ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Co. Ltd. was established in the year 2001. This company provides an extensive size range of insurance products that are designed for financial protection to long term savings, to meet the requirements of the policyholders in diverse stages of their life.

ICICI prudential life insurance plans help in ensuring the long-term financial stability of the policyholders, as well as their dependents. In addition to serving as a long-term investment, life insurance plans are also designed to provide necessary financial support to dependents in case of the death of the policyholder. 

ICICI Life Insurance plans include endowment plans, term insurance plans, retirement plans, etc. to meet the financial requirements and concerns of the diverse portfolio of the customers.

Features of ICICI Prudential Life Insurance

Listed below are some key features of the plans offered under ICICI Prudential life insurance: 

• ICICI Life Insurance policies provide the policyholder with life cover with cost-effective online term insurance plans. People can easily compare plans offered by ICICI with the ones provided by other insurers to get a better idea of the affordability.
• Specific ICICI Prudential Life Insurance plans enable the policyholder to meet their dual requirement of investment and life cover, thereby giving them the chance to plan various financial objectives.
• ICICI Life Insurance retirement plans help people to plan out their retirement fund strategically.
• These policies include both death benefit and maturity or survival benefit.
• ICICI Life Insurance offers tax benefits appropriate to premium installment as per Section 80C and under Section 10(10D) maturity benefits of the 1961 Income Tax Act.
• Details about the ICICI prudential life insurance policy status can be found easily through the website of the insurer.
• It offers a time of free look :
• 30 days from the getting date of the policy, on the off chance has been bought through distance marketing or electronically.
• 5 days from getting on the off chance that it has not been purchased through distance marketing. 

Types of ICICI Prudential Life Insurance Plans:

ICICI Prudential offers the following sort of life insurance plans:

1. ICICI Term Insurance Plans

   The term insurance policies offered by ICICI life insurance provide coverage for the person assured for a particular term that is specified in their policy. These plans provide payouts to nominees in case the policyholder meets an untimely death. ICICI Prudential Life Insurance Company offers the following term plans: 

   • Pru iCare II
   • Pru Life Raksha
   • Pru iProtect Smart
   • Prudential Smart Health Cover
   • Prudential ULIP Plans

2. Unit Linked Insurance Plans

   Also referred to as ULIPs, these policies provide returns based on the stock market.  ICICI prudential life insurance plans are perfect for people desiring to increase their wealth. The ULIPs provided by ICICI Prudential are: 

   • Pru Smart Life
   • Pru Elite Wealth II
   • Pru Elite Life II
   • Pru Wealth Builder II
   • Pru Guaranteed Wealth Protector
   • Prudential Smart Kid Solution

3. ICICI Traditional Savings or Money Back Plans

   Such ICICI life insurance plans provide the benefits of savings, which implies that premiums that people pay shall be returned to them with interest. People can also select the frequency and sum they desire to receive at a particular time with these ICICI Prudential Life Insurance policies.  The Traditional Savings plans offered by ICICI Prudential are: 

   • Pru Assured Savings Plan
   • Pru Savings Suraksha
   • Pru Retirement Plans
   • Pru Future Perfect
   • Pru Cash Advantage

4. Retirement Plans

   These policies are designed to help people maintain their living standards beyond the employment phase. Various retirement plans offered by ICICI life insurance provide diverse payout options. These retirement plans are: 

   • Pru Easy Retirement
   • Pru Immediate Annuity 

5. ICICI Pru Group Plans

   These ICICI prudential life insurance plans are specially designed for small and large organizations that desire to provide their employees with a host of benefits. These benefits include health insurance, leave encashment, annuity, term insurance, and so on. This company provides specific dedicated group plans like: 

   • Group Gratuity Plan
   • Group Superannuation
   • Group Leave Encashment
   • Group Immediate Annuity Plan
   • Pru Loan Protect
   • Pru Loan Protect Plus
   • Pru Group Term Plus

6. ICICI Pru Rural plans

   These ICICI life insurance plans cater to the insurance and savings requirements of the rural populace. The rural plans coming under the portfolio of this firm are: 

   • Pru Sarv Jana Suraksha
   • Pru Anmol Bachat 

Documents Required To Apply For ICICI Prudential Life Insurance Plans

To apply for ICICI life insurance people have to provide with the following KYC documents:

• PAN/Form 60 (mandatory)
• An officially valid identity document, which can include:
• Passport
• Driving License
• Voter's Identity Card 
• Job Card issued by NREGA and signed by a State Government officer 
• Proof of possession of Aadhaar
• One recent passport-sized photograph 

Exclusions of ICICI Prudential Life Insurance Policies

Exclusions for waiver of ICICI Prudential Life Insurance premium on permanent disability are:

• Permanent disability due to adventure sports like skydiving and parachuting, overuse of drugs or alcohol, self-inflicted injuries or attempted suicide.
• Permanent disability caused after 180 days of an accident that led to injuries.
• CPD that takes place after the date of termination of the policy.

Exclusions for the accidental death benefit in ICICI Life Insurance policies are: 

• Self-inflicted injuries or attempted suicide while being sane or insane.
• Self-inflicted injuries or attempted suicide when overusing of drugs or alcohol.
• Engaging in aerial flights like skydiving, parachuting, skydiving, and so on.
• Breach of law with criminal intent committed by the insured.
• Engaging in hazardous sports like martial arts, jet-skiing, horse racing, and mountaineering. 

Why Buy ICICI Prudential Life Insurance Plans? 

ICICI life insurance policies significantly help policyholders to be assured of the financial security of their selves, as well as of their family members. These plans are designed to enable people to make sure that the living standard of their near and dear ones are maintained, and their dreams and aspirations are not hampered, even in the scenario of the unforeseen death of the policyholder.  

A wide range of low-cost life insurance plans are offered by ICICI; some of them provide dual benefits of life coverage and investment. Moreover, by opting to invest in ICICI life insurance plans, people can enjoy tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

How to Buy ICICI Prudential Life Insurance Plans? 

The life insurance plans offered by ICICI can easily be bought through any of their local branches. People may also purchase certain ICICI plans online at PaisaWiki.com. Certain relevant documents would have to be provided by the policy buyer when planning to invest in such plans.

Claim Settlement Process

ICICI Prudential Life Insurance follows a straightforward 3-step process for claim settlement.  Take a look at the following steps:

Step 1: Reporting the claim: To have a claim settled, the claimant should firstly report the claim to the insurer. This can be done in multiple ways. A claimant may submit their claim online, or even visit their branch, make an email/SMS claim, or call the ICICI Claimcare helpline. 

As the report is done, the claimant would have to submit a written settlement request with the Claims Cell Office to get the claim registered formally.

Step 2: Reviewing the claim: After the submission of the claim, a dedicated Claimcare team would access the relevant claim details. In case they feel that the documents submitted are not up to the mark, they shall request additional documents within eight days.  

The team shall also assist the claimant in case they face any kind of problem during the process of claim settlement.  

Step 3: Settlement: As the first two steps of claim settlement are completed successfully, the company shall settle the claim within 12 days. To reduce documentation, the company typically uses transfers to settle the sum. 

Renewal Process 

ICICI Life Insurance Company provides the facility of online plan renewal to all customers. They have to follow the steps mentioned below in this policy renewal process: 

• Login into the website with the Client ID and password
• Select the policy due for renewal payment and click on the option of 'Pay Renewal Premium Now'
• Choose payment option- Credit Card or Debit Card  or NEFT
• Authenticate and confirm payment details, and print out the receipt

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