ICICI Prudential Life Insurance Company Limited is a joint venture between two reputed companies – ICICI Bank Limited and Prudential Corporation Holdings Limited. While ICICI Bank is a leading Indian private bank, Prudential is a leading financial services company. ICICI Prudential Life started its operations in the year 2001 and has been one of the most reputed life insurance companies in India. As on the financial year ending 31st March 2019, the company’s Assets Under Management (AUM) stood at INR 1604.10 billion. The company also has a lot of awards in its kitty with the latest being the Gold Award for Life Insurance Provider of the Year presented by Outlook Money Awards 2018.
ICICI Prudential Life Insurance Company offers its customers distinct advantages which are as follows:
ICICI Prudential Life offers a range of life insurance solutions to meet the different needs of individuals. With the range of plans offered by the company, an individual can fulfil his insurance needs from one platform itself. Here is a list of insurance plans offered by ICICI Prudential Life –
Term insurance plans are pure protection plans which promise a death benefit in case of death of the life insured. These plans have very low premiums which allow individuals to opt for higher coverage levels. A high coverage level allows individuals to create financial security for their families in their absence. ICICI Prudential Life offers the following types of term insurance plans –
Features of term insurance plans of ICICI Prudential Life Insurance:
Plan Name |
ICICI Pru iProtect Smart Plan |
Sum Assured |
Minimum sum assured would depend on the minimum premium. There is no limit on the maximum sum assured. |
Policy Tenure |
5 years to (99-entry age) |
Entry Age |
18-65 years |
Premium |
Single, limited or regular premiums. Minimum premium is INR 2400 per annum |
Salient Features |
|
Plan Name |
ICICI Pru iCare II Plan |
Sum Assured |
Minimum – INR 85,875 Maximum – no limit |
Policy Tenure |
5-67 years |
Entry Age |
18-65 years |
Premium |
Single or regular premiums. Minimum premium is INR 2400 per annum |
Salient Features |
|
Plan Name |
ICICI Pru Life Raksha Plan |
Sum Assured |
Minimum – INR 50,000 Maximum – INR 5 lakhs |
Policy Tenure |
5 years |
Entry Age |
18-60 years |
Premium |
Regular premium. Premium depends on the sum assured chosen |
Salient Features |
|
ULIPs are market-linked, savings oriented life insurance plans which provide a combination of market-linked returns and insurance coverage. The premiums paid are invested in the market in a fund chosen by the policyholder. The plan also allows various flexible benefits like switching, partial withdrawals, top-ups, etc. Policyholders can, therefore, invest in market-linked investments for attractive returns and also enjoy insurance coverage through ULIPs.
The ULIPs offered by ICICI Prudential Life include the following –
Features of unit-linked plans of ICICI Prudential Life Insurance:
Plan Name |
ICICI Pru Signature Plan |
Sum Assured |
1.25 times to 10 times the annual premium paid |
Policy Tenure |
10-30 years. Coverage can be extended to whole life |
Entry Age |
0-70 years |
Premium |
Single, limited or regular premiums. Minimum premium is INR 2 lakhs per annum. No limit on maximum premium. |
Salient Features |
|
Plan Name |
ICICI Pru 1 Wealth Plan |
Sum Assured |
1.10 to 10 times the single premium paid |
Policy Tenure |
5 years and 10 years |
Entry Age |
8-60 years |
Premium |
Single premium. Minimum premium is INR 50,000 and there is no limit on maximum premium. |
Salient Features |
|
Plan Name |
ICICI Pru Lifetime Classic Plan |
Sum Assured |
1.25 times to 30 times the annual premium |
Policy Tenure |
For limited and regular premium payment – 10,15,20,25 years For single premium – 5-30 years |
Entry Age |
0-75 years |
Premium |
Single, limited or regular premium. Minimum premium is INR 50,000 for single pay and INR 30,000 for regular pay. |
Salient Features |
|
Plan Name |
ICICI Pru Elite Life Super Plan |
Sum Assured |
1.25 times to 40 times the annual premium |
Policy Tenure |
For limited and regular premium payment – 10 years or 15-30 years For single premium – 5-30 years. |
Entry Age |
0-75 years |
Premium |
Single, limited or regular premium. Minimum premium is INR 2 lakhs. |
Salient Features |
|
Plan Name |
ICICI Pru Elite Wealth Super Plan |
Sum Assured |
1.25 times to 40 times the annual premium |
Policy Tenure |
For limited and regular premium payment – 10 -30 years For single premium – 5-30 years. |
Entry Age |
0-75 years |
Premium |
Single, limited or regular premium. Minimum premium is INR 6 lakhs. |
Salient Features |
|
Plan Name |
ICICI Pru Guaranteed Wealth Protector Plan |
Sum Assured |
1.25 times to 10 times the annual premium |
Policy Tenure |
10 years |
Entry Age |
8-70 years |
Premium |
Single or regular premium. |
Salient Features |
|
Plan Name |
ICICI Pru Smart Life Plan |
Sum Assured |
1.25 times to 30 times the annual premium paid |
Policy Tenure |
10-25 years |
Entry Age |
20-54 years |
Premium |
Single, limited or regular premiums. Minimum premium:
|
Salient Features |
|
Plan Name |
ICICI Pru Smart Kid Plan |
Sum Assured |
1.25 times to 10 times the annual premium paid |
Policy Tenure |
10-25 years |
Entry Age |
20-54 years |
Premium |
Single, limited or regular premiums. Minimum premium:
|
Salient Features |
|
Plan Name |
ICICI Pru Smart Couple Plan |
Sum Assured |
1.25 times to 30 times the annual premium paid |
Policy Tenure |
10-25 years |
Entry Age |
20-54 years |
Premium |
Single, limited or regular premiums. Minimum premium:
|
Salient Features |
|
Health insurance plans are those which take cover critical illnesses or diseases and give the insured financial assistance in case of a medical contingency. These plans, therefore, allow individuals to meet the rising cost of medicine and avail the best treatments for their illnesses. ICICI Prudential Life offers the following two types of health insurance plans –
Features of Health Insurance Plans of ICICI Prudential Life Insurance:
Plan Name |
ICICI Pru Heart/Cancer Protect Plan |
Sum Assured |
Minimum – INR 2 lakhs Maximum:
|
Policy Tenure |
5 -40 years |
Entry Age |
18-65 years |
Premium |
Single or regular premiums. Premium would depend on the sum insured selected |
Salient Features |
|
Plan Name |
ICICI Pru Smart Health Cover Plan |
Sum Assured |
Up to INR 25 lakhs |
Policy Tenure |
10-30 years |
Entry Age |
18-50 years |
Premium |
Regular premiums. The amount depends on the sum insured selected. |
Salient Features |
|
Traditional life insurance plans are those which allow you to create guaranteed savings along with life insurance coverage. There are endowment plans and money back plans under traditional saving plans. Both these plans cover premature death and a benefit is also paid if the insured survives till maturity. In case of money back plans, however, the sum assured is paid in instalments during the policy tenure providing liquidity to the policyholder.
The types of savings/money-back plans offered by ICICI Prudential Life include the following –
Traditional savings or money back plans of ICICI Prudential Life Insurance:
Plan Name |
ICICI Pru Cash Advantage Plan |
Sum Assured |
7 or 10 times the annual premium |
Policy Tenure |
15,17,20 years |
Entry Age |
0-60 years |
Premium |
Limited premium. Minimum premium – INR 12,000 |
Salient Features |
|
Plan Name |
ICICI Pru Savings Suraksha Plan |
Sum Assured |
7 or 10 times the annual premium |
Policy Tenure |
10-30 years |
Entry Age |
0-60 years |
Premium |
Limited or regular premiums. Minimum premium – INR 12,000 |
Salient Features |
|
Plan Name |
ICICI Pru Assured Savings Insurance Plan |
Sum Assured |
Depends on premium, age and term |
Policy Tenure |
10 or 15 years |
Entry Age |
3-60 years |
Premium |
Limited premiums. Minimum premium – INR 30,000 |
Salient Features |
|
Plan Name |
ICICI Pru Future Perfect Plan |
Sum Assured |
Minimum – INR 84,000 Maximum – no limit |
Policy Tenure |
10-30 years |
Entry Age |
91 days – 58 years |
Premium |
Limited premiums. |
Salient Features |
|
Retirement plans are called pension plans. These plans help in creating a retirement corpus to fund the post-retirement life of the policyholder. Pension plans can be offered as deferred annuity plans wherein the policyholder can pay premiums and build up a retirement corpus. Thereafter, annuity payments can be availed from the corpus thus built. Another option is the immediate annuity plan wherein by paying a lump sum premium, the policyholder can avail annuities for life. Pension plans always pay annuities which create a source of regular income.
Retirement plans offered by ICICI Prudential Life include the following –
Features and Benefits of Retirement plans of ICICI Prudential Life Insurance
Plan Name |
ICICI Pru Easy Retirement Plan |
Sum Assured |
Depends on the premium paid |
Policy Tenure |
10-30 years |
Entry Age |
35-70 years |
Premium |
Limited or regular premium. |
Salient Features |
|
Plan Name |
ICICI Pru Immediate Annuity Plan |
Sum Assured |
NA |
Policy Tenure |
NA |
Entry Age |
30 years onwards |
Premium |
Single premium |
Salient Features |
|
Group insurance plans are those which are offered for a group of individuals who belong to a particular group. The following group insurance plans are offered by ICICI Prudential Life –
Rural life insurance plans are also called micro insurance plans. These plans cover individuals living in the rural areas of India. The premiums are very low and affordable and the coverage limit is limited since rural individuals cannot afford high coverage levels. The available rural insurance plans include the following –
Claim Settlement Ratio (CSR) of a life insurance company is calculated as the ratio of claims settled by the company against the total claims made on it in a financial year. The formula is as follows –
CSR = (Number of claims settled / Total number of claims made) * 100
The ratio is represented as a percentage and the higher the percentage, the better it is for policyholders. A high CSR shows that the company settles most of the claims that are presented on it. Since maximum claims are settled by the company, the company can be trusted.
ICICI Prudential Life’s Claim Settlement Ratio for the financial year 2018-19 stood at 98.6% which is quite high. In the financial year 2017-18, the company’s CSR was 97.88% which shows consistency in settling claims. Moreover, the company’s ratio was also good compared to the ratio recorded by other life insurance companies. Here’s a look into the CSR of other life insurance companies for the financial year 2017-18 –
Name of the insurance company |
Claim Settlement Ratio |
Aditya Birla Sun Life Insurance Company |
96.38% |
Aviva Life Insurance Company |
94.45% |
AEGON Life Insurance Company |
95.67% |
Bajaj Allianz Life Insurance Company |
92.04% |
Bharti AXA Life Insurance Company |
96.85% |
Canara HSBC OBC Life Insurance Company |
95.22% |
DHFL Pramerica Life Insurance Company |
96.62% |
Edelweiss Tokio Life Insurance Company |
95.25% |
Exide Life Insurance Company |
96.81% |
Future Generali Life Insurance Company |
93.11% |
HDFC Standard Life Insurance Company |
97.80% |
IDBI Federal Life Insurance Company |
91.99% |
IndiaFirst Life Insurance Company |
89.83% |
Kotak Mahindra Life Insurance Company |
93.72% |
LIC of India |
98.04% |
Max Life Insurance Company |
98.26% |
PNB MetLife Life Insurance Company |
91.12% |
Reliance Nippon Life Insurance Company |
95.17% |
Sahara Life Insurance Company |
82.74% |
Shriram Life Insurance Company |
80.23% |
SBI Life Insurance Company |
96.76% |
Star Union Dai-ichi Life Insurance Company |
92.26% |
TATA AIA Life Insurance Company |
98% |
Life insurance claims can be of the following types –
Claim process:
Here are the different types of claim processes for getting the claim settled –
Maturity claims are handled by the insurance company itself. The company usually knows when the plan is maturing and starts the claim process in advance. When the plan matures, the policyholder would have to submit the relevant documents and the claim would be settled.
In case of death of the insured, the insurance company would have to be notified of the death. The nominee should then fill up a claim form and submit other relevant documents to the insurance company. The company would then process the documents submitted and pay the nominee the death benefit.
In case of health insurance claims, the insurance company should be notified by the policyholder. A claim form would have to be filled and all the relevant medical documents would have to be submitted to get settlement of a health claim.
Here is a list of documents required for each type of claim –
Documents needed to process a Maturity Insurance Claim for ICICI Prudential Life Insurance Policy |
|
|
Documents needed to process a Death Insurance Claim for ICICI Prudential Life Insurance Policy |
|
|
|
|
|
|
|
|
|
|
Documents needed to process a Health Insurance Claim for ICICI Prudential Life Insurance Policy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turn-around-time (TAT) is the time taken by the insurance company to settle its claims. ICICI Prudential Life tries to settle its claims within the shortest possible time. The claim is paid through electronic modes so that the settlement process is sped up. The TAT for claim settlements followed by ICICI Prudential adheres to the time specified by the IRDAI (Insurance Regulatory and Development Authority of India). It is as follows –
For raising claim related requirements |
Within 15 days of receiving the claim intimation |
Claim settlement/claim rejection/claim repudiation if investigation is not required |
Within 15 days of receiving the last document needed for claim processing. |
Claim settlement/claim rejection/claim repudiation if investigation is required |
In case of death claims: the investigation should be completed within 90 days of receiving the claim intimation. The claim should, thereafter, be settled within 30 days of completing the investigation In case of health claims: the investigation should be completed within 30 days of receiving the last required document. The claim should, thereafter, be paid within 45 days of receiving the last required document. |
An alternative way to make your life insurance claim is through Turtlemint. Turtlemint is an online platform which allows you to compare and buy the best life insurance policies. Moreover, in case of a claim, the company’s dedicated claim settlement department helps you to get your claims settled quickly. To get your claims settled through Turtlemint you just have to call the claim helpline number of the company which is 1800 266 0101. Alternatively, you can also intimate your claim through mail at claims@turtlemint.com. As soon as the claim is intimated, the company’s claim department would contact you and help you get the settlement of your claim. Moreover, for any queries or complaints regarding claim settlement you can call up the above-mentioned number or even chat with the executive of Turtlemint online.
ICICI Pru Life Insurance settles claims through electronic modes. The claim amount is directly credited to the bank account of the policyholder (in case of maturity or health claims) or the nominee (in case of death claims).
To report a claim, there are various options to choose from. These include the following –
Alternatively, you can also report your claim to Turtlemint on its helpline number 1800 266 0101 or on its email id – claims@turtlemint.com and Turtlemint’s team would help you with claim settlement.
Premiums for ICICI Life Insurance policies can be paid online, through cash (up to INR 50,000), through cheque, through demand drafts, through mobile wallets or using any other digital payment platform. You can also choose to buy ICICI Prudential’s life insurance policy online through Turtlemint’s platform. Turtlemint is an online platform which allows you to fulfil your insurance requirements with some of the best policies. When you buy online, you can pay the premium also online through Turtlemint’s website.
Yes, once bought, life insurance plans can also be cancelled. ICICI Prudential Life Insurance allows a free-look period to policyholders for cancelling the policy. This period is for 15 days after the policy is issued. The policyholder can cancel the policy during this free-look period. Once cancelled, the premium paid is refunded back after deducting the applicable charges incurred in issuing the policy and the premium for the period for which the policy was in force.
The status of a policy can be checked online. For doing so you should visit the company’s official website which is www.iciciprulife.com. On the website, on the right hand side corner, there is a ‘Track Application’ tab. Click on the tab and you would be directed to a new page. There, you can track the status of your application by providing any of the following details –
If you miss the premium payment within the due date, you would be allowed a grace period. This grace period is an additional period for paying the premium. During the grace period the coverage would continue. The grace period would be 30 days if you are paying premiums annually, half-yearly or quarterly and 15 days if you are paying monthly.
Yes, life insurance premiums paid are allowed as a deduction from your taxable income under Section 80C up to INR 1.5 lakhs. Moreover, the maturity or death benefit received from the policy is also tax-free benefit under Section 10 (10D).
Yes, health insurance plans offered by ICICI Prudential Life Insurance Company also allow tax benefits. The premiums paid for such plans are allowed as a deduction under Section 80D up to INR 25,000. The limit increases to INR 50,000 if you are a senior citizen.
The renewal premium can be paid online. To do so you should visit ICICI Prudential’s official website at www.iciciprulife.com. On the home page choose ‘Customer Services’ and on the services page choose ‘Pay Renewal Premium’. You would be taken to a new page wherein you should provide the relevant details like your policy number/mobile number/email id registered with the company and your date of birth. Once the details are provided you can pay the premium online through any digital payment mode. Alternatively, you can also pay the renewal premium through cash, cheque or demand drafts.
Renewals of ICICI Prudential’s life insurance plans can also be done through Turtlemint. Turtlemint is an online platform which allows you to buy and renew insurance policies online. You can simply visit Turtlemint, choose your policy and pay the renewal premium and the policy would be renewed.