ICICI Prudential Life Insurance Plans and Benefits

The loss of a loved one is not something that can ever be compensated. However, the value of a person especially someone who has a lot of responsibilities on their head should be secured in case of any unforeseen situation. Life is unpredictable; so is death. There has to be a sense of assurance for that the dependents would be taken care of even in one’s absence in the physical sense.

ICICI Prudential Life insurance Policy 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 for maintaining 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. In fact 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

ICICI Prudential Term Insurance Plans:

Term Insurance plans give you high coverage at a low price. In term insurance plan, the premium paid is a fraction of the amount required to buy a money back plan or an endowment or ULIP (unit-linked insurance 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.

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 cover.  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.

ICICI Pru Life Raksha-

the Period for this plan is five The maximum amount covered in this is of 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.

ICICI Pru iProtect Smart-

It is an elaborate term insurance plan which covers death, disability as well as terminal illness. Under this scheme there are two ways of accruing benefits- take lump sum amount at maturity or take monthly income for ten Also, there are tax benefits on the benefits received and premium paid. It has four variants- Life, Life Plus, Life & Health and All in One.

Also Read: Best Term Insurance Plans in India 2019

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. The insurance can be claimed to settle the bill in cases mentioned in your insurance policy. It should be noted that the hospital from where the patient is undergoing treatment and making a claim to insurance cover must have a tie-up with the insurance company.

ICICI Pru Heart Cancer Protect-

ICICI Prudential Smart Health Cover-

ICICI Prudential Life Insurance ULIPS Plans:

An amalgamation of insurance and investment, the policyholder is the risk bearer in ULIPs. A portion of the premium deposited is utilized for insurance cover, and the rest of the 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.

ICICI Prudential Wealth Builder

It is an investment plan that offers a pool of funds for investment under ULIP. The fund value is given out to the investor on the maturity date. The funds get delivered to the family in case the policyholder A total of 7 funds are available to choose from making the investment portfolio highly diverse. Premium payment is done one time and is paid out regularly.

The investor is entitled to tax benefits under section 80C of the Income-tax Act. Income benefit rider is also provided under this plan. Ten percent of the assured rider sum is paid on the 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.

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. There is an option of wealth booster by which extra units are allocated by the end of the fifth year starting from the end of the tenth There is no restriction to the number of times the investor can switch under the fixed portfolio strategy.

The investor is entitled to Top Sum Assured and Top fund Value if any. The minimum death benefit of the total premiums is 105% which includes Top Up premium.

ICICI Prudential Elite Wealth-

For elite investors, ICICI has come out with ICICI Prudential Elite Wealth. It provides flexibility of premium payment with risks diversified across various funds. There is an option of wealth booster by which extra units are allocated 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 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.

ICICI Pru Cash Advantage-

It is a protection and saving oriented The plus point is that the payout begins right after PPT (Premium Payment term). There is Guaranteed Cash Benefit up to 1% of maturity benefit each month over ten-year payout term and Guaranteed Maturity Benefit (GMB) when the policy term ends. A limited premium payment term of 5 years, seven years and ten years is also available.

ICICI Pru Savings Suraksha-

It again is protection and saving oriented plan which provides cover as long as the policy is active. With the maturity of this plan, one gets maturity benefits that are guaranteed plus additions (guaranteed) along with terminal bonus and vested reversionary bonus (if applicable). For the premium paid and the benefits received, tax benefits can be availed according to the existing tax laws in the country.

ICICI Pru Assured Savings Insurance Plan-

It is a non-linked insurance plan which gives a lump sum amount by the end of policy term under Guaranteed Maturity Benefits (GMB) and Guaranteed Additions (GA) of 9-10% every year.

ICICI Pru Future Perfect-

This plan also has accrued Guaranteed Additions (GA) of 8%, 10%, 12%, 15%, 18% depending on the term period of the policy. On survival of the insured individual through the policy term, Guaranteed Maturity Benefit (GMB) is given.

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

ICICI Pru Easy Retirement –

Taking the risk appetite of the investing individual, it builds a corpus for retirement. It provides the advantage of dealing in equity along with guaranteed capital. Assured benefits are given under this scheme shield the individuals from market downturns. There is flexibility regarding the premium to be paid- 5 years, ten years, or throughout the policy term. Pension boosters are also available to enhance the retirement corpus. Also, it acts as a tax avoidance option as one-third of the accumulated value can be availed by the investor as tax-free.

ICICI Pru Immediate Annuity –

It is a nonparticipating retirement plan. The investor can pay 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.

Sharing Here.

About Geet Sharma

My Name is Geet Sharma Financial Blogger & Founder of Paisabank.org. We are a personal finance blog dedicated to finance & financial planners. The main aim of this blog is to help people to informed about financial decisions.
View all posts by Geet Sharma →

3 thoughts on “ICICI Prudential Life Insurance Plans and Benefits

Leave a Reply

Your email address will not be published. Required fields are marked *