11 min read
Updated on Feb 06, 2023
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.
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|
Given below are some notable reasons why ICICI Prudential Life Insurance Company can be an ideal choice for your life insurance needs –
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 –
|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 –
|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.
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 –
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.
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.
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.
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 –
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.
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.
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 firstname.lastname@example.org and PayBima would help you with the revival process.
In order to make a claim in your ICICI Prudential Life insurance policy, here are the steps that you need to follow –
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.
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.
The last step is submitting all the documents pertaining to the claim. These documents are as follows –
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Yes, suicide is excluded under ICICI Prudential Life insurance plans under specific conditions. If the insured commits suicide within a year of buying the policy, 80% of the premium amount is refunded. On the other hand, if the insured commits suicide within a year of reviving the policy, then also the death benefit would not be paid. In such cases, a higher than 80% of the premiums paid or the available surrender value is paid.
Yes, ICICI Prudential Life insurance plans allow a free look period of 15 days from the date of policy issuance. This period increases to 30 days if you buy the policy online. During this period you can cancel the policy and claim a premium refund.
The premiums that you pay for ICICI Prudential Life insurance plans are allowed as a deduction under Section 80C up to Rs.1.5 lakhs. Moreover, the maturity benefit is also allowed as a tax deduction under Section 10(10D) if the premium is allowed as a deduction. The death benefit, on the other hand, is completely tax-free.
To connect with ICICI Prudential Life in the case of claim here are the ways –
Phone – 1860 266 7766 within India or +91 22 6193 0777 for outside India
Email – email@example.com
SMS – ICLAIM8-digit policy number. Send the SMS to 56767
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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