ICICI Prudential Life Insurance Company Limited

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10 min read

Updated on Oct 21, 2022

About ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurance Company was established in the year 2001 as a joint venture between ICICI Bank Limited, a leading private-sector bank of India, and Prudential Corporations Holdings Limited, a wholly-owned subsidiary of Prudential Private Limited Company. ICICI Prudential Life has been ranked amongst the leading life insurers in India ever since it began its operations in 2001. Even today, ICICI Prudential Life is a reputed name in the Indian insurance industry.

ICICI Prudential Life offers a range of retail and group life insurance solutions for its customers. You can fulfill your insurance needs from the range of products in the company’s bouquet. The coverage offered by ICICI Prudential Life plans is quite comprehensive while the premiums are competitively priced so that you can afford the plans easily and get financial security.

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Key highlights of ICICI Prudential Life Insurance Company

Here are some of the notable highlights of ICICI Prudential Life Insurance Company –

Assets Under Management as on 30th June 2021 Rs.2321.71 billion
Listed on NSE and BSE
Dividend to shareholders Started paying dividend from 2012
Registered profit in financial year 2020 Rs.2.58 billion

Why choose ICICI Prudential Life Insurance Company?

Given below are some notable reasons why ICICI Prudential Life Insurance Company can be an ideal choice for your life insurance needs –

  • The company is promoted by two leading names in the financial sector, both in India and the world. ICICI Bank and Prudential Corporation Holdings Limited have carved their niche in their respective segments. They, thus, provide the company with a strong foundation and experience.
  • ICICI Prudential Life provides online support for all your queries and grievances
  • You can choose from different types of policies with flexible benefits as per your needs
  • The company is present all across India making it easier for you to buy a suitable policy wherever you are
  • There is a specialized mobile application launched by ICICI Prudential Life that helps you buy, renew and track your insurance policies in real-time whenever you want to

Different types of plans offered by ICICI Prudential Life Insurance Company

ICICI Prudential Life offers a range of life insurance solutions. Here are the plans that you can choose from –

A. Term insurance plans

If you are looking for pure financial protection which is effective in the case of premature deaths, term insurance plans are the solution. These plans cover the risk of premature death and provide your family with the much-needed financial assistance in your absence. The premiums are low so that you can afford a high amount of coverage and ensure complete financial security for your family.

Here is the term insurance plan offered by ICICI Prudential Life which is available at PayBima –

1. ICICI Pru iProtect Smart

A flexible yet comprehensive term insurance plan, ICICI Pru iProtect Smart allows you to opt from a range of coverage features so that you can enjoy all-round protection. Here are some of the salient features of the policy –

  • There are four plan variants that you can choose from – Life, Life Plus, Life & Health, All in One. You can choose coverage including premature death, accidental death, and critical illness in these variants.
  • Coverage for terminal illness and permanent disability is inbuilt in all the variants of the plan. In the case of disability, the premiums are waived off while the policy continues undisturbed.
  • The critical illness coverage option provides coverage against 34 major illnesses and medical procedures
  • You can opt to receive the death benefit in a lump sum, in the form of monthly incomes for 10 years, or in a combination of both lump sum and installment.
  • You have complete flexibility in choosing the policy tenure and the premium paying tenure
  • You can also opt for whole life coverage till 99 years of age and choose to increase the sum insured at important milestones of your life

Eligibility conditions

Entry age 18 years to 65 years
Policy term 5 years to (99-entry age)
Premium payment term Single premium – once

Limited premium – 5 years, 7 years, 10 years, the term – 5 years, 60 – entry age

Regular premium – throughout the term of the policy

Premium amount Minimum – Rs.2400

Maximum – depends on the sum assured selected

Sum assured Minimum – depends on the minimum premium

Maximum – no limit

B. Endowment assurance plans

Endowment assurance plans provide a saving element along with insurance coverage. Under these plans you either receive a death benefit in the case of premature death or a maturity benefit if the plan matures. Endowment plans are risk-free savings-cum-insurance plans which also pay guaranteed additions, loyalty benefits or bonus which enhance the corpus.

C. Money back plans

Money-back plans are also traditional savings plans like endowment plans. However, rather than paying a lump sum benefit on maturity, money back plans pay survival benefits during the policy tenure. This means that the plan pays an income at regular intervals during the policy tenure. These income payments are predefined and do not affect the death benefit. In the case of death, the policy pays the full death benefit irrespective of the money-back benefits that you have already received.

ICICI Prudential Life offers various money-back plans. The one offered by PayBima includes the following –

1. ICICI Pru Guaranteed Income For Tomorrow

As a guaranteed savings plan, it helps you create a secured financial corpus for your financial goals through guaranteed incomes. It doubles up as a money-back plan which pays incomes during the policy tenure. You can also enjoy insurance coverage throughout the policy tenure and guaranteed additions to the sum assured to build up a decent corpus on maturity. Some of the salient features of the plan are as follows –

  • There are four plan variants – Lump sum, Income, Early Income, and Single Pay Income
  • Except for the first option, all other options pay the money back benefits during the policy tenure to provide you a steady source of income.
  • You can choose the premium payment term to customize the plan as per your needs
  • The policy allows loans during the policy tenure so that you can meet your financial needs.
  • The death benefit varies across all plan variants and also depends on the premium payment frequency

Eligibility conditions

Entry age Minimum – 18 years – term of the plan

Maximum – 60 years

Maturity age 18 years to 80 years
Policy term 6 years to 20 years
Premium payment term Single premium – once

Limited premium – 5 years, 6 years, 7 years, 10 years

Regular premium – throughout the term of the policy

Premium amount Minimum – Rs.6000

Maximum – no limit

Sum assured Depends on the premium payment frequency and amount

D. Unit Linked Insurance Plans

Unit Linked Insurance Plans, or ULIPs, combine the benefit of insurance coverage and investment returns. These plans help you participate in the capital market to earn inflation-adjusted returns on your investments. There are different types of investment funds offered by ULIPs and your money is invested in these funds which invest in market-linked securities. ULIPs give you attractive returns, flexibility, and insurance coverage so that you can fulfill your financial goals and also stay insured against unforeseeable emergencies.

E. Child insurance plans

Child insurance plans are savings-oriented insurance plans that are designed to secure the future of your child. These plans are available only to the parents of children. By investing in these plans you can create a corpus for your child’s future needs which remains unaffected even when you are not around. Child plans provide security with the feature of a premium waiver rider which comes inbuilt in the plan. This rider waives off the premium without disrupting the plan so that the child can enjoy the plan’s benefits even when its parent is not around.

F. Retirement plans

Retirement plans are those which help either in building up a retirement corpus or give lifelong pension incomes from a corpus that you invest. You can invest in deferred pension plans to build up a retirement fund or opt for immediate annuity plans that secure lifelong incomes after retirement.

G. Health insurance plans

Health insurance plans are those that cover specific medical contingencies and provide you a lump sum financial benefit. This benefit can, then, be used to pay for the expensive medical treatments or for any other financial obligations that you might have. Moreover, health insurance plans not only to help you in medical emergencies, but they also help you in saving taxes through the provisions of Section 80D of the Income Tax Act, 1961.

How can you buy ICICI Prudential Life insurance plans?

If you want to buy ICICI Prudential Life insurance plans, you can choose the electronic mode and buy the policy online. PayBima offers a simple online platform from where you can compare and buy life insurance policies offered by ICICI Prudential Life. Here are a few steps to follow to buy the policy from PayBima –

  • Go online and fill up the application form

Start your buying process by visiting https://www.paybima.com/term-life-insurance-plans-online and filling up the online application form. Provide all your personal and medical details and submit the form to check the plans and their quotes.

  • Compare the available plans and choose one

After you provide your details, PayBima would find the best plans available in the market and show you various options. Compare the available options and choose a policy that best fits your coverage needs and requirements.

  • Fill up the online proposal form

After you have selected the policy, you would have to fill up the online proposal form to request the insurer to offer you the coverage. The proposal form is the basis of the insurance policy and so, you should provide all the relevant details honestly and correctly. Fill and submit the proposal form which would be reviewed by the insurer based on which the policy would be issued.

  • Furnish your documents

You are also required to furnish some important documents which help the insurer verify your details and issue the policy. The following list of documents would be needed to buy the policy –

  • A standard age proof
  • Valid identity proof like your Aadhaar card, PAN Card, Voter ID Card, passport, etc.
  • Valid address proof like your Aadhaar card, rent agreement or property deed, Voter ID Card, passport, utility bills, etc.
  • PAN Card, if not submitted already
  • Proof of income like Form 16, salary slip, audited financial statements, bank statement, etc.
  • Passport-sized photographs of the policyholder and the insured
  • Take the health check-up, if needed

Depending on your age, medical history and current health, and the sum assured, you might have to undertake a medical check-up before the policy is issued. This check-up allows the insurer to check your health risk and then issue the policy knowing all the risks involved.

  • Pay the premium

Once the policy is finalized and the insurer is ready to issue the plan, you would have to pay the premium. Premium payment can be done through different digital payment modes. PayBima supports a range of digital payment channels making premium payment convenient and easy.

Lapse of the Policy and Revival

If you don’t opt for the single premium payment mode, there is a due date for paying the limited or regular premiums. If you forget or are unable to make the premium payment within the due date, the insurer extends an additional period called the grace period. This grace period is 30 days for all premium payment modes except monthly premiums. For monthly premiums, the grace period is 15 days.

If you pay the premium in the grace period, the policy continues unaffected. However, if the grace period also expires and the premium payment is not done the policy lapses. If the policy has lapsed, you would not be able to enjoy the complete benefits offered by the policy. The benefits would either be reduced or nil depending on when you stop paying the premiums.

However, a lapsed policy can be revived and the benefits restored. ICICI Prudential Life allows you a revival period within which you can pay the outstanding premium, any interest on the same, and submit a declaration of good health to revive the policy. Once the policy is revived, all the benefits would be restored and you would be allowed to avail of the coverage for the remaining policy tenure.

PayBima also helps you in reviving a lapsed policy. You would just have to call 800 267 67 67 or send an email to paybima.care@mahindra.com and PayBima would help you with the revival process.

How to File a Claim for ICICI Prudential Life Insurance Plans?

In order to make a claim in your ICICI Prudential Life insurance policy, here are the steps that you need to follow –

  • Informing the insurance company

In the case of maturity claims, the insurer readies the claims within the due date and you need to complete the paperwork for claim settlement. However, in the case of death, intimation must be given to the insurer for starting the claim process. The nominee should inform the insurer of the death of the insured so that the insurer can register the claim and start the process. To inform, you can call, email, or send an SMS to ICICI Prudential Life and the company would start the claim process.

  • Filling up the claim form

A claim form would have to be filled detailing the nature of the claim, the details of the policy, and the details of the claimant. This form should be submitted to the insurer for claim settlement.

  • Documentation

The last step is submitting all the documents pertaining to the claim. These documents are as follows –

  • Claim form
  • Death certificate of the insured
  • Police FIR, panchnama, post-mortem report, police inquest report, etc. in the case of accidental death
  • Policy document
  • Identity proof of the claimant
  • Bank account details of the claimant

Review of ICICI Prudential Life Insurance Company

  • ICICI Prudential Life was the first insurer to list itself on the NSE and the BSE
  • The company offers doorstep document pick-up in the case of claims allowing you the ease of claim settlement
  • The company endeavours to settle the maximum number of claims presented on it
  • In the financial year 2015, ICICI Prudential Life was the first insurer to reach the AUM target of Rs.1 trillion

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

 

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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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