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ICICI Prudential Life Insurance
ICICI Prudential Life Insurance

About ICICI Prudential Life Insurance Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between the ICICI Bank, one of India's largest and most successful private financial services company and Prudential Plc., a leading international financial services group headquartered in the United Kingdom. ICICI Bank holds 74% and Prudential Plc. having 26% of the stake of the joint venture as per the government rules.

ICICI Prudential Life Insurance has won the first prize for its project on digitalization at the Qimpro Awards 2014. ICICI Prudential Life Insurance has been conferred the ‘Insurance Company of the Year Award 2011’ and ‘Company of the Year Award 2011 – Life Insurance’ at The Indian Insurance Awards 2011 instituted by the reputed insurance journal of India ‘Insurance Review’.

Product Portfolio

Term Plans

The term plans help in protecting your family’s future and ensure that they lead their lives comfortably without any financial worries, even in your absence.

ICICI Pru iProtect Smart

  • Affordable and customisable term insurance plan offering enhanced protection for policyholder and his or her family
  • Provides improved protection by offering coverage against death, terminal illness and disability
  • Comprehensive additional benefits available by way of optional riders like Accidental Death Benefit and Critical Illness Benefit that covers 34 life threatening illnesses
  • Special premium rates available specially for women and non-tobacco users
  • Single premium option offers the provision of surrender value; the surrender value decrease with each passing year, and people can check their ICICI Prudential life insurance policy status for more details of how much surrender value they will get back
  • Gives a choice to increase the life cover at important milestones in life like marriage and child birth or adoption
  • Tax benefits applicable on premiums paid as per prevailing tax laws
  • Need based benefit payout option available in the form of lump sum or monthly income for 10 years
  • Offers flexibility to pay premiums once, for a limited period or throughout the policy term
  • The ICICI Prudential life insurance policy status can be monitored online

ICICI Pru Life Insurance: ULIP Plans

These are unit linked insurance plans which help you in managing your savings based on your risk appetite. They provide you with a choice of portfolio strategies for your savings and at the same time secure you against uncertainties of life.

ICICI Pru Guaranteed Wealth Protector

  • A unit linked insurance plan offering dual assurance of capital protection and life cover
  • Potential for high returns by exposure of up to 60% in equities through Guaranteed Wealth Protector strategy
  • The capital or investment is protected from market downturns through an Assured Benefit
  • Life insurance cover secures family’s future
  • Flexible premium payment term available – premium can be paid just once or for a limited period of 5 years
  • Receive loyalty benefits by way of Loyalty Additions and Wealth Booster
  • Tax benefits as per prevailing tax laws on premiums paid and benefits received
  • Users have online access and can check their ICICI Prudential life insurance policy status through their computer, mobile phone and / or tablet

ICICI Pru Wealth Builder II

  • A savings and protection oriented unit linked insurance plan
  • Offers a life insurance cover to secure family's future
  • Offers a choice of portfolio strategies:
  • Fixed Portfolio Strategy gives the option to allocate savings in funds of one’s choice
  • Life Cycle based Portfolio Strategy is a unique, personalised strategy based on one’s age to create an ideal balance between equity and debt

The company offers a diverse choice of 7 fund options to invest in and improve the ICICI Prudential life insurance policy status for wealth creation

Offers flexibility in payment of premiums. For instance, premiums can be paid for a limited period or for the entire policy term
Receive loyalty benefits for staying invested for a long term by way of Loyalty Additions and Wealth Boosters

Tax benefits on premiums paid and benefits received as per the prevailing tax laws

From enrolling to checking the ICICI Prudential life insurance policy status, everything can be done online

ICICI Pru Elite Wealth II

  • A savings and protection oriented unit linked insurance plan
  • Offers multiple options for investments with respect to premium payment, investment horizon and fund choices
  • Provides a life insurance cover to protect one’s family in case of death of the policyholder
  • Provides flexibility in paying premium as it can be paid for a limited period or for the entire policy term.
  • Offers a choice of portfolio strategies based on one’s requirements. This helps the insured to modify their ICICI Prudential life insurance policy status according to their needs that that point of time
  • Fixed Portfolio Strategy gives the option to allocate savings in funds of choice
  • Life Cycle based Portfolio Strategy – a unique, personalised strategy based on one’s age to create an ideal balance between equity and debt
  • Receive Loyalty Additions which reduce effective Fund Management Charge (FMC)
  • Avail Wealth Boosters – once every 5 years starting from the end of the 10th policy year
  • Choice of protection level of a life cover available based on requirements
  • Ability to manage changing financial priorities and investment outlook with unlimited free switches (under the Fixed Portfolio Strategy)
  • Tax benefits as per the prevailing tax laws on premiums paid and benefits received
  • Online account that helps insured check his or her their ICICI Prudential life insurance policy status whenever they want

ICICI Pru Elite Life II

  • A savings and protection oriented unit linked insurance plan
  • Offers multiple options for investments with respect to premium payment, investment horizon and fund choices
  • Provides a life insurance cover to protect the family in case of death of the policyholder
  • Provides flexibility in paying premium – premiums can be paid for a limited period or for the entire policy term
  • Offers a choice of portfolio strategies based on one’s requirements:
  • Fixed Portfolio Strategy – gives the option to allocate savings in funds of choice
  • Life Cycle based Portfolio Strategy – a unique, personalised strategy to create an ideal balance between equity and debt based on one’s age
  • Allows insured to receive Loyalty Additions which reduce effective Fund Management Charge (FMC)
  • Policyholders can Avail Wealth Boosters – once every 5 years starting from the end of the 10th policy year
  • ICICI Prudential offers a choice of protection level of a life cover available based on requirements
  • Insured can manage changing financial priorities and investment outlook with unlimited free switches (under the Fixed Portfolio Strategy)
  • Offers tax benefits as per the prevailing tax laws on premiums paid and benefits received
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  • Policyholders can check their ICICI Prudential life insurance policy status online to in increase cover or make any other changes to their policy

ICICI Life Insurance: Pension Plans

ICICI Pru Easy Retirement

  • Helps build a retirement corpus as per the individual’s risk appetite
  • Provides the benefit of equity participation with the comfort of a capital guarantee
  • Savings are protected from market downturns through an Assured Benefit
  • Gives the option to pay premiums for 5 years, 10 years or throughout the policy term
  • Money can be invested in the policy in form of top ups
  • Option to choose from available annuity options at retirement to receive regular income
  • Retirement corpus can be enhanced through Pension Boosters
  • Tax benefits can be availed on premiums paid – investors can receive up to 1/3rd of the accumulated value on retirement date as a tax-free lump sum as per prevailing income tax laws
  • The investor can also keep a track of his or her ICICI Prudential life insurance policy status online

ICICI Pru Immediate Annuity

  • A non participating retirement plan
  • A suite of 5 immediate annuity options give income for life and provide best returns for golden years to match one’s requirements
  • One can purchase this plan by making a lump-sum payment at the time of retirement
  • The plan will start paying a regular income in the form of an annuity for life, at a chosen frequency (in the from 4 annuity payout modes) – monthly, quarterly, half-yearly or yearly
  • There is a choice of 5 payout options and you can select the ICICI Prudential life insurance policy status that suits your needs
  • The annuity amount chosen at policy inception is guaranteed for life, and in certain circumstances, for some period thereafter
  • Offers various annuity options. The immediate annuities offered to individual and group customers include:
  • Individual Tied Immediate Annuity: Used to pay annuities under the individual deferred pension plans offered by ICICI Prudential Life
  • Individual Standalone Immediate Annuity: Used when individuals want to purchase an annuity otherwise
  • Superannuation Tied Immediate Annuity: This is used for:
  • Paying annuities under superannuation funds managed by ICICI Prudential Life
  • Paying annuities under superannuation funds not managed by ICICI Prudential Life, and under other groups, if the premium for annuity purchase is more than Rs. 2 crore in a financial year.

Superannuation Standalone Immediate Annuity: Used to pay annuities under superannuation funds not managed by ICICI Prudential Life, and under other groups, if the premium for annuity purchase is less than Rs. 2 crore in a financial year

Investors can keep a track of their ICICI Prudential life insurance policy status online to find which option suits them best

The company offers various payout options:

Life Annuity: Under this option, the company pays annuity for life

Life Annuity with Return of Purchase Price: This option pays annuity for life to the annuitant. On his or her death, the premium paid in the beginning is returned to the nominee or beneficiary

Joint Life, Last Survivor without Return of Purchase Price: This option pays annuity throughout the life of the annuitant and on his / her death, continues the annuity during the lifetime of the named spouse

Joint Life, Last Survivor with Return of Purchase Price: This option pays annuity throughout the life of the annuitant and on his / her death, continues the annuity during the lifetime of the named spouse. On the demise of the named spouse (last survivor), the premium (purchase price) is returned to the nominee.

Life Annuity guaranteed for 5/10/15 years and thereafter: This option pays an annuity for a guaranteed period of 5/10/15 years as chosen by the annuitant. This number is irrespective of whether the annuitant is alive or not. If the annuitant survives the guarantee period, the annuity payments continue as long as the annuitant is alive. Checking their needs and their ICICI Prudential life insurance policy status will help people to understand which payout option works for them

ICICI Life Insurance: Child Plans

ICICI Prudential Child Plans help your child receive guaranteed educational benefits and protect his dreams and aspirations.

ICICI Pru Smart Life

A unit linked insurance plan that provides multiple choices for investment to achieve financial goals and better their ICICI Prudential life insurance policy status for a smarter financial life

  • Offers comprehensive protection to secure one’s goals; on death of the life assured, it offers:
  • Lump Sum Assured payment to take care of any immediate liabilities on the family
  • A Smart Benefit option where all future premiums payable under the policy are waived off and allocated by the company to ensure that savings for desired goal continue uninterrupted
  • Offers a choice of portfolio strategies based on one’s requirements:
  • Fixed Portfolio Strategy – gives the option to allocate savings in funds of choice from a diverse suite of 8 funds
  • Life Cycle based Portfolio Strategy – a unique, personalised strategy based on age to create an ideal balance between equity and debt
  • Provides flexibility in paying premium – premium can be paid just once or for the entire policy term for the ICICI Prudential life insurance policy status to continue as required
  • Allows partial withdrawals after completing 5 policy years to take care of any intermediate financial needs
  • Receive loyalty benefits for staying invested over the long term by way of Loyalty Additions and Wealth Boosters
  • Choose the level of protection as per personal needs; the level of cover helps the policyholder to change their ICICI Prudential life insurance policy status according to their needs at different life stages
  • Tax benefits on premiums paid and benefits received as per the prevailing tax laws

ICICI Pru SmartKid Regular Premium

  • An insurance cum savings product
  • Provides the option to receive payouts at key educational milestones for the children of the insured
  • Offers a Guaranteed Addition option in addition to the Sum Assured in case the insured (parent) passes away
  • Additional units are allocated every year at 2% of annual premium, starting from the 6th policy year, provided regular premium has been paid
  • Offers a premium waiver if the unfortunate comes to pass
  • Gives the option to decide the portfolio strategy by allowing an optimal allocation between debt and equity
  • Allows partial withdrawal depending on ICICI Prudential life insurance policy status, as well as tax benefits

ICICI Pru SmartKid Premier

A ULIP child plan that offers payment tenures of 5, 7 or 10 years (limited pay) or for the full term (regular pay) of the plan

  • Offers both single life and joint life comprehensive insurance options
  • Provides a multiple portfolio strategy and the insured can choose between:
  • Fixed Portfolio Strategy: Gives the option to decide where the money is to be invested
  • LifeCycle based Portfolio Strategy: Allows the optimisation of the person’s portfolio depending on his or her age
  • Trigger Portfolio Strategy: Protects gains made from equity markets by protecting it against market risks
  • ICICI Prudential life insurance policy status helps insured to track fund performance
  • There are loyalty additions made at the end of every 5th year starting from the end of the 10th policy year provided the company has received all the premiums
  • Provision to receive payments at along the child’s educational life
  • Offers tax benefits

ICICI Life Insurance: Investment Plans

These are low risk investment plans that help you save for specific goals in the future and provide protection for your family from financial distress in case of your untimely demise.

ICICI Pru Cash Advantage

  • Savings and protection oriented plan
  • Offers a guaranteed amount for 10 years, a guaranteed lump sum at maturity, along with bonuses
  • Life cover provides financial security to the family in case of death of the policyholder
  • Provides liquidity as the payout term begins immediately after premium payment term (PPT)
  • The plan guarantees:
  • Guaranteed Cash Benefit (GCB) equal to 1% of GMB every month over the 10 year payout term
  • Guaranteed Maturity Benefit (GMB) at the end of the policy term
  • Offers a limited premium payment term – 5/7/10 years
  • Tax benefits apply to premiums paid and benefits received as per the prevailing tax laws
  • Checking the ICICI Prudential life insurance policy status online helps the policyholder to plan his finances and cover better

ICICI Pru Savings Suraksha

  • Savings and protection oriented plan
  • Flexibility to choose premium payment option based on one’s needs – pay premiums for a limited period (limited pay) or for the entire policy term (regular pay)
  • Life cover provides protection for the entire policy term
  • The plan offers savings with guarantees. At maturity, one receives:
  • Guaranteed Maturity Benefit (GMB)
  • Accrued Guaranteed Additions (GAs) – during each of the first 5 policy years, GA totalling 5% of GMB will accrue to the policy
  • Vested reversionary bonuses (if any)
  • Terminal bonus (if any)

FAQs about Icici Prudential Life Insurance Life Insurance:

Are there any advantages in buying Icici Prudential Life Insurance insurance at an early age?

Yes. The premium that you pay on your insurance policy is mainly dependent upon two things - your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

Do you need life insurance?

If you have dependents and financial responsibilities towards them, then you certainly need insurance. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. Being insured in a situation like this is a necessity. When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependents will be able to continue living without financial hardships even in case of your demise. Most insurance plans available today come with a savings element built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.

How else does life insurance help?

The primary need is buying financial security for your family. Other aspects that insurance helps fulfill are:

Tax benefits of opting Icici Prudential Life Insurance Life Insurance?

The Tax exemption available under our insurance and pension policies are described below:

Deductions

*The aggregate amount of deduction under section 80C and 80CCC shall not exceed one lakh fifty thousand rupees.

Exemption

  • Benefit is available to individual assessee and Hindu Undivided Family assessee.
  • In case of individual assessee - himself/herself, spouse, children of such individual.
  • In case of HUF assessee - any member of HUF.
  • Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Income Tax Act, subject to the provisions of the said section.
  • Contributions to a pension plan are eligible for deduction under Section 80CCC* of the Income Tax Act, subject to the provisions of the said section.
  • The proceeds under a life insurance policy are exempt under Section 10(10D) of the Income Tax Act, subject to the provisions of the said section.
    Note: If the amount of premium paid in a financial year for a policy is in excess of 10% of the actual capital sum assured, then deduction will be allowed only for premiums up to 10% of the actual capital sum assured.

How much do I insure myself for?

One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work. Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.

However to calculate your insurance need more precisely, use the following steps:
  • Calculate Monthly Livable Income required (Post tax). This is the monthly amount that the survivors of the policyholder will need in the event of his death. This is taken at 70% of the current total family expenses. Denote this as "M".
  • Calculate Monthly Income required (Pre tax) as M/ (100-t)%. Denote this as "M1". Here t = Tax rate.
  • Assume Estimated-earning rate on capital as 8%. Denote this as "r".
  • Calculate Capital livable income required (C ) as A/ r%.
  • Subtract Existing Insurance Cover amount (if any) from "C".
  • The final amount you arrive at is the amount for which you should buy insurance

How much does it cost to buy Icici Prudential Life Insurance life insurance?

Pure protection covers have become fairly affordable over a period of time. Further, the amount of premium depends on the cover and benefits one needs

Is there any policy where I can receive money during the tenure of the policy?

Yes, a MoneyBack Policy. This is an anticipated endowment policy with an additional feature of receiving benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire policy term inspite of the installments already paid. If you outlive the policy, the maturity benefit along with accumulated bonus is paid back to you.

This is suitable for you if
  • You plan to coincide the funds received from the policy with your future anticipated needs like a car, an overseas holiday, children's educational needs, marriage expenses, etc.

What are riders?

Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your risk cover in case of certain events happening. For instance if you have taken an Accident Death Benefit rider and you die due to an accident then your beneficiaries can get up to a maximum of twice the basic sum assured subject to Claims acceptance. Similarly there are different riders addressing different contingencies like Critical Illness, Permanent Disability Benefit, etc. There are riders available that waive your future premiums in case of death or disability of the proposer. These riders come at a nominal cost and can be availed of depending on the policy taken. These can be taken at the beginning of the policy term or during the policy term.

What are the different premium paying options available?

Nearly all policies provide yearly, half yearly, quarterly and monthly modes of premium payment. In addition, some plans also have the option to pay the premiums only for a limited period of time and not for the full policy term

What is an Icici Prudential Life Insurance Endowment Policy?

An Endowment Policy is a combination of savings along with risk cover. These policies are specifically designed to accumulate wealth and at the same time cover your life. In simple words, these polices are issued for specific time periods during which you pay premiums. If you die during the tenure of the policy, your beneficiaries will receive the death benefit along with the accumulated bonus additions and if you outlive the policy tenure you will receive the maturity benefit along with accumulated bonus additions (if any). This is suitable for you if You want to accumulate capital for anticipated financial needs like buying an asset such as a home, providing for your old age, your children's education, marriage, etc.

What is Icici Prudential Life Insurance Term Insurance?

Term Insurance, also known as pure life cover, is the cheapest and the simplest form of insurance. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the Death Benefit in event of your premature death. However, if you survive till the end of the policy term, nothing is payable to you. This policy has no savings component and the premiums you pay are purely a cost to buy you a life cover. This is suitable for you if
• You are looking for a low cost life cover without any savings benefits attached.

What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased. The primary purpose of life insurance is therefore protection of the family in the event of death. Insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your children's future needs. Today, the market offers insurance plans that not just cover your life and but at the same time grow your wealth too.

What will I receive on maturity of my policy?

On maturity, you will receive the maturity benefit as defined as for respective Plan.

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