ICICI Prudential Life Insurance

Overview of ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between the ICICI Bank, and Prudential Plc., a leading international financial services group headquartered in the United Kingdom. ICICI Bank holds 74% and Prudential Plc. having 26% of the stake of the joint venture as per the government rules.

The ICICI Prudential Life Company’s board appointed Mr. N.S. Kannan as the CEO & Managing Director of ICICI Prudential Life Insurance Company Limited for five years starting from 19th June 2018.

The company is the first private life insurer in India to have received a National Insurer Financial Strength rating of AAA from Fitch ratings. Another feather was added in the cap when it has been voted as India's Most Trusted Private Life Insurer for three consecutive years in a row.

ICICI Pru Life Insurance Company is a first private life insurance provider that has crossed Rs.2 trillion market for Asset Under Management (AUM). The company has total sum assured of more than Rs.8 trillion. ICICI Prudential Life Insurance Company is now listed on BSE and NSE.

ICICI Pru Term Plans

The term plans help in protecting your family’s future and ensure that they lead their lives comfortably without any financial worries, even in your absence.

• ICICI Pru iProtect Smart
  

  • Affordable and customizable term insurance plan from ICICI Prudential Life Insurance Company. It offers enhanced coverage for policyholder and his or her family.
  • Provides improved protection by offering coverage against death, terminal illness and disability.
  • Comprehensive additional benefits available by way of various riders like Accidental Death Benefit and Critical Illness Benefit that covers 34 life threatening illnesses.
  • Policy can easily be bought online anytime of the day in just 10 minutes.
  • Special premium rates available especially for women and non-tobacco users.
  • Single premium option offers the provision of surrender value; the surrender value decrease with each passing year and people can check their policy status for more details of how much surrender value they will get back.
  • Gives a choice to increase the life cover at important milestones in life like marriage and child birth or adoption.
  • Tax benefits applicable on premiums paid as per prevailing tax laws.
  • Need based benefit payout option available in the form of lump sum or monthly income for 10 years.
  • Offers flexibility to pay premiums once, for a limited period or throughout the policy duration.

• ICICI Pru iCare II

  It is the pure term insurance plan of ICICI Prudential Life to cover the loved ones of the insured and ensures that no hurdle can come in the passage of their dreams.

  • Secures the future of the loved ones of the insured even in his/her absence.
  • This plan can be started with the minimum premium of Rs.2,400 per annum, excluding the cesses and taxes, which are applicable.
  • The insured gets the choice to pay the premium either at once or in a regular interval throughout the period of the plan.
  • Provides tax benefits.

ICICI Pru ULIP Plans

These are unit linked insurance plans which help you in managing your savings based on your risk appetite. They provide you with a choice for your savings and at the same time secure you against uncertainties of life.

• ICICI Pru Guaranteed Wealth Protector
  

  • A unit linked insurance plan from ICICI Pru life insurance offers dual assurance of capital protection and life cover.
  • Potential for high returns by exposure of up to 60% in equities through Guaranteed Wealth Protector strategy.
  • The capital or investment is protected from market downturns through an assured benefit.
  • Life insurance cover secures family’s future.
  • Flexible premium payment term available - premium can be paid just once or for a limited period of 5 years.
  • Receive loyalty benefits by way of Loyalty Additions and Wealth Booster.
  • Tax benefits as per prevailing tax laws on premiums paid and benefits received.
  • Users have online access and can check their ICICI Prudential life insurance policy status through their computer, mobile phone and / or tablet.

• ICICI Pru Wealth Builder II
  

  • A savings and protection oriented unit linked insurance plan from ICICI Prudential life insurance.
  • Offers a life insurance cover to secure family's future.
  • Offers a choice of portfolio strategies:
    • Fixed Portfolio Strategy gives the option to allocate savings in funds of one’s choice.
    • Life Cycle based Portfolio Strategy is a unique, personalized strategy based on one’s age to create an ideal balance between equity and debt.
  • The company offers a diverse choice of 7 fund options to invest in and improve the policy status for wealth creation.
  • Offers flexibility in payment of premiums. For instance, premiums can be paid for a limited period or for the entire policy term.
  • Receive loyalty benefits for staying invested for a long term by way of Loyalty Additions and Wealth Boosters.
  • Tax benefits can be availed as per the prevailing tax laws.
  • Coverage level can be chosen based on one’s needs.

• ICICI Pru Elite Wealth II
  

  • A savings and protection oriented unit linked insurance plan.
  • Offers multiple choices for investments with respect to premium payment, investment horizon and fund choices.
  • Provides a life insurance cover to protect one’s family in case of death of the insured.
  • Provides flexibility in paying premium as it can be paid for a limited period or for the entire policy term. 
  • Receive Loyalty Additions which reduce effective Fund Management Charge (FMC).
  • Avail Wealth Boosters - once every 5 years starting from the end of the 10th policy year.
  • Choice of protection level of a life cover available based on requirements
  • Ability to manage changing financial priorities and investment outlook with unlimited free switches.
  • Tax benefits as per the prevailing tax laws on premiums paid and benefits received.
  • Online account that helps insured check his or her policy status whenever they want.

• ICICI Pru Elite Life II

  • A savings and protection oriented unit linked insurance plan from ICICI Prudential life insurance.
  • Offers multiple options for investments with respect to premium payment, investment horizon and fund choices.
  • Provides a life insurance cover to protect the family in case of death of the insured.
  • Provides flexibility in paying premium – it can be paid for a limited period or for the entire policy term.
  • Offers a choice of portfolio strategies based on one’s requirements:
    • Fixed Portfolio Strategy - gives the option to allocate savings in funds of choice.
    • Life Cycle based Portfolio Strategy - a unique, personalised strategy to create an ideal balance between equity and debt based on one’s age.
  • Allows insured to receive Loyalty Additions which reduce effective Fund Management Charge (FMC).
  • Policyholders can Avail Wealth Boosters - once every 5 years starting from the end of the 10th policy year.
  • ICICI life insurance offers a choice of protection level of a life cover available based on requirements.
  • Insured can manage changing financial priorities and investment outlook with unlimited free switches.
  • Offers tax benefits as per the prevailing tax laws on premiums paid and benefits received.
  • Policyholders can check their policy status online to in increase cover or make any other changes to their policy.

• ICICI Pru LifeTime Classic
  

  • Provides life insurance coverage for protecting the loved ones.
  • Provides a choice of funds wherein one can grow his/her money.
  • A policyholder can get the wealth booster and loyalty addition by keeping invested in the plan.
  • Provides tax benefits as per Section 80C of the Income Tax Act, 1961.
  • One can start investing in this plan by paying the minimum premium of Rs.30, 000 per annum. This is provided only for Limited and Regular pay options.
  • Insured can pay the premium once, for a limited period of 5, 6, 7, 8, or 10 years, or regularly.
  • The policy duration can be selected between 10 years to 25 years depending on the age and selected premium payment term.

• ICICI Pru1Wealth
  

  • The policyholder has to invest only for one time and he/she can reap the benefits for the entire term.
  • Provides 100% amount investment in a broad range of funds.
  • Provides a choice of seven funds.
  • The tax benefit is given on the paid premiums and maturity benefits as per Section 10D and 80C of the Income Tax Act, 1961.
  • The minimum premium needed to start investing in this plan is Rs.50, 000.
  • The premium has to be paid only once.
  • The term of the policy is five or ten years.

• ICICI Pru Elite Life Super
  

  • Offers financial security to the family of the insured by giving life insurance coverage.
  • An insured can conveniently move his/her money between debt and equity funds.
  • Provides four portfolio strategies to meet the requirements of the insured.
  • The minimum premium required to start investing in this plan is Rs.2 Lakhs per annum.
  • The premiums can be paid once, for a regular limited period of 5, 6, 7, 8, 9 or 10 years, or on a regular basis.
  • One can select the policy duration between 10 years to 30 years.

• ICICI Pru Elite Wealth Super
  

  • Offers financial security to the loved ones of the policyholder in his/her absence.
  • There is an option to customize the strategies of the portfolio if the policyholder wants.
  • For long term investments, it offers rewards like Loyalty Additions and Wealth Booster.
  • The minimum premium with which this plan can be started is Rs.6 Lakhs per annum.
  • The term of the policy can range from 10 years to 30 years.
  • The premiums can be paid once, for a limited period of 5, 6, 7, 8, 9 or 10 years or regularly.

• ICICI Pru Smart Couple Plan
  

  • This plan from ICICI life insurance provides different investment strategies to suit the needs of the insured.
  • The premium waived option ensures the financial security of the family in the absence of the insured.
  • For long term investors, there are rewards of Loyalty Additions and Wealth Booster.
  • The minimum premium with which this plan can be started is Rs.45, 000 per annum.
  • The insured has the choice to pay the premium once, regularly throughout the policy term, or for a limited period of time.
  • The policy term for one payment option is 10 years, whereas, for Limited and Regular pay option, the policyholder can select between 10 years to 25 years.

• ICICI Pru Signature Online

  • Life cover for the complete policy term so that the financial future of the family is secured even when you are not around tomorrow.
  • The complete premiums are allocated without deductions among the funds of your preference.
  • The wealth boosters towards the end of each five-years initiating from the tenth policy year-end.
  • At maturity policy administration charges and return of morality.
  • With the whole life policy term alternative you can enjoy the policy benefits until 99 years of age.
  • Choice of the four portfolio strategies and an array of funds across equity, balanced and debt that suits the needs of the investment.
  • A systematic withdrawal plan to withdraw the money from time to time from the policy.
  • Tax benefits will be applicable on the paid premium and benefits will be received as per the existing

ICICI Pru Pension Plans

• ICICI Pru Easy Retirement
  

  • Helps build a retirement corpus as per the individual’s risk appetite.
  • Provides the benefit of equity participation with the comfort of a capital guarantee.
  • Savings are protected from market downturns through an Assured Benefit.
  • Gives the right to pay premiums for 5 years, 10 years or throughout the policy term.
  • 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.
  • Tax benefits can be availed on premiums paid - investors can receive up to 1/3rd of the accumulated value on retirement date as a tax-free lump sum as per prevailing income tax laws.
  • The investor can also keep a track of his or her ICICI Prudential life insurance policy status online.

• ICICI Pru Immediate Annuity

  • It is a non-participating retirement plan from ICICI Life Insurance.
  • A suite of 5 immediate annuity options give income for life and provide returns for golden years to match one’s requirements.
  • One can purchase this plan by making a lump-sum payment at the time of retirement.
  • The plan will start paying a regular income in the form of an annuity for life, at a chosen frequency (in the from 4 annuity payout modes) - monthly, quarterly, half-yearly or yearly.
  • There is a choice of 5 payout options and you can select the ICICI Prudential life insurance policy status that suits your needs.
  • The annuity amount chosen at policy inception is guaranteed for life, and in certain circumstances, for some period thereafter.
  • Offers various annuity options. The immediate annuities offered to individual and group customers include:
    • Individual Tied Immediate Annuity: Used to pay annuities under the individual deferred pension plans offered by ICICI Life Insurance.
    • Individual Standalone Immediate Annuity: Used when individuals want to purchase an annuity otherwise.
    • Superannuation Tied Immediate Annuity: This is used for:
      • Paying annuities under superannuation funds managed by ICICI Prudential Life.
      • Paying annuities under superannuation funds not managed by ICICI Prudential Life, and under other groups, if the premium for annuity purchase is more than Rs. 2 crore in a financial year.
    • Superannuation Standalone Immediate Annuity: Used to pay annuities under superannuation funds not managed by ICICI Prudential Life, and under other groups, if the premium for annuity purchase is less than Rs. 2 crore in a financial year.
  • The company offers various payout options:
    • Life Annuity: Under this option, ICICI Life Insurance pays annuity for life.
    • Life Annuity with Return of Purchase Price: This option pays annuity for life to the annuitant. On his or her death, the premium paid in the beginning is returned to the nominee or beneficiary.
    • Joint Life, Last Survivor without Return of Purchase Price: This option pays annuity throughout the life of the annuitant and on his / her death, continues the annuity during the lifetime of the named spouse.
    • Joint Life, Last Survivor with Return of Purchase Price: This option pays annuity throughout the life of the annuitant and on his / her death, continues the annuity during the lifetime of the named spouse. On the demise of the named spouse (last survivor), the premium (purchase price) is returned to the nominee.
    • Life Annuity guaranteed for 5/10/15 years and thereafter: This option pays an annuity for a guaranteed period of 5/10/15 years as chosen by the annuitant. This number is irrespective of whether the annuitant is alive or not. If the annuitant survives the guarantee period, the annuity payments continue as long as the annuitant is alive.

• ICICI Pru Easy Retirement
  

  • Provides the option to pay the premiums regularly.

ICICI Pru Child Insurance Plans

ICICI Prudential Child Plans help your child receive guaranteed educational benefits and protect his dreams and aspirations.

• ICICI Pru Smart Life
  

  • A unit linked insurance plan that provides multiple choices for investment to achieve financial goals.
  • Offers comprehensive coverage to secure one’s goals; on death of the life assured, it offers: 
  • Lump Sum Assured payment to take care of any immediate liabilities on the family.
  • A Smart Benefit option where all future premiums payable under the policy are waived off and allocated by the company to ensure that savings for desired goal continue uninterrupted.
  • Provides flexibility in paying premium - premium can be paid just once or for the entire policy term for the ICICI Prudential life insurance policy.
  • Allows partial withdrawals after completing 5 policy years to take care of any intermediate financial needs.
  • Receive loyalty benefits for staying invested over the long term by way of Loyalty Additions and Wealth Boosters.
  • Choose the level of protection as per personal needs; the level of cover helps to change their ICICI Prudential life policy according to their needs at different life stages.
  • Tax benefits on premiums paid and benefits received as per the prevailing tax laws.

• ICICI Pru SmartKid Regular Premium
  

  • Insurance cum savings product from ICICI Life Insurance.
  • Provides the advantage to receive payouts at key educational milestones for the children of the insured.
  • Offers a Guaranteed Addition option in addition to the Sum Assured in case the insured (parent) passes away.
  • Additional units are allocated every year at 2% of annual premium, starting from the 6th policy year, provided regular premium has been paid.
  • Offers a premium waiver if the unfortunate comes to pass.
  • Gives the option to decide the portfolio strategy by allowing an optimal allocation between debt and equity.
  • Allows partial withdrawal and tax benefits.

• ICICI Pru SmartKid Premier
  

  • A ULIP child plan that offers payment tenures of 5, 7 or 10 years (limited pay) or for the full term (regular pay) of the plan.
  • Offers both single life and joint life comprehensive insurance options.
  • ICICI Prudential life insurance policy status helps insured to track fund performance.
  • There are loyalty additions made at the end of every 5th year starting from the end of the 10th policy year provided the company has received all the premiums.
  • Provision to receive payments at along the child’s educational life
  • Offers tax benefits.

ICICI Pru Investment Plans

These are low risk investment plans that help you save for specific goals in the future and provide coverage for your family from financial distress in case of your untimely demise.

• ICICI Pru Advantage
  

  • Savings and protection oriented plan from ICICI Life Insurance.
  • Offers a guaranteed amount for 10 years, a guaranteed lump sum at maturity, along with bonuses.
  • Life cover provides financial security to the family in case of death of the insured.
  • Provides liquidity as the payout term begins immediately after premium payment term (PPT).
  • The plan guarantees:
    • Guaranteed Benefit (GCB) equal to 1% of GMB every month over the 10 year payout term.
    • Guaranteed Maturity Benefit (GMB) at the end of the policy term.
  • Offers a limited premium payment term - 5/7/10 years.
  • Tax benefits apply to premiums paid and benefits received as per the prevailing tax laws.
  • Checking the ICICI Prudential life insurance policy status online helps the policyholder to plan his finances and cover better.

• ICICI Pru Savings Suraksha
  

  • Savings and protection oriented plan.
  • Flexibility to choose premium payment preference based on one’s needs - pay premiums for a limited period (limited pay) or for the entire policy (regular pay).
  • Life cover provides coverage for the entire policy.
  • It offers savings with guarantees. At maturity, one receives:
    • Guaranteed Maturity Benefit (GMB)
    • Accrued Guaranteed Additions (GAs) - during each of the first 5 policy years, GA totalling 5% of GMB will accrue to the policy
    • Vested reversionary bonuses (if any)
    • Terminal bonus (if any)
  • Provides flexibility to choose premium payment mode, Sum Assured and policy term as per needs. One may also choose the premium payment term in case of limited pay option.
  • Tax benefits apply to premiums paid and benefits received as per the prevailing tax laws.
  • Offers to keep a tab on their coverage and savings by checking the ICICI Prudential life insurance policy status online.

• ICICI Pru Assured Savings Insurance Plan
  

  • Wealth growth with guaranteed additions.
  • Payment of premium as per the comfort of the policyholder.
  • Offers a lump sum payout as well.
  • Provides 10 times of the Annual Premium as life cover.
  • Provides five pay options and one can start it with the minimum premium of Rs.30, 000 per annum.
  • With five pay options, the plan offers a term of 10 years.

• ICICI Pru Future Perfect
  

  • The plan provides Guaranteed Maturity and Guaranteed Additions benefits if the policyholder stays invested in it.
  • Terminal and Revisionary bonuses are given on the maturity of the plan.
  • The plan provides financial security to the family by providing life cover and wealth creation features.
  • The tax benefits are offered under Section 10D and 80C of the Income Tax Act, 161.
  • The minimum premium per year to start investing in this plan is Rs.12, 000.
  • The premiums can be paid for 5, 7, 10, 15, or 20 years.
  • The policy can last from 10 years to 30 years.

  It is advisable to compare all ICICI life insurance plans from other life insurance companies in India to choose the insurance plan that suits you the most.

ICICI Pru Group Insurance Plans

• ICICI Pru Loan Protect

  • Provides security against loan liabilities of the policyholder to his/her family when he/she is not around.
  • Offers tax benefits.
  • Various premium payment options.
  • The minimum life cover provided in this plan is Rs.5, 00, 000 per annum.
  • The policy term can vary from 5 years to 30 years.

• ICICI Pru Loan Protect Plus
  

  • Offers financial safety against liability of loan.
  • Premium payment according to the comfort of the policyholder.
  • Option to get disability and accidental cover for enhanced protection.
  • The minimum life cover that can be opted for this plan is Rs.5, 00, 000 per annum.
  • Option to pay the premium either regularly for 5 years or once.
  • Option to choose the policy term of 5 years, 20 years, 25 years, or 30 years.

• ICICI Pru Group Term Plus
  

  • It provides life cover at an affordable cost.
  • This plan can be started with life cover as low as Rs.5,000 per annum.
  • Provides tax benefits.
  • It also provides the advantage to pay the premiums on a yearly, half-yearly, quarterly, or monthly basis.

• Group Gratuity Plan
  

  • Offers a variety of investment products to suit the requirements of the policyholder.
  • It gives an option to select either a Non-participating Endowment Plan or a Unit Linked Plan in this policy.
  • The plan also provides tax benefits.

• Group Superannuation Plan
  

  • The plan provides various opportunities for investment products according to the requirement of the policyholder.
  • Benefit to choose either Non-participating Endowment plan or a Unit Linked plan in this policy.
  • The policy also provides tax benefits.
  • The auto-renew feature is also there which automatically renews the plan on its anniversary.

• Group Leave Enment
  

  • The plan provides an opportunity to select investment products as per the requirements of the policyholder.
  • A policyholder can either select a Non-participating Endowment or a Unit Linked plan in this policy.
  • The administration process of this policy is very easy.
  • The plan also provides tax benefits.

• Group Immediate Annuity Plan
  

  • The plan is able to meet the annuity requirements of the insured.
  • The plan provides multiple payout options.
  • The employees get regular income throughout their life.
  • Depending upon the selected mode by the employer, the employees under this plan get monthly, quarterly, half-yearly, or yearly payouts.
  • The premium is paid only once, which is at the time of purchase of the plan.

• ICICI Pru Group Loan Secure
  

  • It is a comprehensive plan that provides multiple benefits for covering terminal illness, death, disability, critical illness, and accidental death.
  • The plan gives the flexibility to choose the coverage up to 30 days.
  • It also gives the flexibility to select between different reducing cover options. The moratorium period provided in this plan is three and seven years.
  • The plan provides insurance coverage until the age of 75 years.
  • With Single Pay Option, the minimum sum assured can start with Rs.5, 000.
  • The administration process to add new members is simple and easy.

• ICICI Pru Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana
  

  • This is one of the low premium insurance policy introduced by the Government of India like Pradhan Mantri Jeevan Jyoti Bima Jojana.
  • The scheme is available for the savings bank account holders who are eligible and come in the age range of 18 to 50 years.

• ICICI Pru Shubh Raksha Credit
  

  • This scheme provides financial safety to the members who are availing the loan.
  • Simple and easy on-boarding process.
  • The minimum life cover with which this plan can be started is Rs.1000.
  • There is only one method of premium payment and is paid only once at the time of policy purchase.

• ICICI Pru Shubh Raksha One
  

  • This plan offers financial protection to the members at a really affordable price.
  • The simple process of on-boarding.
  • This plan can be started by minimum Life Insurance Coverage of Rs.1000.
  • The plan provides very convenient frequencies of premium processing.

• ICICI Pru Shubh Raksha Life
  

  • The plan offers financial shield to its members at a very affordable price.
  • Simple and easy onboarding process.
  • Convenient frequency of premium payment.
  • The minimum life cover with which this plan can be started is Rs.1000.

• ICICI Pru Super Protect – Credit
  

  • This plan provides safeguarding to the members who have loan liability on them.
  • The plan also provides options for benefit and coverage to suit the requirements of the members.
  • The premium can be paid only once and that is at the time of purchase of the policy.
  • The minimum life cover with which this plan can be started is Rs.5,000.

ICICI Pru Rural Plans

• ICICI Pru Sarv Jana Suraksha
  

  • This is the plan for those who want protection at an affordable price.
  • The plan offers financial security for the family when the policyholder is not there to help.
  • The plan lasts for five years.
  • The minimum premium with which this plan can be started is Rs.50 per annum.
  • The policy lasts for five years only.
  • The premium should be paid regularly throughout the policy tenure.

• ICICI Pru Anmol Bachat
  

  • The plan provides financial protection at an affordable rate.
  • It provides savings with guaranteed returns.
  • This plan also provides tax benefits.
  • The flexibility of premium payments is offered.
  • This plan can be purchased for one, five, seven, or ten years.
  • The minimum premium with which this plan can be started is Rs.2, 400.
  • The policyholder can get the bonus during the term of the policy and is paid with for sure maturity benefits when the policy ends.

ICICI Prudential Distribution Network:

ICICI bank has about 2000 branches in its network including its 1,100 micro-offices. It has over and 24 bancassurance partners. As on June 30, 2011 ICICI Prudential Life Insurance has a network of approximately 1,400 offices and over 1,75,0000 advisors. Their online products are available through their websites directly.

ICICI Prudential Life Insurance - FAQs