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ICICI Prudential Investment Plans

ICICI Prudential Life Insurance Company Limited is one of the top most insurance providers operating in India. Established as a joint venture between Industrial Credit and Investment Corporation of India and Prudential Corporation Holdings Limited, the insurer has more than ₹1,395.3 billion in Assets Under Management as on 31st March 2018. The insurance products offered by ICICI Prudential range from term, child, savings, retirement plans, ULIP schemes, protection plans, etc. are coupled with superior quality services.

Types of Investment Plans offered by ICICI Prudential

In this article, we will educate you on the traditional plans offered by ICICI Prudential. ICICI Prudential offers multiple traditional/money back plans. Mentioned below are the common benefits which come with all ICICI Prudential plans.

  1. Returns - You are entitled to good returns with a traditional savings plan as the insurer is most likely certain benefits and additions (Guaranteed Additions, Guaranteed Maturity Benefit, Reversionary Bonus, and Terminal Bonus) to your policy which increase the rate of return over a long time.

  2. Systematic Savings - These plans inculcate the habit of disciplined and regular savings. You can meet all your financial securities related to your child’s higher education or marriage.

  3. Protection - Traditional plans offer life cover for you and your family. Thus, the cover amount ensures that your family is financially secured even in your absence.

  4. Tax Saving - Under traditional savings plans, you can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Note: All information regarding product benefits and eligibility details has been sourced directly from the official website of ICICI Prudential

ICICI Prudential Cash Advantage Plan

This is a non-linked life insurance plan which comes with guaranteed pay-outs along with wealth creation and life cover.

Product Benefits

  • Liquidity - Your payouts commence immediately post premium payment term.
  • Guaranteed Cash Benefit (GCB) equal to 1% of GMB every month throughout the payout term of 10 years or end of the policy term.
  • Flexible premium paying terms of 5/7/10 years.
  • Death Benefit - This amount is maximum of Sum Assured plus Bonuses or GMB plus Bonuses or Minimum Death Benefit.
  • Minimum Death Benefit is equal to 105% of sum of premiums paid till date (excluding extra mortality premiums, Goods & Services Tax and Cess, if any).
  • Maturity Benefit - This amount is maximum of Guaranteed Maturity Benefit plus vested reversionary bonuses, if any plus terminal bonus, if any OR 100.1% of total premiums paid (excluding any extra mortality premium, Goods & Services Tax and Cess, if any) less GCBs received.
  • Avail a loan of up to 80% of the surrender value.

Eligibility Details

Premium Payment Option5 yrs7 yrs10 yrs
Premium Payment Term5 yrs7 yrs10 yrs
Payout Term10 yrs
Policy Term plus Payout Term15 yrs17 yrs20 yrs
Minimum Premium₹30,000₹18,000₹12,000
Maximum Premium Unlimited
Age at Entry3 yrs1 yr0
Max Age60 yrs
Premium Paying ModeAnnual / Half-yearly / Monthly
Cash Benefit ModeAnnual / Monthly

ICICI Prudential Savings Suraksha Plan

This is a traditional savings insurance plan which offers Guaranteed Additions along with Guaranteed Maturity Benefit.

Product Benefits

  • Flexibility to select premium payment option as Regular Pay or Limited Pay.
  • Flexibility to select premium payment mode, Sum Assured and policy term.
  • Death Benefit - This amount is highest of Sum Assured plus accrued Guaranteed Additions and Bonuses OR GMB plus accrued Guaranteed Additions and Bonuses OR Minimum Death Benefit.
  • Minimum Death Benefit is equal to 105% of sum of premiums paid till date (excluding extra mortality premiums, Goods & Services Tax and Cess (if any).
  • Maturity Benefit - The Guaranteed Maturity Benefit along with accrued Guaranteed Additions plus vested reversionary bonuses, if any, plus terminal bonus, if any.
  • Surrender Benefit - The policy will acquire a surrender value post payment of three full years’ premium. If PPT is less than 10 years, the policy will acquire a surrender value post payment of two full years’ premium.
  • Avail a loan up to 80% of the surrender value.

Eligibility Details

Premium Payment Option
Limited Pay
Regular Pay
Premium Payment Term571012Policy Term
Policy Term 10 to 3012 to 3015 to 3017 to 30-
Minimum Premium₹30,000₹18,000₹12,000₹12,000₹12,000
Age at Entry0/60 yrs
Max Age18/70 yrs
Premium Paying ModeAnnual / Half-yearly / Monthly

ICICI Prudential Assured Savings Insurance Plan

This is a traditional non-linked life insurance savings plan which provides lump sum payout as maturity benefit.

Product Benefits

  • Guaranteed Additions - 9% or 10% of total premiums paid will be added to your policy.
  • Guaranteed Maturity Benefits - This is a guaranteed lump sum payable at the end of the policy term.
  • Flexibility to select premium payment term and policy term.
  • Maturity benefit payable will be the sum of Accrued Guaranteed Additions + Guaranteed Maturity Benefit (GMB).
  • Death benefit payable will be highest of Sum Assured plus accrued Guaranteed Additions OR GMB plus accrued Guaranteed Additions OR Minimum Death Benefit where Sum Assured on death is equal to 10 times annual premium and Minimum Death Benefit is equal to 105% of sum of premiums paid till date (excluding extra mortality premiums, Goods & Services Tax and Cess (if any) or 10 times the annual base premium or the chosen Sum Assured (which in this case is 10 times the annual base premium) whichever is highest.
  • Surrender Benefit - If the premium payment term of your policy is 10 years, your policy will acquire a surrender value after payment of three full years’ premium. If your premium payment term is 5 or 7 years, your policy will acquire a surrender value after payment of two full years’ premium.

Eligibility Details

Premium Payment Term5 yrs7 yrs10 yrs
Policy Term10 yrs10 yrs12 yrs12 yrs
Minimum Annual Premium₹30,000₹18,000₹18,000₹12,000
Min/Max Age at entry8/608/606/606/60
Min/Max Age at maturity18/7018/72
Premium Paying Mode
Annual / Half-yearly / Monthly

How to Apply for ICICI Prudential Investment Plans?

There are two ways to apply for ICICI Prudential Investment Plans-

Online:

There are only a few ICICI Prudential Investment plans available online. To avail them, simply visit the official website of ICICI Prudential and register with a login ID and Password. Select the required plan mentioning the coverage and KYC details. Next, your premium will be automatically calculated and you can make the payment via debit/credit/net banking. Post payment, the policy will be delivered to your inbox.

Offline:

You can purchase all plans via brokers, agents, bank branch, aggregators and intermediaries.

FAQs on ICICI Prudential Investment Plans

Why choose ICICI Prudential Investment Plans?

You should select ICICI Prudential Investment plans because this insurer is one of the leading financial service provider across India with a track record of superior quality customer centric service. Also, you can select a wide range of insurance products offered by ICICI Prudential ranging from term, child, savings, retirement plans, ULIP schemes, protection plans, etc.

Which is the best ICICI Prudential Traditional Plans for long term?

There are three ICICI Prudential Traditional Plans which are unique and offer benefits over the long run. They are ICICI Prudential Cash Advantage Plan, ICICI Prudential Assured Savings Insurance Plan and ICICI Prudential Savings Suraksha Plan.

How to pay premium? What are the modes of payment available?

There are 11 methods of premium payment offered by ICICI Prudential. They are net banking, credit card, bill desk, debit card, bank website, bill junction, infinity, eCollect, MINC dropbox, Rupay debit card and SkyPak drop box.

How can I check policy status for ICICI Prudential Investment Plans?

You can check your policy status online by simply logging into your registered account on the official website of ICICI Prudential.

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