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ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company Ltd began its operations in the year 2001. It is a joint venture between one of the largest private sector banks in India and Prudential Corporation Holdings Limited.

ICICI Prudential Life is one of the top players in the life insurance sector.

Company's product portfolio ranges from long term saving to financial protection products meeting different life stage requirements of its customers. The company aims to provide cost effective products, good supervision of assets and funds under its management and a hassle free claim settlement experience for its valued customers. It is also the first insurance company which has been listed on National Stock Exchange and Bombay Stock Exchange. The claim settlement ratio for the company in the FY 2016-17 is 96.87%. The company has maintained impressive claim settlement ratio in the last few years.

Interesting facts about ICICI Prudential Life Insurance Company Ltd

  • ICICI Prudential Life is the first private life insurance company to attain assets under management of 1 trillion
  • Assets Under Management (AUM) as on 31st March 2017 were Rs. 1,229.19 billion.
  • The company issued 1 lakh policies in the first year of operations.
  • The company has a healthy claim settlement ratio of above 90% in the last five years.

Benefits of ICICI Prudential Life Insurance

  • The plans offer comprehensive life cover with low cost online term insurance plans.
  • Life insurance helps you to meet your dual needs of life cover & investment .
  • Life insurance also helps in getting tax benefits on premium payment .
  • Life insurance retirement plans help you strategically plan your retirement fund.

Life Insurance Plans Offered by ICICI Prudential Life Insurance

Term Insurance Plan

ICICI Pru iProtect Smart

The term plan gives you the flexibility to choose your coverage based on your individual requirements. The plan comes with 4 different benefit options giving you comprehensive coverage at an affordable cost. The death benefit can be availed as a lump sum or monthly income. The maximum maturity age in the plan is 75 years offering good long term coverage option. The plan can be purchased online through the company website.

Unit Linked Insurance Plans

ICIC Pru Life Time Classic: ICICI Pru LifeTime Classic is non-participating unit linked plan which provides comprehensive financial protection for your loved ones through life cover and gives you the opportunity to create wealth and save for the future. The plan also offers four portfolio strategies which can be chosen as per your personal investment needs

ICICI Pru Smart Kid Solution: The plan is aimed to help you save for your child’s education. It is a complete protection plan to save your kid’s future. The plan gives you the flexibility to choose your fund from equity, debt or balanced. The plan also offers incentives for your loyalty in the form of wealth boosters for long term investment.

ICICI Pru Elite Life Super : ICICI Pru Elite Life Super is a protection and investment combined unit linked insurance plan. The plan offers life insurance to protect your loved ones in case of your unfortunate departure and also provides investment options to help your fund grow.

ICICI Pru Elite Wealth Super : ICICI Pru Elite Wealth Super is a protection and savings oriented unit linked insurance plan. The plan has life insurance cover along with multiple options for investment with respect to premium payment and fund choices.

ICICI Pru Guaranteed Wealth Protector ICICI Pru Guaranteed Wealth Protector is a unit linked insurance plan that offers the opportunity to get good returns on investment along with a guarantee on the money invested.. It also comes with life cover to take care of your loved ones in case of your untimely departure.

ICICI Pru Smart Life : ICICI Pru Smart Life is a unit linked plan which has a savings and protection component to it. This plan offers good choices for funds investing to accumulate wealth towards your desired goals. It also gives you a life insurance cover to protect those goals in your untimely death.

Savings Plans

ICICI Pru Future Perfect: ICIC Pru Future Perfect helps you save for your long term goals like purchasing a house or savings for your kid’s higher education. The plan offers you guaranteed maturity benefit along with accrued guaranteed additions and bonuses if any.

ICICI Pru Cash Advantage: ICICI Pru Cash Advantage is a unique savings and protection focused plan offering guaranteed amount every month after the end of the premium payment term, a guaranteed lump sum amount on maturity, along with bonuses and life cover to take care of your loved one in case of your death.

ICICI Pru Savings Suraksha: ICICI Pru Savings Suraksha is a saving and protection plan. It gives you the flexibility for premium payment based on your individual requirements. The premium payment can be made for a limited duration or for the entire policy duration.

Retirement Plans

ICICI Pru Easy Retirement (Regular Premium): ICICI Pru Easy retirement provides benefit of equity participation with benefit of capital guarantee. It gives you the flexibility to invest as per your risk appetite. It has different premium paying term of 5 years, 10 years or throughout the policy duration. Tax benefit can be availed on premium payments.

ICICI Pru Easy Retirement (Single Premium) : ICICI Pru Easy retirement provides benefit of equity participation with benefit of capital guarantee. This plan comes with single premium payment which means you pay premium only once and get regular pension post retirement. Tax benefit can be availed on premium payment.

ICICI Pru Immediate Annuity : ICICI Pru Immediate Annuity is a non-participating retirement plan. The plan can be purchased by making a lump sum onetime payment which will ensure regular stream of income for life. It has flexibility to choose income benefit as monthly, quarterly, half yearly or yearly. The plan offers discount of 0.5% of purchase price for National Pension Scheme subscribers.

Health Insurance Plans

ICICI Pru Heart/Cancer Protect : ICICI Pru Heart/Cancer Protect is a health Insurance policy offering cover against specific diseases like heart diseases and cancer. The plan offers you the claim amount on first diagnosis regardless of the actual medical expenses. On diagnosis, the premium is also waived off and the plan continues even after pay out of minor condition is made. The plan can be availed for a discount of 2% if purchased online.

ICICI Pru Smart Health Cover : The plan offers extensive coverage against 34 critical illness, terminal illness, disability and death. The pay-out will be made on first diagnosis of any of the covered critical illness. There won’t be any increase in premium as you grow older and it offers long term coverage of upto 30 years. The plan offers special premium rates for women and also covers female organ cancer such as breast and cervical cancer. Tax benefits can be availed on premium payment under section 80C and 80D of the Income Tax Act, 1961.

Claim Settlement Process of ICICI Prudential Life Insurance

Step 1: Report the claim to the insurance company : It is very important to report your claim as soon as possible. You can report your claims online, at the ICICI Prudential branches, central office, via SMS, e-mail or through their call centre. However, claims reported online, through SMS or e-mail will not be considered as intimation. You will need physical documents to formally register your claim and start the process.

Step 2: Claim Processing : ICICI Prudential Life Insurance Claim Care team will assess your claim, and inform you in case any further documents are required to be submitted. Post receiving all the necessary documents, we will process your claim request.

Step 3: Claim Settlement : Once the claim is reported and all relevant documents are submitted, the claim will be processed and settled by the company at the earliest.

ICICI Prudential Life Insurance Review

ICICI Prudential Life Insurance has got an impressive range of insurance products to offer to cater to the individual needs of different customers. The track record of the company with regards to service is one of the best in the industries. With a healthy claim settlement ratio and simple claim process, it is one of the best life insurers operating in the Indian life insurance market today.

ICICI Prudential Life Insurance Company Contact Details

New Customers 1860 266 7766

Email buyonline@iciciprulife.com

Existing Customers Can contact by submitting online form on website 1860 266 7766

Email lifeline@iciciprulife.com

NRI Customers +91 22 6193 0777* - Open 24X7 (except national holidays) or 1860 266 7766

Email lifeline@iciciprulife.com

Group and Annuity Customers 1860 266 7766

Email grouplife@iciciprulife.com myannuity@iciciprulife.com

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