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Benefits of ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) began operating in the year 2001, Since then, it has been working on the philosophy of customer-centricity. The insurance company offers a wide range of beneficial life insurance products that customers can buy at affordable premiums. Not only the life insurance products offered by the company are cost-effective but also cover the insured for superior quality services and a hassle-free claim settlement experience. Since its operation, the company has been working efficiently to build an enduring institution that caters to the long-term saving requirements of the customers and hence, today is counted in the list of top life insurance providers of India.
Why To Buy ICICI Prudential Life Insurance?
Following are the top reasons to buy ICICI Pru Life Insurance -
1. Wide Range of Products: ICICI Prudential Life Insurance has a wide range of options to choose from. You can always choose according to your budget and desired terms. Every plan has its own benefits and with so many options to choose from you can go for something that is budget-friendly and completes your needs.
2. Affordable Plans: Everyone wants a good insurance plan that fits into their budget. ICICI Prudential Life Insurance provides comprehensive life cover on the payment of an affordable premium. Some plans of ICICI Prudential Life Insurance include both Death Benefits and Maturity/Survival Benefits and some of the plans serve the dual purpose of life cover and investment, enabling you to plan multiple financial objectives well in advance.
3. High Claim Settlement Ratio: The claim Settlement Ratio is the number of claims an insurance company settles against the total number of claims received by it in a financial year. The Claim Settlement ratio or CSR helps to understand the credibility of an insurance company. For the financial year 2019-2020, the Claim Settlement Ratio of ICICI Prudential Life Insurance Company is 97.84%. This shows that the company is reliable when it comes to settling the claims of the insured.
4. Excellent Customer Service: ICICI Prudential Life Insurance company is one of the top providers of affordable policies and plans in the life insurance sector. The company values its customers and provides excellent customer service. Their customer care service is accessible 24x7. This helps the policyholder to stay connected with the service providers.
5. Award-Winning Services: Over the period of years, ICICI Prudential has won several awards, which is proof of the company’s dedication towards its customers. For instance, the company bagged the “Claims and Customer Service Excellence Award” in the Life Insurance Category by FICCI, “Best Alternative or Digital Payments Program of the Year” by the Customer Fest Leadership Awards 2020, and the “Customer Service Company of the year” by Indian Insurance Summit and Awards 2020.
6. Multiple Payout Options: Some plans offered by ICICI Prudential Life Insurance like ICICI Pru iProtect Smart come with 4 flexible payout options that the policyholder can choose as per their requirement. These are explained below:
- Lump-sum: In this case, the nominee gets the pre-decided amount as life cover, in the misfortune event of the policyholder’s death.
- Income: With this option, a claim payout is made in equal monthly installments which helps the family of the insured member to meet their financial requirements.
- Increasing income: On choosing this option, the nominee of the insured gets a monthly installment for 10 years. The income increases by 10% every year and it provides an additional 45% of life cover.
- Lump-sum plus income: With this option, the insured can choose to receive half of the amount in a lump sum and the rest in equal monthly installments.
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
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Life Insurance News
ICICI Pru iProtect Smart Plan is considered as a wise choice...28 December 2022
ICICI Prudential Life Insurance has come out with a term ins...03 May 2022
A single insurance endowment plan is a one-time payment insu...04 April 2022
An endowment policy is a type of life insurance coverage tha...04 March 2022
ICICI Prudential Life Insurance Company Ltd began its operat...20 January 2022
ICICI Prudential Life Insurance User Reviews
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.