ICICI Prudential Life Insurance

The ICICI Prudential Life Insurance Company Limited is one of the leading and most preferred companies when it comes to choosing dynamic insurance plans. This wide range of insurance plans is brought to you with a joint venture by one of the leading banks in India ICICI Bank and London based multinational life insurance service company, Prudential Corporation Holdings.

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ICICI Life Insurance – Overview

It was incorporated in the year 2001 while setting up a new benchmark for the competitors in the Indian market. The company has made tremendous progress that, as of 31st March 2019, their Assets Under Management (AUM) amounted to rupees 1,604.10 billion, which is a really significant amount.

The ICICI Prudential life insurance policy mainly operates with a customer-centric philosophy that has led them to success. It is also the first insurance company that was listed on NSE and BSE in India.

The insurance plans portfolio of ICICI Prudential is very broad and diverse in nature.

Also Read: What is ULIP? Is ULIP a good investment tool?

It covers almost all the necessary insurance that a person may require. There are plans that are combined too which will save a lot of energy, time, and money in selecting different insurance plans. Let’s get to know in detail about these plans right away.

ICICI Life Insurance Plans

  1. Term Plans 
    A Term Plan or Term Insurance Plans are the most important and basic type of life insurance plan. These types of plans aid in protecting you and your family’s monetary needs. It is achieved by offering the customers a very value of insurance cover at a very reasonably low premium. You have the liberty to pay these premiums at your own will, all at once or depending on the policy you choose to buy. 

    The insurance plans are a way to protect your family from any financial needs in your absence. If it is you whose life is assured then you pay a fixed amount at a fixed interval and on the event of your death, your family will receive an amount that was pre-decided and this sum is called Sum Assured.
    There are few popular types of term insurance plans that run under the ICICI Life Insurance Corporation’s plan, they are as follows:
    1. ICICI Pru iProtect Smart 
      This particular insurance plan gives you a variety of options in choosing the coverage based on the requirement of every individual. The plan is said to be very friendly with a tight and has a total of 34 critical illnesses covered under the plan. Also, the term plan has given the customers a total cover of rupees 2 crores altogether and also provides 4 different payout methods. Furthermore, the iProtect Smart plan provides for a tax deduction under section 80C and 80D. However, all of these benefits are subject to the terms and conditions mentioned by the company.
    2. ICICI Pru iCare II
      It is a plan that is lenient and works completely towards the betterment of your family’s financial worries. In this plan, you have the option to choose your own lump sum amount i.e the sum assured unlike the other plan. But at the same time gives you an opportunity for fixed Sum Assured of rupees 2 crores as well. For more benefits you can download the brochure from the official website.  
  1. Health Plans 
    You are well aware of the fact that health is wealth. And it is very vital to take care of it no matter what. At times it may happen that an unwanted sickness or illness might knock at your doorstep and you might not be financially prepared. This is the reason people buy health insurance plans that ensures them and the families’ well-being despite low finances. 

    The ICICI Prudential’s Health Insurance Plans are provided for everyone from children to elderly. They also take care of senior citizens, your pregnant wife, personal accident insurance, etc. There are many benefits for availing health insurance plans like the lump sum payout, no sub-limits, no hospital bills required, get treated anywhere in the world, tax benefits, room rent coverage, and many more. It is never a disadvantage in choosing health insurance plans. The two types of plans offered are: 
    1. ICICI Pru Heart / Cancer Protect 
      This particular health plan is curated for people with a heart ailment and has cancer. The unique aspect of this life insurance is that there is a hike of 10% in the sum assured if there is no claim policy year. Moreover, the company offers a 5% discount if you buy it for yourself and your wife/husband as well. The plans provide for coverage of rupees 20 lakhs at just rupees 387 per month.  The claim can be availed by the party upon the first diagnosis of any listed condition in the terms and conditions.
    2. ICICI Pru iProtect Smart
      The health cover is offered for a period of 30 years which is a very long time. One of the major advantages of the iProtect Smart health cover is that the premium to be paid remains constant throughout the tenure. Moreover, the health insurance lump sum can be claimed without needing any hospital bills. Not all insurance plans cover specially curated plans for women, providing coverage for specific female organ cancers. 
  1. Unit Linked Insurance Plans (ULIP)
    Unit Linked Insurance Plans is that insurance plans curated and handpicked to combine all the protections and saving under one single insurance plan. A ULIP can be considered as not only an insurance policy but also an investment for a lifetime. The nominee will be paid the sum assured on the death of the policyholder only during the term of the ULIP. And after the maturity of the plan, the policyholder will get the maturity value that is based on the investment in equity or debt or both.  This plan seems to be a win-win situation for you. You never lose the money that you paid as a premium. The ULIP ensures a timely saving of funds, gives all-round protection, provides a flexible investment option, and also allows tax deductions to a certain limit. 
    1. ICICI Pru Signature 
      The ICICI Pru Signature Insurance Plan is the newest plan that is an insurance-cum-investment plan provided with a special savings plan. The entire premium you pay against the policy is allocated to the funds of your choice. It can either be Return of Mortality or can be Policy Administration Charges at the time of maturity exclusively for people who buy the policy online. You also have a choice to select the insurance plans from 4 vibrant portfolio strategies designed for you that have flexibility in abundance. This specific insurance plan is made available online itself and you just have to follow 4 simple steps to be the part of this exclusive insurance policy. 

      Initially, you have to choose the premium and the suitable policy term and conditions according to your convenience. After this step, choose from the set of investment options and then make the payment, that’s it, you are set to go. 
    2. ICICI Pru LifeTime Classic 
      The ICICI Pru LifeTime Classic is the non-participating unit-linked plan that is brought to you to provide complete financial protection for your loved ones. This plan has the potential to protect and safeguard your future by proving you to choose from 4 different portfolio strategies for personal investment. The Target Asset Allocation Strategy, Trigger Portfolio Strategy 2, LifeCycle based Portfolio Strategy 2, and Fixed Portfolio Strategy are the strategies offered. Each strategy has its own benefits and risks associated with it. You got to choose wisely in order to be benefitted highly. Furthermore, the plan provides you the opportunity to switch between the fund options for optimum benefits, but only 4 switches are free in a year. Look out for the best options for high returns. 
    3. ICICI Pru1 Wealth
      The ICICI Pru1 Wealth is not just an insurance plan but is more than just about safety. It is a plan that also allows you investment options in 7 different fund types ii.e 3 equity, 3 debts, and 1 balanced fund. You are also given the facility to switch between these fund options. And we can’t skip the part of tax benefits as well along with unlimited fund switches. The benefits are far more flexible and beneficial to every individual with an idea of investment too.  
  1. Child Education Insurance Plans 
    No more worrying about the education of your son or your daughter, the ICICI Education insurance Plans have covered it for you. As a parent it is always a matter of worry, however, the insurance policy protects and safeguards all your worries. These plans are mainly focused on higher education at a prestigious university. The company provides you with flexible premium payment plans like yearly, half-yearly, quarterly, or monthly. At the end of the tenure of payments, you receive a Maturity Benefit too. Now your child need not compromise on any educational aspects if you do not have enough funds the insurance will keep it for you. 
    1. ICICI Pru Smart Life 
      The ICICI Pru Smart Life Insurance plan provides security and safeguards the educational needs of your children. This plan is flexible enough to give you a Life Cover and Premium Waiver Benefit too. It also gives you 11 different funds options for optimum returns. Moreover, the customers are also awarded Loyalty Additions and some Wealth Boosters, if you start the investment at the start of the policy term. 
  1. Retirement Plans 
    No retirement savings? Need not worry! The ICICI Prudential Retirement plans are specially designed and curated to meet all your post-retirement needs. After retirement, it is evident that you might need some medical and living expenses to be taken care of and that is the reason this plan was developed. The insurance guarantees a stable monetary status in the post-retirement life and also provides security for the children in the absence of the policyholder. Moreover, the tax benefits up to the limit of rupees 1.5 lakhs subject to income tax rules are also made possible. The payouts that you will receive through these pension plans will be tax-free. 
    1. ICICI Pru Easy Retirement (ULPP)
      The ICICI Pru Easy Retirement Plan provides benefits for capital benefits through investing in equity, debt, and a combination of both. The plans grant you flexibility and liberty in choosing your investment according to your risk appetite. There are plans with different tenure periods like 5 years, 10 years, or even throughout the maturity period. Moreover, there are enough tax benefits available on the same. 
    2. ICICI Pru Immediate Annuity
      The ICICI Pru Immediate Annuity plan provides the facility to pay the premium all at once to avail the benefits after the tenure of maturity. This insurance plan also allows you to avail all the suitable and appropriate tax benefits or deductions. The ICICI Immediate Annuity Insurance Plan is flexible in terms of choosing the income benefit or repayment monthly, quarterly, half-yearly, or yearly. Moreover, this insurance plan also gives you a 0.5% discount on the cost of the purchase price for National Pension Scheme subscribers.  
    3. ICICI Pru QROPS
      The QROPS is an abbreviation for Qualifying Recognized Overseas Pension Scheme, specially curated, designed, and planned out for the employees who have worked in the United Kingdom(UK). The said pension scheme meets the rules and compliances of the Her Majesty’s Revenue and Customs (HMRC). Due to this compliance, the Indian employees can incur the retirement benefits by not being charged with any unauthorized payment or any similar scheme sanction charges. These pension plans are curated in this specific manner because the UK government allows the transfer of pension funds only to schemes that are QROPS registered.

Also Read: Know about different types of Life Insurance Plans

ICICI Prudential Life Insurance Plans Benefits

  1. Tax Deductions And Benefits

    The insurance plans provide you a varied range of tax benefits and tax deductions for the premiums that you pay frequently. This may allow your taxable income to lower and eventually less tax will be applicable to you. Under Section 80C, you get tax benefits on premium paid up to rupees 1.5 lakhs. Moreover, additional tax deductions under Section 10(10D) as well, if your family receives the insurance money on an uncertain or unfortunate event. 
  1. Safe and Secured Financial Position

    There are a number of insurance plans that can be availed according to your flexibility and your budget. The regular savings can provide for your life insurance needs as well as financial coverage by means of investment for your retirement. The habit of regular savings can assure you highly successful and long-term monetary benefits. In case of any unfortunate accidents or mishaps, the insurance will keep you and your families safe and secure. 
  1. Affordable Health Cover

    The healthcare plans are curated and designed keeping in mind 34 critical illnesses. The individual who has these illnesses can buy these policies and reduce all the financial burdens easily. There insurance plans that are specially designed for women and specific organ illnesses. Moreover, they also have an insurance plan for the heart and cancer patients who can claim the expenses under this policy. The health insurance covers room rental expenses, ambulance costs, post-hospitalization, specific surgeries, many ailments, and many more. The policy also tries to cover the consultation as well as test expenses that are hardly covered by any other insurance plans. 
  1. Flexible-Premium Payment Options

    The ICICI Prudential Life Insurance Plans offers flexible premium payment options. One can pay online as well as through offline methods. The premium of these insurance policies can be paid monthly, quarterly, half-yearly, and yearly or all at once. Not all insurance plans can guarantee you flexibility in terms of premium payments. There are many customization options made available by the ICICI Prudential Life Insurance. Furthermore, individuals that pay through online methods have discount benefits as well. It is the most convenient method that can provide you with a variety of benefits. 
  1. Flexibility Of Investment 

    There are insurance plans with ICICI Prudential Life Insurance that have the ability to invest your premium money in equity, debt, or both funds. This money is made available to you on the maturity of the policy. Moreover, the insurance plans provide fund switching plans in which few are restricted to a certain limit while there are plans that allow unlimited fund switching. Thereby, allowing the customers to earn more interest than the inflation rate. Eventually, it provides you better returns on your investment and makes the most of the opportunities. 
  1. Critical Illness and Disability Covers

    The ICICI Prudential Health Insurance Plans keeps you secured financially with the increasing medical costs and also keeps you safeguard from any insufficient savings. In case of emergencies, it is highly impossible to avail of the costly medical treatments due to the unavailability of funds. All such are solved and looked after by these insurance plans. All you have to do is pay some small premiums for the same.

Also Read: List of Top Term Plans in India

ICICI Prudential Life Insurance Calculator

  1. The ICICI Prudential Life Insurance Plans provides extensively comprehensive yet affordable policies.
  2. The health insurance plans also have an option where you get survival benefits or maturity benefits after the termination of the tenure of the policy.  
  3. The life insurance premium payments can be claimed under the income tax deduction under section 80C. Moreover on maturity, you can avail the benefits of waiver in taxes under section 10(10D) of the Income Tax Act, 1961. 
  4. The premium payments that you pay to the insurance company can be channelized in investing in equity or debt funds, allowing you to beat the inflation rates and make the most out of your money. An invested money is anytime better than money in one place earning you no benefits or profits. 
  5. The QROPS is another benefit of the ICICI Prudential Insurance Plans that we cannot ignore as it is registered under Her Majesty’s Revenue and Custom (HMRC). Thereby, enabling the employees in the UK to provide transfer of retirement benefits here in India.  
  6. The insurance plans are also designed to serve more than one purpose of life cover through investment and all-in-one insurance plans.

Also Read: What is Zerodha margin?

ICICI Prudential Life Insurance Online Payment

Following are the steps that will guide you through the login process for the ICICI Prudential Life Insurance Plans:

  1. Visit the official page of ICICI Prudential Life Insurance Company Limited. Click on the Login button available at the top center of the page. Click here to visit the official website.
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  1. A drop-down list appears when you click on the login button. From that dropdown list click on the customer role. This will direct you to the login and registration page. That would look like this:
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  1. If you already have registered, just enter the valid credentials. And if you are a new user click on the “New user” link below the sign-in button.
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  1. After clicking on the new user you will be directed to a page that will ask you, your mobile number, email id, and a new password.
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  1. After clicking the submit button, an OTP option is displayed. Verify your phone number and email id to proceed.
  2. Now that you have logged in to the website, you have access to the dashboard, policy details, fund values, premium payment option, etc. 

Also Read: How to find Zerodha Brokerage?

Documents Required To Apply For ICICI Life Plans

  1. Documents that remain mandatory for all the insurance plans
    1. Canceled cheque 
    2. Claimant’s statement
    3. Xerox copy of death certificate issued by the appropriate Municipal Corporation 
    4. Only for Credit Life Policies, it is mandatory to provide the claimant’s statement or claim intimation form for the lender-borrower group
    5. Photo identification and current address proof for the claimant
  2. Further documents to be provided for non-accidental death
    1. For salaried individuals, a certificate from the current employer is mandatory
    2. Medical certificate from the hospital, it should be filled by the treating doctor only
    3. Any medical admission notes, medicinal prescription, test reports, etc 
    4. Copy of medical-legal cause of death certificate
  3. Further Documents to be provided for accidental deaths
    1. If the life assured was driving the car/vehicle during which he died, then the driving license is to be provided for
    2. The xerox copy of the FIR or Pnachnama or post mortem report for the said accidental death and suicide cases
  4. Documents needed to be provided for Claim Settlement
    1. Canceled Cheque
    2. Doctor’s medical certificate
    3. Xerox copy of medical reports like the discharge certificate, medicine prescriptions, admission notes, test reports, etc. 
    4. Original Policy Certificates provided by ICICI Prudential Life insurance
    5. Claimant’s Statement or Claimant’s intimation form
  5.  Claim settlement for the Fixed benefit hospitalization – ICICI Pru Hospital Care
    1. Canceled Cheque
    2. Doctor’s Certificate of attendance
    3. Xerox copy of medical reports like the discharge certificate, medicine prescriptions, admission notes, test reports, etc. 
    4. Health Checkup form provided for the ICICI Pru Hospital Care II
    5. For the people opting for online transaction, the pre-authorization form 
    6. Claimant’s statement   
  6. Claim Settlement for Indemnity Hospitalization – ICICI Pru health saver 
    1. Canceled cheque
    2. Original Hospital or pharmacy reports, bills, and records
    3. Claimant’s Statement 
    4. Health Checkup form provided for the ICICI Pru Health Saver
    5. Original Discharge Card 
    6. Original Investigation reports
    7. For the people opting for online payment methods, the pre-authorization form
    8. The Health saving form provided for ICICI Pru Health Saver

Claim Settlement Process of ICICI Life Insurance

There are two ways through which you can claim settlement for your insurance if the conditions of the policy have met for your ICICI Prudential Life Insurance Policy. You can apply online or offline as per your convenience:

  1. Offline
    1. Visit the nearest branch of ICICI that is convenient for you or
    2. Call on the 24*7 ClaimCare number made especially for you at 1-860-266-7766 or
    3. SMS on 56767 with a text message ‘ICLAIMPolicy Number’
  2. Online
    1. All you ought to do is visit their official website, log in to your profile and claim the policy or
    2. Email the company on the official email id [email protected] or 
    3. Send the claim to the email of ClaimCare

Also Read: Car Insurance Buying Tips

Aspects Not covered By ICICI Prudential Life Insurance

The insurance policies have provided exclusions on paying the claim on certain activities that can be divided into two categories. One is on permanent disability and the other one is on accidental deaths. The exclusions can be listed as follows:

  1. Exclusions on accidental death benefits:
    1. If the life insured attempts to commit suicide or some other self-inflicted injuries while being sane or insane both are exclusively removed from the policies. 
    2. Injuries or death caused by Overuse of drugs, alcohol, etc. 
    3. Death caused due to adventure sports like parachuting, skydiving, or scuba diving, etc.
    4. Any act considered as a criminal offense also terminates the policy
    5. If death is caused due to any hazardous or life-threatening acts like jet skiing, martial arts, horse racing, mountaineering, etc. 
    6. Moreover, if death is a result of war, civil commotion, or declared war too.
  2. Exclusions on permanent disability:
    1. Any death or CPD that has taken place after the termination of the insurance policy
    2. The insurance policies also excludes permanent disabilities that take place 180 days after the accident that led to disability. 
    3. Any permanent disability that is a result of any attempted suicide, excessive use of drug or alcohol, or adventure sports like mountaineering, skydiving, scuba diving, etc.

Also Read: How much money can you make through latest HDFC RD?

Review

The ICICI Prudential Life Insurance Plans has proven to be providing life-savings aids and financial-cover throughout its establishment. It has been awarded as “Best Customer Orientation in Life Insurance” by the most recognized and well-known Emerging Asia Awards in the year of 2018. It has a huge history of awards that tells us the authenticness and quality of services that it provides. It is said to be one of the best insurers in the Indian market due to its flexible, reasonable, and simple insurance plans that have benefited thousands and continue to do so.

ICICI Life Insurance Customer Care Number

Customer care number for existing customers: The customers can visit the official website to get in touch with the officials or call om 1860 266 7766

  1. Email Id for the existing customers: [email protected]
  2. Contact details for NRI customers: +91 22 6193 0777 or 1860 266 7766
  3. Email ID for NRI Customers: [email protected]
  4. Customers that are Group and annuity ones: 1860 266 7766 
  5. Email Id for the group and annuity customers: [email protected] , [email protected]
  6. Customer care number for new customers: 1860 266 7766
  7. Email id for the new customers: [email protected]

Also Read: What is Provident Fund?

ICICI Life Insurance FAQs

⭐ What all things should an individual look out for while choosing a health insurance plan?

To find the best insurance plan every individual should look out for the simple claim process, the payout mechanism, minimal waiting period, and pre/post-hospitalization benefits along with annual premium.

⭐ Do the ICICI Prudential Health Insurance Plans take an X-ray, MRI, CT scan, or ultrasound under their cover umbrella?

Yes, the insurance plans cover the diagnostics charges only if the life insured is admitted to the hospital for at least 24 hours. Moreover, the disease or illness must be covered under the prescribed illness of the plan. Such tests are highly specified in a few health insurance covers particularly and not all of them.

⭐ What are the documents compulsory required by the insurance company during a claim?

-Canceled cheque 
-Claimant’s statement
-Xerox copy of death certificate issued by the appropriate Municipal Corporation 
-Only for Credit Life Policies, it is mandatory to provide the claimant’s statement or claim intimation form for the lender-borrower group
-Photo identification and current address proof for the claimant

⭐ What all tax deductions or tax benefits can be availed under the life insurance policies of ICICI Prudential?

The insurance plans provide you a varied range of tax benefits and tax deductions for the premiums that you pay frequently. This may allow your taxable income to lower and eventually less tax will be applicable to you. Under Section 80C, you get tax benefits on premium paid up to rupees 1.5 lakhs. Moreover, additional tax deductions under Section 10(10D) as well, if your family receives the insurance money on an uncertain or unfortunate event.

⭐ How much time does it take to settle a claim by ICICI Prudential Life Insurance?

The time required to settle a claim and receive the benefits is normally 30 days where for the settlement claim the insurance company doesn’t require any investigation from the date of receipt of the last document submitted officially.

⭐ How is the settlement claim paid out to the customers by ICICI Prudential?

The settlement claim of an individual is usually paid through cheque or ECS by the company, mainly considering the convenience of the life insured.

⭐ What is the policy termination/surrender process?

The policy of a policyholder can be surrendered by visiting the nearest ICICI office along with the original policy documents and filling in the surrender form to do so. But do not forget to carry address proof copy, one canceled cheque, identity proof, etc.

⭐ Is it mandatory to go through a medical test before buying a health insurance plan?

Some of the insurance companies give health insurance based on any past medical history or the set minimum age. However, some of the insurers makes the medical test compulsory, so it highly depends on which insurer you choose.

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