ICICI Prudential Life Insurance Plans

ICICI Prudential Life Insurance Company has a number of different types of life insurance plans. Here are some details about each one:

• Term Plan: A term plan is a common type of life insurance that protects your family financially for a set amount of time. The nominee gets the insured amount if the policyholder dies during this time. In addition, ICICI Prudential Life's term insurance plans protect the policyholder's family financially at a reasonable price.

• Savings Plans: ICICI Prudential Life Insurance plans are investment tools that help you save for short and long-term goals while also covering your living expenses. Spending a set amount every month helps your savings multiply over time, making it one of the best investment choices. These plans will also provide beneficiaries with a sum assured if something bad happens during the plan's term. These plans offer a fixed return at maturity and are great for people who want to invest with little risk.

• Unit-Linked Insurance Plans (ULIPs): A type of life insurance that lets you invest your money with the benefit of life coverage. As a policyholder, you can use ULIPs to invest in different debt and equity funds so that you can save money for your future financial goals. These plans are linked to the stock market and cover your whole family during the policy term.

• Child Insurance Plans: Child insurance plans protect a child's future by combining savings and life insurance, especially for further education. Parents pay premiums for these plans, and those premiums add up over time to pay for the child's college. In addition to providing life insurance, these plans offer extra benefits such as paying the remaining premiums in the event of a parent's death.

• Pension Plans: A pension plan helps you save money so you can retire comfortably. You can make sure you keep up your standard of living after retirement by investing in the best ICICI Life pension plans. In addition, these plans give you a lot of freedom; you can choose to get payments monthly or yearly, depending on your needs.

• Group Insurance Plans: These insurance plans provide life cover to group members of any organisation. Employers can benefit from tax deductions on premiums paid, and employees enjoy coverage with or without medical exams up to a certain limit. The plans are created to offer stability and financial support to employees and their families.

A few of the top ICICI Prudential Life insurance plans are added in the table below, along with their respective plan type, entry age, and sum assured:

Details of Each Plan

The following are the specifics of every plan that was added to the above table:

1. ICICI Pru iProtect Smart Plan

This is a comprehensive term insurance policy that provides financial protection to the policyholder's family if the policyholder dies unexpectedly. The plan offers various advantages, including critical illness coverage, which protects against 34 severe illnesses, and the choice to add accidental death coverage up to Rs 2 crore.

The plan's flexible payout options are one of its best features. Policyholders can make the benefit payment fit the needs of their family. The plan also has low premiums and the option to pay them yearly, semi-annually, or monthly, making it affordable for many people to use. Additionally, the policy offers a long-term cover option that lasts up to 99 years, making sure that policyholders can protect their family's financial future for a long time. The plan is appealing because it offers tax breaks under Sections 80C and 80D, as well as tax-free claim amounts under Section 10(10D). This makes it a popular choice among people seeking a reliable term insurance solution.

2. ICICI Pru iProtect Return of Premium

The term insurance policy ICICI Pru iProtect Return of Premium features a return of 105% of all premiums paid in the event that the policyholder survives to the end of the policy term, in addition to providing life coverage.

This plan aims to give policyholders financial security and peace of mind by protecting their investment in case the coverage is not used. It covers 64 critical illnesses, which is one of the highest amounts in the business and gives the policyholder a complete safety net. There are two types of coverage: Life Stage Cover and Level Cover. Policyholders can pick the one that fits their life stage and financial goals the best.

The plan also offers tax breaks on both the premiums paid and the claims paid, which makes it a tax-efficient way to get insurance. This is a good option for people who want a term plan with the added security of getting their premiums back if the coverage is not claimed.

3. ICICI Pru Protect N Gain

The ICICI Pru Protect N Gain plan is a type of life insurance that combines investment growth and life cover. It is a unit-linked product. The policy includes life insurance for the specified duration, with the option to add coverage for accidental death and disability.

Additionally, starting from the 11th year, there is a provision for a refund of charges. The plan has a maturity booster that raises the value of the fund when it matures and lets you make regular withdrawals. Policyholders may select from a variety of funds and four investment strategies. An annual minimum investment of ₹40,000 is required, and the maximum life cover is 125 times the annual premium. There are applicable tax benefits under Sections 10(10D) and 80C.

4. ICICI Pru Signature

The ICICI Pru Signature ULIP covers both life insurance and investment opportunities. It protects the policyholder's family financially in the event of their death and also aims to enable wealth accumulation through market-linked returns. It offers flexible payment options for premiums, policy terms, and automatic withdrawals after a 5-year lock-in.

The entry age ranges from 0 to 60 years, with a maximum maturity of 99 years for whole-life policies. The amount of coverage depends on the annual premium, which is different for each person because of their age and the terms and conditions of the policy chosen. It includes tax breaks under Sections 80C and 10(10D), as well as refunds on charges for death and policy administration, which raise the value of their investments.

5. ICICI Pru SmartKid with Smart Life

It is a Unit Linked Insurance Plan (ULIP) designed specifically to safeguard a child's educational milestones. It allows the insured to increase the value of their investments by investing in both equity and debt. The plan provides two investment strategies: the expert-managed Lifecycle-based Portfolio Strategy and the Fixed Portfolio Strategy for self-managed investments.

The child gets a lump sum payment if the policyholder dies suddenly, providing funding for ongoing costs and education. From the 6th policy year onwards, Loyalty Additions are made to long-term investments, and policyholders can access the money, giving them the freedom to meet immediate financial needs while the investment grows. And from the 10th year onwards, Wealth Boosters are made every 5 years.

The plan gives tax benefits under Section 80C on investments of up to ₹1.5 lakh and tax-free benefits on death or maturity under Section 10(10D). Flexible payment options to pay premiums are one lump sum or instalments over the course of the policy's term. The payments can be made yearly, half-yearly, or monthly.

6. ICICI Pru GIFT Pro

It is a life insurance plan that focuses on protection and savings, providing the policyholder's family with guaranteed benefits and financial security. It is highly customisable, allowing policyholders to personalise their life insurance and how they receive their income. It is meant to help people reach a range of financial objectives, like protecting family goals or making plans for future needs.

With the ICICI Pru GIFT Pro plan, you can be sure of a steady stream of tax-free income as it gives you options with customisable money-back benefits. Tax benefits are provided under Sections 80C and 10(10D).

Its key features also include Life Cover, ensuring financial protection for the whole family. It also has an income booster option, which enhances the benefits received. The plan is carefully structured to fit the different needs of policyholders, enabling them to plan and achieve their goals effectively.

7. ICICI Pru Guaranteed Pension Plan Flexi

This plan is designed as a retirement plan and provides a guaranteed income during the golden years. It allows for flexible premium payment terms like monthly, quarterly, half-yearly and yearly. It provides several annuity options, including Joint Life, to meet health and lifestyle needs after retirement.

The platform includes a "Save the Date" feature for receiving annuity payments, a top-up option to add more funds for additional investment, and Guaranteed Additions during the deferment period to increase the total amount. Annuity Boosters enhance the value of the annuity, while the Waiver of Premium guarantees the financial protection of the family. It is specifically created to provide a consistent income after retirement, mainly focusing on healthcare and lifestyle requirements.

8. ICICI Pru Saral Pension Plan

It is a straightforward, single-premium immediate annuity plan that guarantees a lifetime pension. It provides financial security for retirement and is made to be simple to understand and buy. Policyholders can select between two annuity options: a Life Annuity with 100% Return of Purchase Price or a Joint Life Last Survivor Annuity with a 100% Return of Purchase Price.

The key features include:

• Guaranteed Pension: This gives you a steady income for life.
• Flexibility: Annuity payments can be made monthly, quarterly, semi-annually, or annually.
• Joint Life Option: This option is for the policyholder and their spouse.
• Return of Purchase Price: The purchase price is returned to the person who was named as the beneficiary/nominee when the buyer dies.

The plan is good for people who want a steady source of income after they retire. Its goals are to cover medical emergencies and keep people financially independent. The plan's simplicity and the promise of a steady pension make it an attractive choice for retirement planning.

It offers various rider options that can be added to the chosen life insurance policy to enhance the overall coverage. Here are some of the rider options available:

1. Accidental Death Benefit Rider: It provides extra coverage in case of death due to an accident. It is available if you are under 65 years old and the claim is made within 180 days of the accident.

1. Critical Illness Plus Rider: This add-on gives you a lump sum of money if you are diagnosed with a certain critical illness, like cancer or a heart attack.

1. Accidental & Disability Benefit Rider: This rider covers unfortunate situations such as accidental death and disability and provides you with financial assistance.

1. Income benefit rider: It makes sure that the nominee gets a constant source of income for a certain amount of time in case of the policyholder's death.

1. Waiver of Premium Rider (WOP): It waives future premiums if the policyholder becomes critically ill or disabled, meaning you won’t have to pay any more premiums.

1. Life Guardian Benefit Rider: It provides financial support to the family in case of the insured’s death.

1. Permanent Disability Rider: This rider helps people if they get permanently disabled in an accident and gives them a lump sum payment.

You can purchase ICICI Prudential life insurance plans from either the InsuranceDekho website or the insurer's own website. Here are the detailed steps for both:

Buying ICICI Prudential Life Insurance Plan Via InsuranceDekho

To purchase an ICICI Prudential life insurance policy through the InsuranceDekho website, follow these steps:

Step 1: Open your web browser and go to the official InsuranceDekho website.

Step 2: In the top menu, click "Insurance." From the drop-down menu, select "Life Insurance."

Step 3: Fill out your personal information and click "View Plans for Free."

Step 4: Use filters to find the best ICICI Prudential Life Insurance plan according to your requirements. If you need to, add riders to the plan to check for changes in the premium amounts.

Step 5: On the next page, fill out more information and click "Next Step."

Step 6: Cross-check the ICICI Prudential life insurance plan you chose and pay for it.

Step 7: Send the proposal form and some basic documents, like proof of identity and proof of income, which are required for KYC after you have paid.

Step 8: You may need a medical exam for ICICI Prudential Life Term Plans. After that, the underwriting team will decide if you can get the policy.

Step 9: If your policy is approved, your ICICI Prudential Life Insurance policy will be sent to you, and you will also get a confirmation call and email.

Buy ICICI Prudential Life Insurance Plan Via official Website

You can also buy an ICICI Prudential life insurance policy through the company's website:

Step 1: Open the website for ICICI Prudential Life Insurance to begin.

Step 2: To move forward, do the same things listed above (beginning with Step 2). Your policy will be sent to you without any problems.

You must give the insurer the following paperwork in order to continue with the purchase of an ICICI Prudential life insurance policy:

• Identity Proof: Driver's licence, voter ID, Aadhaar card, etc.
• Verification of Address: Aadhaar Card, Passport, Voter ID, etc.
• Proof of Income: Payslips or salary slips, bank statements, etc.
• Passport-sized pictures
• Health and Medical Report
• Information about Current/Ongoing and Past Insurance Policies
• Information about Previous Medical Records

Whether it is for renewal or any other updates, upgrading your ICICI Prudential Life Insurance is a simple process with InsuranceDekho:

• Renewal Time: Increasing your policy coverage is a great opportunity to take advantage of the renewal of your life insurance policy. You can enhance your ICICI Prudential life insurance plan in a number of ways with InsuranceDekho, including by adding more riders or increasing the coverage amount. Therefore, it is best to evaluate your current coverage and talk about upgrades that better fit your needs at the time of renewal of your policy.

• Between Renewals: You can upgrade your ICICI Prudential life insurance policy at any time. You are not required to wait until the time of your policy renewal. Hence, you can get in touch with InsuranceDekho's customer support team at 7551196989. You can discuss your options for an upgrade if you discover that your present coverage is insufficient or that your needs have changed.

• Benefits of Portability: If you are considering moving from another insurance company to ICICI Prudential Life, you can transfer your current policy to a new ICICI Prudential plan through InsuranceDekho's portability feature and retain certain benefits. It may be easy to increase your coverage in this way.

Ques. 1 How much is the ICICI Prudential Life Insurance grace period?

Ans. Yes, there is a 15-day grace period for monthly premium payments. The grace period for any other premium payment mode, such as quarterly, half-yearly, or annual, is 30 days.

Ques 2. What is the process for verifying the status of my ICICI Prudential Life insurance policy?

Ans. You can check the status of the ICICI Prudential Life Insurance Policy by going to the ICICI Prudential official website or InsuranceDekho and creating an account. After logging in, the dashboard will allow you to view the status of your policy.

Ques. 3 What tax advantages do ICICI Prudential Life insurance policies offer?

Ans. ICICI Prudential Life Insurance plans offer two significant tax advantages under the Income Tax Act of 1961, Sections 80C and 10(10D). This means that the maturity proceeds or death benefits are tax-free, and you can deduct the premiums you pay for your policy from your taxes.

Ques. 4. What kinds of insurance plans does ICICI Prudential Life provide?

Ans. Following are the key insurance plans offered by ICICI Prudential Life Insurance:

• Term Insurance Plans
• Endowment Plans
• Unit Linked Insurance Plans (ULIPs)
• Pension Plans
• Child Insurance Plans
• Group Insurance Plans

Ques. 5. Do life insurance policies need medical tests?

Ans. Yes, sometimes medical tests are needed before you can buy life insurance. The insurance company may need these kinds of medical test reports to get a good picture of your health risk.