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About 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'.
ICICI Prudential Life Insurance User Reviews
Latest News on ICICI Prudential Life Insurance
- ICICI Pru iProtect Smart Plan is considered as a wise choice by many people out there. There are a number of chronic illnesses covered by this particular plan. Learn more about which illnesses are covered under the ICICI iProtect Plan.
- ICICI Prudential Life Insurance has come out with a term insurance product ‘ICICI Pru iProtect Return of Premium’. It is a customer-centric plan that will offer life-stage based cover wherein the quantum of life cover is automatically adjusted based on th
- A single insurance endowment plan is a one-time payment insurance policy that has been created for customers who do not want to endure the hassle of keeping a tab on the plan and making regular periodic payments. Here, you make one large payment, become t
- An endowment policy is a type of life insurance coverage that includes an investment component as well as a death payment. It enables you to develop a sizable savings account for your family while also ensuring that they are financially secure in your abs
- ICICI Prudential Life Insurance Company Ltd began its operations in the year 2001. It is a joint venture between one of the largest private sector banks in India and Prudential Corporation Holdings Limited
Claim Process at ICICI Prudential Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.
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FAQ About ICICI Prudential Life Insurance
Why should I choose ICICI Prudential Life Insurance?
ICICI Prudential life insurance has a wide range of plans to choose from according to your budget and terms. ICICI Prudential Life Insurance has a high Claim Settlement Ratio. ICICI Pru Life Insurance offers excellent customer care service and flexible payout options. Most importantly ICICI Prudential Life Insurance plans have affordable premiums.
What all life insurance plans does ICICI Prudential offer?
Under the life insurance category, ICICI Prudential offers Term Insurance Plans, Health Insurance plans, Unit Linked Insurance Plans, Traditional Savings/Money Plans, Retirement Plans, Group Plans, Rural Plans.
What are the factors that affect the premium of ICICI Life Insurance plans?
Factors that affect the premium calculation of ICICI Life insurance plans include the policyholder’s age, sum assured, gender, lifestyle, job, medical history, type of policy and tenure of the policy among other factors.
What is the grace period of ICICI Prudential Life Insurance plans?
In case of non-payment of premium by the due date, ICICI Prudential Life Insurance offers a grace period of 15 days for monthly payments and of 30 days for half-yearly and yearly payments.
What are the payout options available for ICICI Prudential Life Insurance Plans?
ICICI Prudential Life Insurance offers the 4 flexible payout options to its life insurance customers namely Lump-sum, Income, Increasing income and Lump-sum plus income.