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ICICI Prudential ULIP Plans

ICICI Prudential Life Insurance Company started its operations on 12 December 2000. Since its inception, the insurer has consistently been among leading players in India’s life insurance sector. ICICI Prudential Life reported Assets Under Management of Rs. 1,604.10 billion as on 31st March 2019.

In FY 2015, ICICI Prudential - promoted by ICICI Bank and Prudential Corporation Holdings - became the first private life insurer to have AUM Rs. 1 trillion. It was also the first insurer in India to be listed on NSE and BSE.

(Note - All the information contained in this page has been sourced from the official website of ICICI Prudential Life Insurance Company.)

ICICI Prudential ULIPs A ULIP is a product that offers the dual benefit of life cover and investment. At the end of the policy term, the life assured stands to receive the maturity value of the ULIP. In the event of the individual’s demise during the term of the plan, the death benefits will be paid to the nominee. The premiums paid by the policyholder in a ULIP are invested in various asset classes through different funds. The policyholder can usually pick the ULIP funds and asset classes where investments are to be made to generate these returns.

Benefits of ICICI Prudential ULIP Plans

The benefits of investing in ULIPs of ICICI Prudential are as follows:

  • Regular Savings: ULIPs help to develop the habit of disciplined savings, which is vital for successful financial planning. By making regular premium payments, the policyholder can enjoy the benefits of wealth creation for his or her loved ones.

  • Flexibility: The policyholder will have flexibility and control of his or her money through the following ways:

  1. Premium Redirection – An option to park future premium in a different fund of the policyholder’s preference.
  2. Fund Switch – An option to shift money among equity, debt and balanced funds.
  3. Partial Withdrawal – An option that allows the individual to withdraw a part of his or her money.
  4. Top-up – An option to put additional money to existing savings.
  • Protection: ULIPs provide life nsurance cover, which keeps the family of the insured financially secure in case of his or her demise.

  • Growth Potential: There is a potential to earn high returns through investments in equity and debt funds. This will help attain life-goals, like buying a new house, dream bike or car, funding higher education of children, etc.

  • Rewards for Staying Invested: The money invested in ULIP keeps growing as the insurer adds to the savings via wealth boosters / loyalty additions.

  • Tax Benefits: Investments made in ULIPs are eligible for tax deduction under Section 80C of the Income Tax Act, 1961, up to Rs. 1.5 lakhs per annum. The maturity proceeds are tax exempt under Section 10(10D) of the Income Tax Act. If the policyholder passes away during the policy term, the death benefit paid to the nominee shall be exempt from tax u/s 10(10D) of the Act. Source: Official website of ICICI Prudential

Types of ICICI Prudential ULIP Plans

The types of ULIPs offered by ICICI Prudential are as under:

  • ICICI Pru Signature - This is a special savings plan that gives policyholders better returns while also shielding their dear ones with life insurance. The entire premium gets allotted among funds of the insured’s preference without any deductions along with return of mortality and policy administration charges at maturity (exclusively for users purchasing online).

  • ICICI Pru LifeTime Classic - This is a non-participating ULIP that provides complete financial protection through life insurance and gives the policyholder the potential to create wealth and save for the future. It offers 4 portfolio strategies, which can be selected as per the individual’s investment needs.

  • ICICI Pru1 Wealth – Through a single premium payment toward ICICI Pru1 Wealth, the policyholder can get 100% of the money invested in funds of his or her choice. The individual has 7 fund options i.e. 3 debt funds, 3 equity funds and 1 balanced fund. There is also the facility to switch among these funds at no cost.

  • ICICI Pru Smart Life - This is a savings and protection oriented ULIP. Policyholders have the option to choose from two portfolio strategies: a) Fixed Portfolio Strategy and b) LifeCycle based Portfolio Strategy 2. The facility of waiver of all future premiums payable is available (provided all due premiums have been paid).

  • ICICI Pru Elite Life Super - This is an exclusive ULIP that gives the policyholder flexibility and control over his or her investment. The individual can park money in a range of funds and switch among them anytime during the policy period. It offers 4 investment strategies which can be selected as per the user’s investment needs.

  • ICICI Pru Elite Wealth Super - This is a simple online ULIP that offers 4 portfolio strategies to suit investment preferences. It also provides life insurance to protect the policyholder’s loved ones along with opportunities to help create wealth and save for the future.

  • ICICI Pru Guaranteed Wealth Protector - This is a ULIP that offers the potential for high returns by parking part of the money in equity, while also providing capital guarantee and life insurance. The funds shall be managed using the Guaranteed Wealth Protector Strategy. Premiums need to be paid once or for a limited period of 5 years. Source: Official website of ICICI Prudential

Document Required For ICICI Prudential Ulip Plans

To buy a life insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are generally acceptable include:

  • ID Proof - PAN card, Passport, Voter ID card, etc.
  • Address Proof - Passport, Driving License, Voter ID card, etc.

FAQs on ICICI Prudential Ulip Plans

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

The policyholder can pay premiums online through Net Banking, Debit Card, Credit Card, UPI and E-Wallets. The individual can also deposit a cheque at any of the insurer’s branch offices. There is also the option to pay premiums in cash at any of the company’s authorized collection centres.

How can I check policy status for ICICI Prudential ULIPs?

To view the status of the policy, users need to sign in to the insurer’s web portal using their login credentials.

What is the policy renewal process for ICICI Prudential ULIPs?

To renew a cover, policyholders will be required to pay the renewal premiums. Users are advised to go through the product brochure to understand the renewal process of each plan.

What is the claim settlement process for ICICI Prudential ULIPs?

The claim settlement process of ICICI Prudential is as under: Step 1: Claim Reporting Step 2: Claim Processing Step 3: Claim Settlement

What is the cancellation process for ICICI Prudential ULIP?

To cancel an insurance policy in the free look period, users have to fill up a form, requesting the same, and submit it at a branch office with the policy document.