premiums paid and benefits received.

4. ICICI Pru Guaranteed Wealth Protector

   • The plan offers security from market downturns with its Assured Benefits.

   • You can pay the premiums for a limited or single term.

   • The limited premium payment terms are of 5 or 7 years.

   • The policy rewards loyalty additions and wealth boosters to the policyholders.

   • You can get tax benefits as per the prevailing tax laws.

5. ICICI Pru Smart Life

   • The plan offers comprehensive protection to protect your goals and waiver of premiums on all future premiums in case of the policyholder’s unforeseen death.

   • You can pay the premiums for a limited period, regular period, or single payment.

   • You can attain loyalty additions and wealth boosters for a policy with a longer tenure.

   • You can select either a fixed portfolio strategy or a lifecycle-based portfolio strategy.

   • Get tax benefits as per the existing tax laws.

6. ICICI Pru Smart Couple Plan

   • You can choose to invest in any of the 11 available fund options.

   • The plan offers liquidity to make withdrawals after the completion of 5 policy years.

   • There are single, limited, and regular premium payment terms available under the plan.

   • You can get tax benefits under sections 80C and 10(10D) of the Income Tax Act.

   • The available policy terms under the plans are different premium payment terms.

7. ICICI Pru Ezy Grow

   • The plan offers a choice of 4 portfolio strategies and you can choose the one that fits your risk appetite the best.

   • You can boost your fund value with a maturity booster.

   • You can choose to receive your maturity benefit as a lump sum or regular payout over the course of one to five years.

   • The plan returns mortality and policy administration charges from the 6th year onwards.

   • You can avail of tax benefits under the IT Act of the Government of India.

ICICI Pru Pension Plans

ICICI prudential life insurance offers you pension plans to secure your future post-retirement. With these plans, you can maintain your financial independence even after the loss of regular income.

1. ICICI Pru Guaranteed Pension Plan Flexi

   • Provides guaranteed pension for life with an option of return of premiums.

   • Various annuity options are available to fit your different post-retirement needs.

   • You can select if you want to receive the pension on a monthly, quarterly, bi-annually, or yearly basis.

   • You get the option of selecting the premium paying term along with when the annuity payments need to start.

   • You can also save more funds with the plan’s ‘top-up’ option.

2. ICICI Pru Guaranteed Pension Plan

   • The plan offers immediate and deferred annuity options through which you can select your retirement date and receive pensions accordingly.

   • The plan comes with a Return of Premiums (ROP) option for both immediate and deferred annuities whereas without ROP is only available for an immediate annuity.

   • You can select from different annuity payout modes like monthly, quarterly, annually, and bi-annually.

   • You can choose your retirement date from immediate to anywhere between 1 - 10 years.

   • The plan also offers an early return of purchase price from the age of 76 or at 80 years of age.

3. ICICI Pru Saral Pension Plan

   • You have the option to select the most suitable annuity payout modes like monthly, quarterly, yearly, or bi-annually.

   • The plan is only available for immediate annuity options under which you have the option to select single or joint-life annuity.

   • This plan also provides a return of premiums on the death of the policyholder.

   • The policy offers guaranteed lifelong pensions by paying the premium in a single lump sum amount.

   • The plan offers other benefits like High purchase price benefit (HPPB), Online booster, loyalty booster, and Loan facility.

4. ICICI Pru Easy Retirement SP (Single Premium)

   • This is a ULIP plan through which you can grow a post-retirement corpus as per your risk appetite over time.

   • This is a single premium plan after which the regular annuity will be paid for the whole life.

   • The plan offers a fixed Assured Benefit which protects your savings from market downturns.

   • You can also invest extra funds in the plan as top-ups.

   • The plan offers guaranteed loyalty additions every year, after the end of 6th policy year.

5. ICICI Pru Easy Retirement

   • Savings are protected from market downturns through an Assured Benefit.

   • Pay premiums for 5/10 years or throughout the policy term.

   • More money can be invested in the plan in form of top-ups.

   • Option to choose from available annuity options at retirement to receive regular income.

   • Retirement corpus can be enhanced through Pension Boosters.

ICICI Pru Child Insurance Plans

With ICICI Prudential Child Plans, you can secure your child’s future even in your absence. Through these plans, you can create wealth for your child’s dreams, pay for their higher education, or find their marriage.

ICICI Pru SmartKid with Smart Life

• You can secure your child’s future while creating a corpus for his/her dreams.

• The plan offers you the option of 11 different funds so you to choose the one that fits your risk appetite the best.

• In case of your unfortunate death, all the remaining premiums will be waived off and at maturity, your nominee will receive the fund value to take care of your child’s future.

• You can choose to pay the premiums in a single-pay, limited-term, or regular term.

• The plan offers liquidity by allowing you to make withdrawals after the completion of 5 policy years.

ICICI Pru Traditional Savings/Money Back Plans

These are ICICI Prudential’s traditional savings or money-back plans that help you save for specific goals in the future while providing financial coverage in case of your untimely demise. These plans offer guaranteed returns and help you manage your money in the long run.

1. ICICI Pru Sukh Samruddhi

   • The plan provides protection to your loved ones in your absence.

   • You can select to avail of the benefits as a lump sum or regular income.

   • The plan’s flexible premium payment and policy terms allow you to pay premiums as per your suitability.

   • You can receive the income at a date of your choice or can withdraw it later after sufficient accumulation.

   • Tax benefits on the premium paid and the benefits received will be applicable as per the prevailing tax laws.

2. ICICI Pru Guaranteed Income For Tomorrow Long-term

   • The plan provides guaranteed income for 15/20/25/30 years to help you fulfill your dreams.

   • You can choose from 4 different plan options.

   • The plan also offers a return of premium variant which return 110% of the premiums paid throughout the policy term. 

   • The plan offers liquidity through its loan facility.

   • You can avail tax benefits under sections 80C and 10(10D) of the Income Tax Act.

3. ICICI Pru Guaranteed Income For Tomorrow

   • The plan protects your loved ones financially in case of your untimely death.

   • You can choose to receive the guaranteed income from 2nd year onwards, in the form of a lump sum or regular income.

   • The plan offers various premium payment and policy terms along with plan options.

   • You can apply for a loan in case of a financial emergency.

   • The minimum and maximum entry age for the plan are 18 and 60 years respectively.

4. ICICI Pru Cash Advantage

   • The plan offers payout liquidity right after the end of the premium payment period.

   • The plan offers a 1% guaranteed cash benefit every month for the entire payout term of 10 years.

   • You will also be eligible for a guaranteed maturity benefit at the end of the policy term.

   • With the plan’s limited premium term, you can pay your premiums for 5/7/10 years.

   • The tax benefits u/s 80C and 10(10D) will be applicable.

5. ICICI Pru Savings Suraksha

   • The plan pays a Guaranteed maturity benefit at the maturity of the policy.

   • A 5% Guaranteed addition will be accrued each year for the first 5 policy years and paid at the maturity of the policy.

   • You can choose the premium payment term, premium payment mode, and policy term as per your preference.

   • The plan offers both limited and regular premium payment variants.

   • You will also be eligible to receive terminal and revisionary bonuses.

6. ICICI Pru Assured Savings Insurance Plan

   • The plan offers guaranteed additions of 9 or 10% of total premiums paid will be added to your policy benefits.

   • These guaranteed additions depend on your policy term.

   • The guaranteed maturity benefit will be paid in a lump sum at the maturity of the policy.

   • You can pay your premiums on an annual, bi-annual, or monthly basis for a premium and policy term of your choice.

   • You can also avail tax benefits under the sections 80C and 10(10D) of the IT Act.

7. ICICI Pru Future Perfect

   • You will receive the guaranteed maturity benefits (GMB) at the end of the policy term.

   • You will also be eligible to receive any applicable vested and terminal bonuses at the maturity of the policy.

   • The plan provides flexibility in its premium payment term and frequency.

   • You can select the policy term as per your requirements.

   • The plan allows you to pay your premiums on a yearly, half-yearly, or monthly basis.

8. ICICI Pru Lakshya

   • The plan offers the flexibility to choose the payout as a lump sum payable at maturity, limited period income, or lifelong income till 99 years of age.

   • The plan offers two plan options: The wealth and the Lifelong income plan.

   • You can pay your premiums on a monthly, annual, or bi-annual basis.

   • You can increase your benefits with the plan’s guaranteed value benefits.

   • The tax benefits will be applicable on the premiums paid and the benefits received u/s 80C and 10(10D of the IT Act.

ICICI Pru Group Insurance Plans

ICICI Prudential Group insurance plans provide protection to employees or individuals under an organization. These plans provide the same benefits to everyone regardless of age, gender, occupation, or socioeconomic conditions.

1. ICICI Pru Immediate Annuity

   • The plan offers guaranteed lifelong pensions by paying premiums only once.

   • You can choose from a wide range of 11 annuity options as per your requirements.

   • The plan also offers a return of purchase price on critical illness, death, or permanent disability due to an accident.

   • The plan offers higher annuity rates for larger purchase amounts.

   • You can also avail 1% increased annuity if you are NPS (National Pension Scheme) subscriber.

2. ICICI Pru Shubh Raksha Life

   • The plan offers both, single and joint life cover options.

   • You also have the option to enhance your death benefit with the additional accidental death benefit and accelerated terminal illness benefit riders.

   • You can either pay the premiums all at once or pay them throughout the policy term.

   • The premiums can be paid on a fortnightly, monthly, quarterly, bi-annually, or annual basis, as per your preference.

   • The policy is issued in a simple and easy process.

ICICI Pru Rural Plans

1. ICICI Pru Sarv Jana Suraksha

   • To keep the plan active you have to regularly pay the premiums throughout the 5-year policy term.

   • There is no maturity, survival, or surrender benefit available under the plan.

   • The death benefit will be payable if you suffer an unfortunate death within the policy term.

   • You can avail of tax benefits as per the prevailing tax laws.

   • The plan offers a minimum and maximum sum assured of Rs. 5,000 and Rs. 2 Lacs respectively.

2. ICICI Pru Anmol Bachat

   • The plan offers several policy options and premium-paying term options.

   • The minimum and maximum entry ages are 18 and 60 years respectively.

   • The policy offers a guaranteed maturity benefit which will be payable at the end of the policy term.

   • The plan allows the loan facility in case of an emergency.

   • You can avail tax beneftis u/s 80C and 10(10D) of the IT ACt of 1961.

What is the ICICI Prudential Claim Settlement Process?

Following are the 3 steps in which ICICI Prudential settles your claims:

• Reporting the Claim: You can report your claims online, at the company branch, via SMS, email, or the central ClaimCare helpline.

• Processing the Claim: The company will evaluate your claim and inform you if any more documents are necessary.

• Settling the Claim: If all the documents are attached and the claim is initiated, the company will settle your claim.

How To Buy ICICI Life Insurance Plans Online in 2023?

You can buy ICICI Life insurance plans online through the following steps:

• Step 1: Go to the life insurance page

• Step 2: Fill in the required details like name, gender, phone number, and email ID

• Step 3: Click on ‘View Plans’ to see the available plans

• Step 4: Submit the details about your smoking habits, educational background, occupation type, and annual income

• Step 5: Select the insurer as ICICI Prudential in the filter and select the other policy details as per requirements

• Step 6: Choose the most suitable ICICI life insurance plan and proceed to pay

Documents Required To Buy an ICICI Life Insurance Plan

Here is a list of all the documents required to buy an ICICI Life insurance plan:

• Last 3 months’ salary slips

• Last 3 year’s IT tax returns 

• Last 6 months’ salary bank statements

• Last form 16

• Most recent salary certificate from the employer

• ID and Address proof

• Age proof

• Passport size photograph

• Medical reports

ICICI Prudential Life Insurance - FAQs