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What is ICICI Prudential Life Insurance?

By Anumeha

A year has passed since Sameer's death in a fatal accident. Even after gaining entrance in heaven, he has failed to find peace.

From his perch, he gazes sadly at his widowed wife and two sons.

As he witnesses his wife's struggles to make ends meet and complete their sons' education while paying off mortgages, only one regret lingers in his mind. If only I had not kept putting off taking out my life insurance…

Why do I Need Life Insurance?

When you start earning, you start thinking of financial investments to supplement your income.

You might even take out health insurance or car insurance in case of accidents, but life insurance is something that is neglected by most people.

This could turn out to be a huge mistake if you are the sole bread earner in your family.

Accidents or illnesses do not announce themselves, and premature deaths could have dire consequences on families.

Life insurance can not only replace the lost income, but also take care of any debts you might have incurred so the burden will not fall upon your loved ones.

Considering the large number of insurance plans available in India, choosing the right insurance policy can be quite confusing.

Proper research is necessary to determine which policy can satisfy your needs.

The ICICI Prudential Life Insurance

ICICI Prudential Life Insurance plans are a popular choice among people wishing to acquire life insurance.

The life insurance company offers a variety of insurance policy plans with a good number of benefits.

Following are the various types of life insurance policies proffered by ICICI Prudential Life Insurance Company.

ICICI Prudential Pure Protection Plans

These are the simple term insurance plans in which your family is provided with a pre - decided amount called 'Sum Assurance' for a certain premium payment as per the plan of your choice.

The payments can be made either at regular intervals or at once and you can avail tax benefits on them.

Term Insurance Policies Provided by ICICI Prudential Life Insurance are -

ICICI Pru iProtect Smart Plan -

  • 5 to 40 years policy term.
  • Covers death or accidental death, 34 critical or terminal illness and permanent disability.
  • Offers accidental death benefit, critical illness benefit, and permanent disability benefit.
  • 4 different options to choose benefits.
  • Receive benefit amount either as a lump sum or as monthly income for a period of 10 years.

ICICI Pru iCare II -

  • Can be bought online.
  • Pure term plan.
  • Low premium payment rates.
  • Can avail accidental death benefit.

ICICI Pru Life Raksha -

  • 5 year plan.
  • Designed for short term liabilities.
  • Maximum amount of Sum Assured is Rs. 5 lakh.

Protection and Saving Plans

Life insurance plans can serve as a financial investment in addition to providing a safety net for your family. 

Thus, you can also secure a financial reservoir for yourself with some specific plans.

Following saving plans are offered by the ICICI Prudential life insurance company -

Unit Linked Insurance Plans (ULIPs) -

These plans are a combination of investment and insurance. Some of them are -

            ICICI Pru Guaranteed Wealth Protector -

  • Assured Benefit feature offers capital guarantee on money invested.
  • Offers Loyalty Additions and Wealth Boosters to help grow your money.
  • Provides protection for your family in case of misfortune.

            ICICI Pru Smart Life -

  • Fixed Portfolio strategy allows you to diversify risk across portfolios.
  • Lifecycle based Portfolio strategy lets you balance between equity and debt funds according to your age.
  • Loyalty Additions and Wealth Boosters available.
  • From sixth year of the policy, withdraw a part of money if needed.   

            ICICI Pru Elite Life Super -

  • Options of 4 portfolio strategies.
  • Switch between equity, debt and balanced funds.
  • Avail Loyalty Additions and Wealth Boosters.
  • Increase investment plan using online top – up feature.
  • Partial withdrawals available from 5th year of policy.

Traditional Saving / Money Back Plans -

These plans include:

            ICICI Pru Cash Advantage -

  • Guaranteed Cash Benefit – Get regular pay-outs once the premium payment term ends.
  • Guaranteed Maturity Benefit – Get a lump sum pay – out at the end of policy term.
  • Premium payment term options of 5, 7 or 10 years.

            ICICI Pru Savings Suraksha -

  • Guaranteed Additions – Add 5% to your money every year.
  • Guaranteed Maturity Benefit.

            ICICI Pru Assured Savings Insurance -

  • Maturity Benefit at the end of policy.
  • Guaranteed Additions – 9% or 10% every year
  • Flexible premium payment terms.

ICICI Pru Retirement Plans

These plans guarantee you have a steady income that can act as pension post your retirement to supplement your living expenses and medical needs.

ICICI Prudential life insurance retirement plans include -

ICICI Pru Easy Retirement Plan -

  • Offers Assured Benefit guarantee on invested money.
  • Freedom to choose between equity or debt funds and switch between them anytime.
  • Pension Boosters increase savings.
  • Various options to retrieve money invested.

ICICI Pru Immediate Annuity -

  • Premium payment paid in one go.
  • Immediate pension can start after payment.
  • Quarterly, monthly, half – yearly and yearly options to receive pension.
  • Covers 7 critical illnesses.

ICICI Pru Child Plans -

These plans help to secure your child's future and educational aspirations in case of calamity.

Child plans presented by ICICI Prudential life insurance is -

            ICICI Pru Smart Kid Solution -

  • Fixed Portfolio and Lifecycle – based Portfolio Strategies.
  • Child receives a lump sum for regular expenses and education in event of misfortune.
  • Loyalty Additions and Wealth Boosters increase invested amount.
  • Withdraw money from sixth year of policy.
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