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ICICI Prudential Life Insurance Company offers a wide range of plans in order to match its customers' varying requirements. It offers 5 types of life insurance plans. Explore the types of Life Insurance plans & policies offered by ICICI Prudential Company Life Insurance, one of the best Life Insurance providers by reading about them in detail below:
ICICI Prudential Life Insurance Plans
ICICI Prudential Life Insurance offers 5 types of insurance plans which are given below:
1. Term Insurance Plans
2. Health Insurance Plans
3. Unit Linked Insurance Plans (ULIP)
4. Traditional Saving/Money Plans
5. Retirement Plans
The wide variety of plans offered by ICICI Prudential Life Insurance helps you choose the plan that best suits your budget and terms.
ICICI Prudential Term Insurance Plans
ICICI Pru Life Insurance offers 3 term insurance plans as discussed below:
1. ICICI Pru iProtect Smart: The term plan by ICICI insurance company provides a financial safety net to both you and your family members. Moreover, this plan also provides an option to get health coverage against 34 specified critical diseases like heart attack and critical illness. The payment of a claim against any of the listed 34 critical illnesses is done on the first diagnosis itself. It's affordable, and gives you longer coverage; life covers at affordable premiums and desired terms. This plan has a provision to provide you with an accidental death cover option, coverage for terminal illness, and an in-built permanent disability waiver facility.
2. ICICI Pru POS iProtect Smart: The Pru POS iProtect Smart helps you get a large amount of coverage at the most affordable premium rates that suit your budget. This plan offers you an accidental death benefit option which is an optional benefit that gives an additional payout to the claimant in case of the sudden demise of the policyholder due to an accident. This plan is available for people between the age group of 18 years and 45 years who are in good health. Apart from financial stability, this plan also provides them with tax benefits.
3. ICICI Pru iProtect Smart Money Back - This term insurance policy aims to secure the future of your family from unforeseen consequences such as death. In addition to this, this plan also provides you a lump-sum amount of money back on survival during the policy term. It also gives you the option to pick the facility where you can get a lump sum on the diagnosis of any disease out of 34 specified critical illnesses. The plan provides another option of the accidental death benefit under which your nominee will receive the claim amount.
ICICI Prudential Health Insurance Plans
ICICI Prudential Life Insurance offers a health insurance plan which is described below:
ICICI Prudential Life Insurance offers one Health Insurance Plan called ICICI Pru Heart/Cancer Protect. ICICI Pru Heart/Cancer Protect offers affordable health coverage. 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 a minor/major claim or on the diagnosis of permanent disability due to an accident.
ICICI Prudential Unit-Linked Insurance Plans
ICICI Prudential Company Life Insurance offers 6 term insurance plans as discussed below:
1. ICICI Pru Signature: ICICI Pru Signature offers life cover to secure your family along with flexible investment options to help you achieve your goals.
2. ICICI Pru I Wealth: Invest only once and enjoy benefits for the entire policy term. 100% amount invested in a wide range of funds. Achieve your goals with a single premium plan that invests your complete premium and provides a life insurance cover also.
3. ICICI Pru LifeTime Classic: Life cover to protect your loved ones. Various choices of funds to invest and grow your money (equity, debt or balanced funds) to achieve your financial goals.
4. ICICI Pru Guaranteed wealth Protector: ICICI Pru Guaranteed Wealth Protector ensures you enjoy potentially better returns while keeping your invested money safe. Also, with this plan, you are allowed to select the number of years for which you wish to make payment for premiums.
5. ICICI Pru Smart Life: ICICI Pru Smart Life, which helps you to ensure that your family continues to achieve all the goals you have planned for them. It offers Comprehensive Protection, Premium Waiver Benefit, Life cover, Loyalty Additions & Wealth Boosters.
6. ICICI Pru Smart Kid Plan: The plan offers overall protection to your child. With this plan, your child is entitled to receive a lump sum amount if an unfortunate incident happens during the plan duration. Moreover, this plan is a unit-linked plan(ULIP), which offers the policyholder the options of two investment portfolio strategies:
- Fixed Portfolio Strategy
- Life cycle-based portfolio strategy.
ICICI Prudential Savings Plans
ICICI Prudential Life Insurance offers 5 saving plans which are as follow:
1. ICICI Pru Future Perfect: With this plan, the policyholder is offered dual assurances of life cover alongside the guaranteed benefits. At the same time, it also complements the investment corpus of the policyholder along with the bonus that provides possibly higher returns.
2. ICICI Pru Cash Advantage: Provides financial protection through life cover and guaranteed cash benefits. It offers Bonus, if any, for staying invested. It also offers Tax benefits on premium paid and benefits received
3. ICICI Pru Savings Suraksha: This plan provides a guaranteed maturity benefit in order to cover the financial requirements of the policyholder such as purchasing a house, children’s education etc. In case, the policyholder dies during the policy duration, then the nominee would receive the sum assured along with the guaranteed additions.
4. ICICI Pru Assured Savings Insurance Plan: This plan provides guaranteed Maturity benefit and Guaranteed Additions at 9%-10% every year.
5. ICICI Pru Lakshya Wealth: This plan offers a lump sum amount on maturity along with protection throughout the policy term. There are two policy options offered under this plan to the policyholders i.e Wealth plan and Lifelong Income Plan.
ICICI Prudential Retirement Plans
ICICI Prudential Life Insurance offers 3 retirement plans such as:
1. ICICI Pru Immediate Annuity: With ICICI Pru Immediate Annuity, you are provided with a guaranteed income for your whole life. This plan also offers you a wide range of annuity options that can provide a secure future for you, your spouse, and even your grandchildren.
2. ICICI Pru Easy Retirement (Regular Premium): ICICI Pru Easy Retirement Plan ensures you have financial independence even after you retire. Debt and equity participation provides you with possibly better returns and also offers protection to your invested money.
3. ICICI Pru Easy Retirement (Single Premium): This plan provides equity-linked growth while providing a safety net of capital protection. Pay the premium only once and get a regular pension post-retirement.
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.