While compensation can never fully address the loss of a loved one, it’s crucial to secure the value of individuals, particularly those with significant responsibilities, in case of unforeseen situations. Life is unpredictable; so is death. ICICI Prudential Life Insurance Plans is a life cover with various benefits. It grants an assured sum of money to the nominees of the insured person in case of death. To get insured under this plan, a certain amount of premium is required to be paid regularly to maintain the corpus.
It is a cushion that provides protection and security against the loss of someone’s life. Getting insured is not a modern concept. Variations of this concept- spreading risk around many- can be traced back to 1700 BCE during the times of King Hammurabi. The evidence of the first written insurance policy dates back to this time with an explicit mention in the Hammurabi Code.
ICICI Prudential Life Insurance Company is a JV between Prudential plc, (a leading Financial services group) and ICICI Bank (one of India’s largest private sector banks). It got operational in 2000 after getting approved by IRDAI thus becoming the first private sector life insurance company in India.
The first choice in life insurance is LIC for most of the Indians. But that inclination has changed over time. Looking at figures that represent the stability of the company- Rs. 48.16 billion of capital- with the company managing assets worth close to a thousand billion rupees has helped make this shift.
Types of ICICI Prudential Life Insurance Plans
1. ICICI Prudential Term Insurance Plans
Term Insurance plans give you high coverage at a low price. In a term insurance plan, the premium paid is a fraction of the amount required to buy a money-back plan or an endowment or ULIP plan. Plus it proves the same coverage as these. The reason is that there is no investment scene in this and the entire amount of premium is used to cover the risk. This option is best for someone on whom a lot of people depend.
2. ICICI Pru iCare II
A term insurance policy available at an affordable premium, ICICI Pru iCare II is an online term insurance plan. It provides immediate life insurance coverage. Its variants are- death benefit equal to the amount of sum assured or accidental death benefit rider. In this term insurance plan, tax benefits are available to the insurer. However, neither maturity benefit nor survival benefit is available under this plan.
3. ICICI Pru Life Raksha
The period for this plan is five The maximum amount covered in this is Rs. 5 lakh which covers short-term liabilities. One is entitled to tax benefits too under this policy plan. However, there is no survival or maturity benefit under this policy cover.
4. ICICI Pru iProtect Smart
It is an elaborate term insurance plan which covers death, disability as well as terminal illness. Under this scheme, individuals have two ways of accruing benefits: taking a lump sum amount at maturity or receiving monthly income for ten years. Additionally, there are tax benefits on both the benefits received and the premium paid. It has four variants- Life, Life Plus, Life & Health, and All in One.
Also read: Max Life Cancer Insurance Plan
ICICI Prudential Life Insurance Health Plans
This type of insurance covers the medical expenses of a person in return for the regular premium paid by them. Patients undergoing treatment at hospitals making insurance claims must ensure that the hospital has a tie-up with the insurance company to settle bills according to the policy terms.
1. ICICI Prudential Life Insurance ULIPS Plans
An amalgamation of insurance and investment, the policyholder is the risk bearer in ULIPs. The insurance cover utilizes a portion of the deposited premium, while the remaining amount is invested in various debt and equity instruments. The investment has a lock-in period before which if you withdraw the amount, the insurance ceases to exist.
2. ICICI Prudential Wealth Builder
It is an investment plan that offers a pool of funds for investment under ULIP. The investor receives the fund value on the maturity date, while the family receives the funds in case of the policyholder’s demise. The investment portfolio becomes highly diverse with a total of 7 funds available to choose from, and premium payments are made one time and paid out regularly.
The investor is entitled to tax benefits under section 80C of the Income-tax Act. An income benefit rider is also provided under this plan.
The policyholder receives ten percent of the assured rider sum on each policy anniversary until the end of the policy term or the death of the policyholder.
Fund options available under this policy are Blue-chip Fund, Opportunities Fund, Income Fund, Money Market Fund, Maximiser V, Multi-Cap Growth Fund, and Multi-Cap Balanced Fund.
3. ICICI Prudential Elite Life
Another fund with diversified investments is ICICI Pru Elite Life II. It is a one-time pay regular fund where the risk is diversified in various portfolios.
The option of wealth booster allocates extra units by the end of the fifth year starting from the end of the tenth, and there is no restriction to the number of times the investor can switch under the fixed portfolio strategy.
The investor is entitled to the Top Sum Assured and Top fund Value if any. The minimum death benefit of the total premiums is 105% which includes a top-up premium.
4. ICICI Prudential Elite Wealth
For elite investors, ICICI has come out with ICICI Prudential Elite Wealth. It provides the flexibility of premium payment with risks diversified across various funds. An option of wealth booster allocates extra units by the end of the fifth year starting from the end of the tenth.
The portfolio strategy can be switched only once a year, and wealth boosters can be allotted at the end of the fifth policy year (beginning from the tenth policy year).
The investor is also given Guaranteed Loyalty addition units every policy year. Tax benefits under section 80C of the IT Act apply to life insurance premiums paid up to Rs. 1.5 lakh
ICICI Prudential Life Insurance Money Back Plans
It is a popular insurance policy that provides life coverage during the policy period. The benefits of maturity are paid in installments. Instead of getting a lump sum amount, survival benefits of installments are made at regular intervals. It provides the benefits of liquidity along with being an endowment plan.
1. ICICI Pru Cash Advantage
It is protection and saving-oriented The plus point is that the payout begins right after PPT (Premium Payment term). There is a Guaranteed Cash Benefit of up to 1% of the maturity benefit each month over a ten-year payout term and a Guaranteed Maturity Benefit (GMB) when the policy term ends. A limited premium payment term of 5 years, seven years, and 10 years is also available.
2. ICICI Pru Savings Suraksha
It again is a protection and saving-oriented plan that provides cover as long as the policy is active. According to the existing tax laws in the country, one can avail of tax benefits for the premium paid and the benefits received, including guaranteed maturity benefits, additions (guaranteed), terminal bonus, and vested reversionary bonus (if applicable).
3. ICICI Pru Assured Savings Insurance Plan
It is a non-linked insurance plan that gives a lump sum amount by the end of the policy term under Guaranteed Maturity Benefits (GMB) and Guaranteed Additions (GA) of 9-10% every year.
4. ICICI Pru Future Perfect
This plan also has accrued Guaranteed Additions (GA) of 8%, 10%, 12%, 15%, and 18% depending on the term period of the policy. If the insured individual survives through the policy term, the insurer provides a Guaranteed Maturity Benefit (GMB).
Also read: IDBI Federal Life Insurance Plans with Benefits
ICICI Prudential Life Insurance Pension Plans:
As the name suggests, these are pension plans which provide cover during old age. ICICI provides ICICI Pru Easy Retirement and ICICI Pru Immediate
1. ICICI Pru Easy Retirement
Taking the risk appetite of the investing individual builds a corpus for retirement. It provides the advantage of dealing in equity along with guaranteed capital.
This scheme offers assured benefits to shield individuals from market downturns, with flexibility regarding the premium payment options: 5 years, 10 years, or throughout the policy term. Pension boosters are also available to enhance the retirement corpus. The investor can avail one-third of the accumulated value tax-free, effectively utilizing it as a tax avoidance option.
2. ICICI Pru Immediate Annuity
It is a nonparticipating retirement plan. The investor can pay a lump sum amount of money at the time of retirement. Five payout options are available.
With some of the most beneficial plans offered by the company, the insurer can plan and pick the best plan as per his needs.
Conclusion
ICICI prudential is active in the market since 2011 and providing the amazing services to its customers. It offers various unique plans with fantastic benefits that helps the customers to attain the financial security. There are various types of plans that company provide are life insurance plans, health plans, money back plans etc. If you want a secure and best investment for insurance, don’t think twice before opting for ICICI Prudential.
ICICI Prudential Life Insurance Plans and Benefits – FAQs
Doest ICICI prudential allow the changes in premium after some time?
Ans. Yes, it allows the changes in premium but in certain situations. For example, if you add a rider or you develop a habit of smoking, etc.
If I have a habit of smoking, do I need to pay extra premium?
Ans. If you are a tobacco user and smoke on regular basis, you need to pay higher premiums on your plans. You can contact the customer assistance for further information on this topic.
What happen if I miss a premium?
Ans. If you miss a premium, you get the grace period of 15 days in case of monthly premium and 30 days for other premium frequencies. If you still fail to pay the premium, the policy will be lapse.
