ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company started its operations in the year 2001 and since then it has constantly been ranked among one of the top providers for offering economical policies and plans in the life insurance sector. ICICI Prudential Life Insurance Company Limited is a joint venture of the country's largest private sector bank, i.e., ICICI Bank Limited and company amongst India’s first private sector companies, i.e., Prudential Corporation Holdings Limited. The objective of ICICI Prudential Life Insurance Company is to develop an institution that serves the protection and long-term saving needs of customers with sensitivity.

ICICI Prudential Life Insurance functions on the philosophy of keeping the customer first. The company proffers some long-term savings plans and different protection policies to help customers cope up with different life stage needs. Over the years, the firm has created and carried out several initiatives to deliver the most cost-effective products, top-notch services, regular capital and fund performance and a swift and simple claim settlement experience to its policyholders.

ICICI Prudential has been awarded several times. Recently ICICI Prudential was awarded the “Claims and Customer Service Excellence Award” in the Life Insurance Category by FICCI. It has been awarded “Customer Service Company of the year” by Indian Insurance Summit and Awards 2020. The company also bagged the “Best Alternative or Digital Payments Program of the Year” award by the Customer Fest Leadership Awards 2020.

Types of ICICI Prudential Life Insurance Plans

ICICI Prudential Life Insurance offers a wide variety of plans to choose from. Following are the types of life insurance plans offered by the insurance company:

• Term Insurance Plans: ICICI Prudential Life Insurance offers 3 term insurance plans namely ICICI Pru iProtect Smart, ICICI Pru POS iProtect Smart, and ICICI Pru iProtect Smart Money Back. ICICI Pru iProtect Smart plan offers life cover at an affordable price, this plan also offers the availability of critical illness benefit and accidental death benefit. ICICI Pru POS iProtect Smart Plan provides your loved ones financial protection for up to Rs. 1 crore in case of an unfortunate event. ICICI Pru iProtect Smart Money Back is designed to financially shield your family in case of your demise and in case of your survival during the policy term, it provides you with a lump sum amount.
• Health Insurance Plans: ICICI Prudential Life Insurance offers a health insurance plan known as ICICI Pru Heart/Cancer Protect. It is an affordable health cover. This plan offers a payout on the diagnosis of any of the listed minor/major conditions. ICICI Pru Heart/Cancer Protect waives off premium in case of minor/major claim or on the diagnosis of permanent disability due to accident.
• Unit-Linked Insurance Plans: ICICI Prudential Life Insurance offers several ULIPs namely ICICI Pru Signature, ICICI Pru I Wealth, ICICI Pru Lifetime Classic, ICICI Pru Guaranteed Wealth Protector, ICICI Pru Smart Life and ICICI Pru Smart Kid Plan. These plans are life cover to protect your loved ones. These plans give you an option to invest in your choice of equity, debt or balanced funds.
• Savings Plans: ICICI Prudential offers several savings plans namely ICICI Pru Future Perfect, ICICI Pru Cash Advantage, ICICI Pru Savings Suraksha, ICICI Pru Assured Savings Insurance Plan, ICICI Pru Lakshya Wealth, and ICICI Pru Lakshya Lifelong Income. These plans offer combined benefits of a life insurance cover and an investment plan.
• Retirement Plans: ICICI Prudential offers ICICI Pru Signature, ICICI Pru Immediate Annuity, ICICI Pru Easy Retirement (Regular Premium), ICICI Pru Easy Retirement (Single Premium) under its retirement plans category.
• Rural Plans: Rural Plans are referred to as life insurance solutions that hold the objective to provide Indians with an opportunity to live their lives with the security of a life cover and the advantage of enhanced savings for the future.
• Group Plans: Group Insurance plans are designed to cover a group of people under a single insurance policy. These types of policies are generally purchased by corporate or private firms to provide insurance cover to their employees or members. The members or employees covered under a single insurance plan are collectively termed as a 'Group'.