About ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited and was established in December 2000. The company started its operations in the fiscal year 2001 and has managed to secure its position as one of the top players in the Indian insurance market since then. The insurance giant is one of the first private sector insurance companies in India to be listed on NSE and BSE.

As on 31st March, 2018 the AUM (Assets Under Management) for the insurance brand were Rs 1,395.3 billion.

At ICICI Prudential Life Insurance, the brand operates on the core philosophy of customer centric services. The company believes in offering long-term savings and protection products to fulfill different life stage requirements of its customers. ICICI has developed and implemented various schemes to provide superior services, cost-effective products and a hassle-free claim settlement experience to its customers.

Types of Plans offered by ICICI Prudential Life Insurance

ICICI Prudential Term Insurance Plans

A term insurance plan is in actually a life insurance plan which is offered by an insurance provider as a financial coverage to the policyholder for a specific period of time. In case of death of the insured during the policy term, the death benefit will be paid by the insurer to his nominee or beneficiary.

Among all types of life insurance plans, term insurance is the single type of insurance that provides the highest life insurance coverage in exchange of the lowest premiums paid. This plan will not only take care of your family in your absence but will also fulfil its future financial needs such as your kid’s higher education.

Plans Entry Age Policy/Rider Term Sum Assured Tax Benefit
ICICI Pru iProtect Smart

 

Minimum– 18 years

Maximum- 65 years

Minimum Policy Term:

Single Pay : 5 years Regular Pay : 5 years Limited Pay : 10 years

Maximum Policy Term:

Single Pay: 20 years Regular Pay: 75 years

Limited Pay: 40 years

Minimum- Subject to the minimum premium

Maximum- Unlimited

Tax Benefit Under Section 80C and 80D of Income Tax act
ICICI Pru iCare II

 

Minimum– 18 years

Maximum-60 years

Regular Pay: 5/10/15/20/25/30 years

 

One pay:

5/10 years

Minimum:

i) Rs 87,423 for a policy term of 5 years at 60 years of age

ii) Rs 3,06,478 for a policy term of 30 years at the age of 18

Maximum-No Limit

Tax Benefit Under Section 80C of the Income Tax act
ICICI Pru Life Raksha

 

Minimum- 18 years

Maximum– 60 years

Regular Pay: 5 years Minimum- Rs. 50,000

Maximum- Rs 5,00,000

Tax Benefit Under Section 80C of the Income Tax act

ICICI Prudential Life Insurance ULIP Plans

A Unit Linked Insurance Plan (ULIP) is a life insurance product, which offers risk cover as well as investment options to invest in several qualified investments such as bonds, stocks or mutual funds. The investment part and the protection part can be simultaneously managed according to the requirements of the particular individual.

Plans Entry Age Policy/Rider Term Sum Assured Tax Benefit
ICICI Pru Lifetime Classic

 

Minimum: 0 years

Maximum: Single Pay –  75 years Limited Pay/Regular Pay- 65 years

Minimum/Maximum:

1)      Limited Pay & Regular Pay:

For Premium Payment Term (PPT) less than 7 years –

i.            0 to 39 years : 10/15/25 years

ii.            40 to 44 years : 10/15/20 years

iii.            45 to 46 years : 10/15 years

iv.            47 to 55 years : 10 years

v.            56 to 65 years: NA

For PPT of 7 years and above –

i.            0 to 39 years : 10/15/25 years

ii.            40 to 44 years : 10/ 15/20 years

iii.            45 to 46 years : 10/15 years

iv.            47 to 55 years : 10 years

v.            56 to 65 years: 10 years

 

2)       Single Pay:

For Sum Assured (SA) multiple of 1.25 times:

i.            0 to 75 years: 5/30

For SA Multiple of 10 times:

i.            0 to 21 years : 5/30 years

ii.            22 to 29 years : 5/20 years

iii.            30 to 35 years : 5/10 years

iv.            36 to 38 years : 5 years

v.            39 to 75 years: NA

 

Single Pay:

i)                    0 to 38 years:

Minimum: 1.25 X Single Premium

Maximum: 10 X Single Premium

 

ii)                  39 years and above

Minimum/ Maximum: 1.25 X Single Premium

 

Limited Pay and Regular Pay:

i)                    0 to 44 years:

 

Minimum: Higher of (10 X Annualised Premium) and (0.5 X Policy Term X Annualised Premium)

Maximum: Depends upon the  maximum Sum Assured Multiples

 

ii)                  45 years and above

 

Minimum: Higher of (7 X Annualised Premium) and (0.25 X Policy term X Annualised Premium)

Maximum: Depends upon the  maximum Sum Assured Multiples

 

As per prevailing Income Tax laws
ICICI Pru Elite Life Super

 

Minimum- 0 years

Maximum- Single Pay/ Regular Pay: 75/65 years

 

Minimum/Maximum:

1)      Limited Pay & Regular Pay:

For Premium Payment Term (PPT) less than 7 years –

i.            0 to 39 years : 10/15/30 years

ii.            40 to 44 years : 10/15/25 years

iii.            45 to 51 years : 10/15/20 years

iv.            52 to 56 years : 10 years

v.            57 to 65 years: NA

For PPT of 7 years and above –

i.            0 to 39 years : 10/15/30 years

ii.            40 to 44 years : 10/ 15/25 years

iii.            45 to 51 years : 10/15/20 years

iv.            52 to 56 years : 10 years

v.            57 to 65 years: 10 years

 

2)       Single Pay:

For Sum Assured (SA) multiple of 1.25 times:

ii.            0 to 75 years: 5/30

For SA Multiple of 10 times:

i.            0 to 24 years : 5/30 years

ii.            25 to 31 years : 5/20 years

iii.            32 to 37 years : 5/10 years

iv.            38 to 41 years : 5 years

v.            42 to 75 years: NA

 

Single Pay:

i)                    0 to 41 years:

Minimum: 1.25 X Single Premium

Maximum: 10 X Single Premium

 

ii)                  42 years and above

Minimum/ Maximum: 1.25 X Single Premium

 

Limited Pay and Regular Pay:

i)                    0 to 44 years:

 

Minimum: Higher of (10 X Annualised Premium) and (0.5 X Policy Term X Annualised Premium)

Maximum: Depends upon the  maximum Sum Assured Multiples

 

ii)                  45 years and above

 

Minimum: Higher of (7 X Annualised Premium) and (0.25 X Policy term X Annualised Premium)

Maximum: Depends upon the  maximum Sum Assured Multiples

 

As per prevailing Income Tax laws
ICICI Pru Elite Wealth Super

 

Minimum- 0 years

Maximum- Single Pay: 75 years

Limited/Regular Pay: 65 years

 

Minimum/Maximum:

1)      Limited Pay & Regular Pay:

For Premium Payment Term (PPT) less than 7 years –

i.            0 to 41 years : 10/30 years

ii.            42 to 52 years : 10/25 years

iii.            53 to 54 years : 10/20 years

iv.            55 to 58 years : 10 years

v.            59 to 65 years: NA

For PPT of 7 years and above –

i.            0 to 41 years : 10/30 years

ii.            42 to 52 years : 10/25 years

iii.            53 to 54 years : 10/20 years

iv.            55 to 58 years : 10 years

v.            59 to 65 years: 10 years

 

3)       Single Pay:

For Sum Assured (SA) multiple of 1.25 times:

i.                     0 to 75 years: 5/30

For SA Multiple of 10 times:

i.            0 to 24 years : 5/30 years

ii.            25 to 31 years : 5/20 years

iii.            25 to 31 years : 5/20 years

iv.            32 to 38 years : 5/10 years

v.            39 to 42 years: 5 years

vi.            43 to 75 years: NA

 

Single Pay:

i)                    0 to 42 years:

Minimum: 1.25 X Single Premium

Maximum: 10 X Single Premium

 

ii)                  43 years and above

Minimum/ Maximum: 1.25 X Single Premium

 

Limited Pay and Regular Pay:

i)                    0 to 44 years:

 

Minimum: Higher of (10 X Annualised Premium) and (0.5 X Policy Term X Annualised Premium)

Maximum: Depends upon the  maximum Sum Assured Multiples

 

ii)                  45 years and above

 

Minimum: Higher of (7 X Annualised Premium) and (0.25 X Policy term X Annualised Premium)

Maximum: Depends upon the  maximum Sum Assured Multiples

 

Tax Benefit Under Section 80C and 10(10D) of the Income Tax act

 

ICICI Pru Guaranteed Wealth Protector Minimum:

One Pay / Five Pay – 8 years

Maximum: One Pay / Five Pay – 70/60 years

One Pay/Five pay:

10 years

i) For One Pay:

1.25 X Single Premium

ii) For Five Pay:

·         8-44 years – 10 × Annual Premium

·         45-54 years – 7 or 10 × Annual Premium

·         55-60 years – 7 × Annual Premium

Tax Benefit Under Section 80C and 10(10D) of the Income Tax act

 

ICICI Pru Smart Life Minimum: 20 years

Maximum: 54 years

Regular Pay:

Minimum/Maximum: 10/25 years

One Pay:

10 years

Regular Pay:

Minimum:

i) For the age of 20-44 years: Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium)

 

ii) For the age of 45-54 years – Higher of (7 X Annual Premium) and (0.25 X Policy term X Annual Premium)

 

Maximum (Sum Assured Multiple):

·         20-25 years: 30

·         26-30 years: 25

·         31-44 years: 15

·         45-54 years: 10

Tax Benefit Under Section 80C and 10(10D) of the Income Tax act

 

ICICI Prudential Smart Kid Solution Regular/One Pay Option:

Min/Max: 20/54 years

 

Regular Pay Option:

Min/Max: 10/25 years

One Pay Option:

10 years

Regular Pay Option:

i) Less than 45 years –

Minimum : Higher of (10 X Annual Premium) and (0.5 X Policy Term X Annual Premium)

Maximum: As per maximum Sum Assured multiples

 

ii) More than 45 years –

Minimum : Higher of (7 X Annual Premium) and (0.25 X Policy Term X Annual Premium)

Maximum: As per maximum Sum Assured multiples

Tax Benefit Under Section 80C and 10(10D) of the Income Tax act

 

ICICI Prudential Life Insurance Money Back Plans

A money back policy is a product which gives money-back to the policyholders at regular intervals. This money-back is a percentage of the Sum Insured and is paid during the tenure of the plan. These money-back pay-outs are also known as Survival Benefits.

Once the plan has matured, the remaining Sum Insured is paid along with accumulated bonuses. However, in case something untoward happens to the policyholder during the plan tenure, the nominee will be paid full Sum Assured, regardless of the fact that whether Survival Benefits are already paid. This is what makes a money-back plan unique.

Plans Entry Age Policy/Rider Term Sum Assured Tax Benefit
ICICI Pru Cash Advantage 5 Pay/7 Pay/10 Pay:

Minimum: 3/1/0 years

Maximum:

60 years

5 Pay/7 Pay/10 Pay:

15/17/20 years

 i) Less than 45 years: 10 times of sum assured

 

ii) 45 to 54 years : 7 or 10 times of sum assured

 

iii) Above 54 years: 7 times of the sum assured

As per prevailing Income Tax laws
ICICI Pru Savings Suraksha Minimum- 0 years

Maximum- 60 years

 

Limited Pay:

i) For PPT of 5 years: 10 to 30 years

 

ii) For PPT of 7 years: 12 to 30 years

 

iii) For PPT of 10 years: 15 to 30 years

 

iv) For PPT of 12 years: 17 to 30 years

 

Regular Pay:

Min/Max – 10/30

i) Less than 45 years: 10 times of sum assured

 

ii) 45 to 54 years : 7 or 10 times of sum assured

 

iii) Above 54 years: 7 times of the sum assured

Tax Benefit Under Section 80C and 10(10D) of the Income Tax act

s

ICICI PRU Assured Savings Insurance i) For PPT of 7 years with policy term of 10 years:

Min/Max : 8/60 years

 

ii) For PPT of 7 years with policy term of 12 years:

Min/Max : 6/60 years

 

iii) For PPT of 10 years with policy term of 12 years:

Min/Max : 6/60 years

 

i) For PPT of 7 years : 10/12 years

 

ii) For PPT of 10 years : 12 years

Rs 5,00,000 As per prevailing Income Tax laws
ICICI Pru Future Perfect i) For PPT of 7 years :

Min/Max : 3/45

 

For PPT of 7 years :

Min/Max : 1/58

 

For PPT of 10 years :

Min/Max : 91 days/55 years

 

For PPT of 15 years :

Min/Max : 91 days/50 years

 

For PPT of 20 years :

Min/Max : 91 days/45 years

 

 

i) For PPT of 7 years :

Min/Max : 10/15 years

 

ii) For PPT of 7 years :

Min/Max : 12/17 years

 

iii) For PPT of 10 years:

Min/Max : 15/20 years

 

iv) For PPT of 15 years:

Min/Max : 20/25 years

 

v) For PPT of 20 years:

Min/Max : 25/30 years

 

i) For PPT of 7 years : Rs 4,00,000

 

ii) For PPT of 7 years : Rs 1,80,000

 

iii) For PPT of 10 years : Rs 1,20,000

 

iv) For PPT of 15 years : Rs 96,000

 

v) For PPT of 20 years : Rs 84,000

 

As per prevailing Income Tax laws

ICICI Prudential Life Insurance Retirement Plans

Retirement plans are the investment plans that allow the policyholders to allocate a part of their savings to get accumulated over a period of time and provide them with steady income flow even after their retirement. Retirement Plans comes with financial security so that when an individual’s professional income starts to ebb, s/he can still live with pride without any need to compromise on her/his living standards.

Plans Entry Age Policy/Rider Term Premium to be Paid Tax Benefit
ICICI Pru Easy Retirement Minimum: 35 years

Maximum: 70 years

10, 15, 20, 25, 30 years Minimum: Rs 48,000

Maximum: Unlimited

As per prevailing Income Tax laws

ICICI Prudential Life Insurance – FAQs

What to do if I have misplaced my original policy document?

Ans- You can submit a request with your nearest ICICI Prudential Life Insurance Branch to get a duplicate copy of the policy. You will also need to submit a notarized copy of an indemnity bond (can be downloaded from the company’s website) which should be printed on a stamp paper worth Rs 500/-along with a copy of self-attested ID proof.

Please understand that there will also be a reprint charge of Rs 200 applicable.

How to track the status of my policy application?

Ans- You can check the status by visiting the ‘Application Tracker’ page on the company’s website. All you need to do is to enter your ‘Application Number’ and ‘Date of Birth’ in the respective fields and the application status will be displayed on the screen.

What do you mean by Free Look Period?

Ans- ICICI Prudential Life Insurance offers a free look period of 15 or 30 days to the policyholders to review the policy. Once you have received your policy document, your review period starts and in case you are not satisfied with the details mentioned in the policy document, you can request for changes or corrections to be made or even cancel your policy with the free look period.

The 15 days free look period is applicable for the online purchases, whereas 30 days free look period is meant for the policies purchased through distance marketing.

By distance marketing we mean purchasing a plan through the following mode:

  1. Short Messaging Service (SMS)
  2. Voice mode, which includes telephone-calling
  • Electronic mode such as internet, e-mail and interactive television (DTH)
  1. Physical mode such as direct postal mail, newspaper or magazine inserts

Can I cancel a policy within the free look period? If yes, what is the procedure to do so?

Ans- If a policyholder is not satisfied with the terms & conditions of a policy he has bought, he can return the policy document within the free look period for the cancellation.

To get the policy cancelled, you need to visit your nearest ICICI Prudential Life Insurance branch carrying the below enlisted documents:

  1. Payout request form
  2. Original policy certificate (sent with the policy document)
  • Self-attested copy of valid photo ID proof
  1. Self-attested cancelled cheque. Please make sure that your name and account number is clearly visible on the cheque.

Once the policy will be cancelled, you will receive a refund for the premium you had already paid after deductions made for stamp duty charges, medical tests expenses borne by the insurer( if any), etc.

What are the different options to pay for the premium policy?

Ans- Via Online:

Following are the different options to pay your premium via online mode:

  1. Net Banking
  2. Debit Card
  • Credit card
  1. Bill Junction
  2. Bill Desk
  3. Unified Payments Interface (UPI)
  • Paytm
  • Bharat QR
  1. eCollect
  2. Bank Website
  3. Infinity (specifically for the ICICI Prudential policyholders who have ICICI bank account)

Via Cash/Cheque:

You can walk into the following bank branches to drop a cheque or deposit cash for your premium payment:

  1. Any ICICI Bank Branch
  2. Any ICICI Prudential Branch
  • Any Axis Bank Branch
  1. Any State bank of India Branch
  2. Selected Yes Bank Branches
  3. Common Service Centre Outlets

How to confirm if the premium paid by you has been updated to the policy or not?

Ans- Your premium payment details are available on your ICICI Prudential Life Insurance account on the company’s website.

Can I revive my policy later on if I forget to make the premium payments?

Ans- Yes, you have an option to revive your policy if you haven’t paid your premium.

For less than six months:

Please visit ‘Pay Premium’ page on the company’s website and pay the due premium amount to revive the policy.

For more than six months:

Pay the due premium amount and submit a personal Health Declaration form which needed to be sent to the official email id of the company: lifeline@iciciprulife.com or can be submitted at the nearest ICICI Pru Life branch.

What do you mean by ‘policy lapse’ and ‘policy discontinuation’?

Ans- If the policyholder doesn’t pay the due premium amount within the lock-in period, his policy will lapse and all the benefits of the particular policy will lapse, which is also known as ‘policy lapse’.

In this case, the policyholder gets a grace period of 15 days for monthly premium account and 30 days grace period for half yearly and yearly premium payment frequency.

In case, the policyholder hasn’t paid the due premiums even after the completion of 45 days of the grace period, the policy will be discontinued, which is known as ‘policy discontinuation’. The policy benefits will be ceased in this case and the premium paid till date will be moved to the discontinued fund. This amount would be locked in uptil next 5 years (also known as lock-in period).

Please note that the policyholder will have access to the discontinued fund only after the lock-in period of 5 years is completed.

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