ICICI Prudential

Life Insurance

ICICI Prudential

ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential Plc., a major financial services company based in the UK. Since its commencement in 2000, ICICI Prudential has grown so immensely that today it is the second largest private life insurance company in India.

Annual Business₹33,431 cr.
Claims Settled97.9%
Claims settled within 30 days92.56%

Term Insurance offered by ICICI Prudential

iProtect Smart

Highly popular in the market, iProtect Smart is one of the most suitable plans to protect your family upon your untimely demise. It provides a range of plan options and riders so you can choose what best fits your needs.

This plan offers four payout options:

  • Lump Sum:

    Entire cover amount is paid as lump sum upon demise of the insured

  • Income:

    A monthly income equivalent to 0.833% of the death benefit is paid for the next 10 years.

  • Increasing Income:

    Every year 10% of the death benefit is paid in monthly instalments for the next 10 years and the income amount increases by 10% every year.

  • Lump sum plus Income:

    A part of the death benefit is paid in lump sum and the balance is paid out in monthly income equivalent to 0.833% of the death benefit.

You can also opt for additional riders:

  • Accelerated Critical Illness Benefit:

    You get a lump sum amount in case you’re diagnosed with any of the 34 listed critical illnesses. However, keep in mind this lump sum amount is part of your base cover itself. So your death cover gets reduced by the amount of Critical Illness benefit paid.

  • Accidental Death Benefit:

    An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.

ICICI Prudential Term Insurance plan details

Plan NameEntry AgeSum AssuredPolicy payment options

ICICI Pru iProtect
Smart Term Plan

18-65
Limited Pay with PPT
of 60 years less age at entry- 18-55

₹10,00,000- unlimited

Single, Yearly,
Half-yearly and
Monthly

ULIP Plans

Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time.

Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. You die after 15 years and your family naturally gets 10 lakhs. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. So 10 lacs, i.e., your death cover is the minimum payout. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. That’s your maturity payout.

But there are other things to look for as well. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. You can never withdraw the entire amount. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. So the entire 1 lakh is never invested.

Make sure you read the policy document diligently. And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.

ULIP Plans offered by ICICI Prudential

Plan NameEntry AgeNo. of funds

ICICI Pru Signature

0 - 60

Total: 15
Equity: 12
Debt: 3

ICICI Pru Wealth

8 - 60

Total: 9
Equity: 6
Debt: 3

ICICI Pru Life Time
Classic

Minimum- 0

Maximum-
Single Pay: 75 years,

Limited Pay/Regular Pay:
65 years

Total: 13
Equity: 10
Debt: 3

ICICI Pru Guaranteed
Wealth Protector

Minimum: 8 years

Maximum
One pay: 70
5 pay: 60
7 pay: 60

Total: 2
Equity: 1
Debt: 1

ICICI Pru Smart Life

Regular and one pay: 20-54

limited pay:
Minimum- 20 yrs
Maximum- 48 yrs

Total: 15
Equity: 12
Debt: 3

Frequently Asked Questions

What is the renewal process for ICICI Prudential Life insurance policy?

ICICI has a quick pay link. For ease, we are providing it here: ICICI Prudential Renewal. Once you are there, you just have to enter your policy number and date of birth and you will get all the info related to the renewal and its payment.

What happens if I don't renew my ICICI Prudential Term plan?

How do I cancel my ICICI Prudential term plan?

How do I cancel or surrender my ULIP plan?

What documents are required to purchase a Term plan?

For how long should I buy Term insurance?

What is the claim process for ICICI Prudential term insurance?

Can I change the nominee after buying term insurance?

Can I change the premium payment frequency after buying term insurance?

What is the tax benefit in term insurance?

Will my premium increase if I am a smoker or drink alcohol?

I smoke occasionally with my friends. Will that increase my premium?

How much will my premium increase if I smoke?

Will there be any medical check-ups for term insurance?

Can the insurance company reject my application?

What happens to my premium if the insurer rejects my application?

Ditto
finshots
A product by Finshots

Finshots © 2022. All Rights Reserved.

Tacterial Consulting Private Limited

CIN: U74999GJ2018PTC103398

IRDAI Registered Corporate Agent (Composite) License No CA0738

valid till 9th December 2023

Disclaimer : The information contained in this website is presented purely for information purposes only provided as service to the internet community at large. It does not constitute insurance advice and we do not guarantee the accuracy, adequacy or the completeness of the information contained here.