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ICICI Prudential Life Insurance

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ICICI Prudential Life Insurance

Overview
ICICI Prudential Life Insurance Company is one of the biggest private sector life insurers in India and has a vast network courtesy one of its promoters being ICICI Bank one of the biggest banks in the country and Prudential Corporation Holdings Limited which is the other partner. The company was founded in 2001 and its assets under management or AUM touched 1, 229.19 billion by 31st March, 2017.

The company also achieved another feat of being the first private player to cross 1 trillion in AUM and was also the first insurance company to earn listings to the BSE and NSE. The company offers investment, retirement and child plans among other products to customers.

ICICI Prudential Life Insurance at a glance
  • The first insurance company to receive AAA rating by National Insurer Financial Strength rating of AAA
  • Claim settlement ratio for FY 2016-17 is 96.87%
  • Life cover of 1 crore at a premium of just Rs 17 per day
  • Most trusted life insurer of 3 consecutive years as per customer voting
ICICI Prudential Term Plans
There are several Term plans available including the Cash Advantage plan which offers guaranteed payouts, wealth creation and extensive life coverage. There are premium payments available as per one’s convenience. There is the Savings Suraksha plan which ensures guaranteed savings and premium payments as per one’s convenience.

Documentation needed for availing ICICI Prudential Life
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph
ICICI Prudential Term Insurance Plans
  • ICICI Pru iProtect Smart: Provides 360 degree life coverage with protection against 34 critical illnesses, disability caused due to accidents with up to 2 Crore of sum assured.
1: ICICI Pru iProtect Smart iProtect Smart is an award winning policy that aims to protect your loved ones in your absence, along with an added financial protection against 34 critical illnesses up to Rs 1 Crore and accidental death cover up to Rs 2 Crore.

Advantages and benefits
  • Three payout options available – lump sum, monthly income and increasing income
  • Special benefits for women with lower premium rates and covers critical illnesses like breast and cervical cancer
ICICI Pru iProtect Smart at a glance
Minimum/Maximum Entry age 18 / 65 years
Minimum/Maximum age at maturity 23 / 75 years
Premium payment options Single pay, Regular pay, Limited pay
Single pay : Single
Premium payment terms Regular pay : Same as policy term
Limited pay : Policy term - 5 years
Minimum Premium amount Rs 2400 per annum + applicable taxes
Accidental Death Benefit Equal to Sum Assured chosen, subject to a maximum limit as per the Company policy
Critical Illness Benefit Minimum : Rs 1 lakh
Maximum : as per company policy
Minimum Sum Assured Subject to the minimum premium
Maximum Sum Assured Unlimited
Mode of Premium Payment Single, Yearly, Half-Yearly and Monthly

Benefit Options Regular Pay Limited Pay One Pay
Life 5 - 40 years 10 - 40 years 5 - 20 years
Life Plus 5 - 40 years 10 - 40 years 5 - 20 years
Life & Health 5 - 30 years 10 - 30 years NA
All in one 5 - 30 years 10 - 30 years NA