life insurance company
ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurance

A joint venture between Prudential Corporation Holdings Ltd. and ICICI Bank Ltd. ICICI Prudential Life Insurance Company Ltd began its operations in 2001. The company offers various life insurance products including term insurance, unit-linked insurance plans or ULIPs, savings plans, retirement plans, and health insurance.

Sneak Peek At ICICI Prudential Life Insurance

NameICICI Prudential Life Insurance Company Limited
Started in2001
Joint venture betweenICICI Bank Ltd and Prudential Corporation Holdings Ltd
Chairman and Independent DirectorMr. M S Ramachandran
Managing Director and CEOMr. N S Kannan
Claim Settlement Ratio (FY 2019-20)97.80%
Awards and achievements in 2021

• One of 30 Top Corporate Communication Teams list for 2021 by Reputation Today

• Winner of ET BrandEquity’s Kaleido Awards 2021

• Product of the Year 2021 in the life insurance category by Product of the Year (India) Private Limited

• “Contact Centre Of The Year In Insurance”, “Customer Centric Innovations in Contact Centre”, and “Best WFH Programme Design in Contact Centre” at 2nd edition Future of Contact Centre Summit & Awards

• Best ULIP policy of the year by Business Today at Money Today Financial Awards 2021

• Best Contact Centre by the Customer Fest Leadership Awards 2021

Solvency Ratio (Match 31, 2021)217%
Growth Percentage (Match 31, 2021)40%
Lives covered (in force)56.8 M
First year premium (Up to 31st March 2021)13032.11
No. of policies (Up to 31st March, 2021)664396
Sum assured (Up to 31st March, 2021)616684.11 crore

ICICI Prudential Life Insurance Plans

1. ICICI Prudential ULIP Plans

With ICICI’s Prudential’s ULIP plans, you get the advantage of investment and protection. This ensures your future is secure.

i. ICICI Pru Signature Plan

This is a plan that offers flexible investment options and life insurance options in one plan. It offers better returns as well as protects your loved ones.

Key Features:

  • Systematic Withdrawals – With a systematic withdrawal plan you can regularly withdraw money from your fund value.
  • Free Switches – Unlimited number of switches between funds.
  • Low charges – Low premiums are invested completely into the funds with no deductions.
ConditionEligibility
Minimum age0 years
Maximum age60 years
Policy term

Whole Life: 10- 30 years

For the Whole Life policy term option, the policy term will be equal to 99 minus Age at entry

Sum Assured

Policies other than whole life:

0 to 44 years – minimum – 7 X Annualised Premium and maximum is higher of (10 X Annualised Premium) and (0.5 X Policy Term X Annualised Premium)

For 45 years and above – minimum 7 X Annualised Premium and the maximum is 10 X Annualised Premium

Whole life:

0 to 44 years – minimum is 7 X Annualised Premium and maximum is Higher of (10 X Annualised Premium) and ( (70- Age at entry) X 0.5 X Annualised Premium)

45 to 58 years – minimum 7 X Annualised Premium and the maximum is 10 X Annualised Premium

59 to 60 years – minimum 7 X Annualised Premium and the maximum is 7 X Annualised Premium

ii. ICICI Pru Life Time Classic Plan

A classic plan that gives you the chance to protect your loved ones as well as amass wealth.

Key Features: 

  • Tax Benefits – Avail of tax benefits under the Income Tax Act
  • Investment – Whether debt, equity, or switching between them, you can invest in a fund of your choice.
  • Portfolio Strategies – Choice of 4 portfolio strategies based on your style and financial goals
ConditionEligibility
Minimum age of entry0 years
Maximum age of entrySingle Pay: 75 years, Limited Pay/Regular Pay: 65 years
Age of maturity

Minimum maturity age: 18 years

Maximum maturity age: Single Pay: 80 years, Limited Pay/Regular Pay: 75 years

Sum Assured

Single pay:

0 to 38 years – minimum 1.25 X Single Premium and maximum of 10 X Single Premium

39 years and above – minimum of 1.25 X Single Premium and maximum of 1.25 X Single Premium

iii. ICICI Single Premium Policy Pru One Wealth Plan

By paying a single premium, this plan allows you to invest 100% of your money as well as secure comprehensive life insurance.

Key Features:

  • 100% Money Invested – You can invest your complete premium in a fund of your choice.
  • Single premium – Invest once, reap benefits for the entire policy term. Everything is made easy by paying only one single premium during the policy term.
  • Investment options – Option to invest in 9 different funds – switch between funds at any time
  • Booster – Wealth booster benefit of a percentage of your single premium amount paid at the end of the policy term
ConditionEligibility
Minimum age8 years
Maximum age60 years
Policy term5 and 10 years
Minimum/maximum single premiumRs. 50,000 and unlimited
Age at maturity (age last birthday)

Minimum age at maturity: 18 years

Maximum age at maturity: 70 years

Sum assured

<= 50 years – minimum of 1.25 times Single Premium and a maximum of 10 times Single Premium

>50 years – minimum of 1.25 times Single Premium and maximum of 1.25 times Single Premium

iv. ICICI Pru Smart Life Plan

Even during an unfortunate event, you can ensure your family enjoys nothing but the best with this plan via regular payout or a lump sum benefit.

Key Features: 

  • Growth of money – Invest smartly in long-term funds like debt or equity and watch your money grow.
  • Choose your investment strategy – You can either choose to invest your money your way with a chosen risk appetite or take help from the ICICI team and invest.
  • Access your money – If needed, from the sixth year on, you can withdraw a certain sum of money from your fund. This gives you access to liquidity while the rest of your money multiplies.
ConditionEligibility
Minimum and maximum age

Regular pay: 20 and 54 years

One pay: 20 and 54 years

Limited pay: 20 years to 48 years

Age of maturity

Regular pay: 30 to 64 years

One pay: 30 to 64 years

Limited pay: 30 to 64 years

Policy term

Regular pay: 10 years to 25 years

One pay: 10 years

Limited pay: 5 Pay / 7 Pay – 10 years to 25 years and 10 Pay – 11 years to 25 years

Sum Assured

Regular pay: 7 X Annualised Premium

One pay: 10 times of Single Premium

Limited pay: Minimum – 7 X Annual Premium and the maximum is higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium)

v. ICICI Pru Guaranteed Wealth Protector Plan

This is the perfect plan if you are looking to enjoy better returns and keep your invested money safe at the same time.

Key Features: 

  • Growth of money – Enjoy as your money grows by investing in different debt or equity funds.
  • Assured benefits – At the time of maturity, you will get an assured benefit of fund value amount or assured benefit, whichever is higher.
  • Wealth boosters – After being invested for a certain time, you will get a wealth booster that will help your money grow without additional investment.
ConditionEligibility
Minimum entry age

One pay: 8 years

Five pay: 8 years

Seven pay: 8 years

Maximum entry age

One pay: 70 years

Five pay: 60 years

Seven pay: 60 years

Age of maturity

Minimum: 18 years

Maximum:

One pay: 80 years

Five pay: 70 years

Seven pay: 72 years

Sum assured

One pay: 1.25 X Single Premium

Five pay and seven pay:

8 to 44 years – 7×Annual Premium and 10×Annual Premium

45 to 54 years – 7×Annual Premium and 10×Annual Premium

55 to 60 years – 7×Annual Premium and 7×Annual Premium

Policy term

One pay: 10 years

Five pay: 10 years

Seven pay: 12 years

2. ICICI Prudential Term Insurance

From the numerous term insurance plans by ICICI Prudential, you have the option to secure your family and loved ones in your absence.

i. ICICI Pru iProtect Smart Term Plan

A top-selling plan by ICICI Pru, this is the perfect plan for protecting your family.

Key Features: 

  • Budget-friendly – You get a higher sum assured at pocket-friendly premium rates which won’t affect other expenses.
  • Tax Benefits – IT Act’s Section 80C and 10D provide tax benefits on premiums paid and benefit amount
  • Payout options – Choose from a variety of payout options as per your needs.
  • Optional critical illness cover – Get protection from over 34 critical illnesses
ConditionEligibility
Minimum age at entry

Single pay: 18 years

Regular pay: 18 years

Limited pay: 18 years

Maximum age at entry

Single pay: 65 years

Regular pay: 65 years

Limited pay: 55 years

Minimum Sum AssuredSubject to the minimum premium
Maximum sum assuredUnlimited

3. ICICI Prudential Savings Plans

With the help of ICICI Prudential Savings Plans, you have a means of saving in a disciplined manner and contributing to a corpus that will come handy during a time of need.

i. ICICI Prudential Guaranteed Income For Tomorrow

In case of any uncertainties, this plan will help you in a time of need. You can live life to the fullest knowing that you have the reassurance of a guarantee.

Key Features: 

  • Guaranteed Benefits – You get benefits as a regular income or in the lump sum form. Pick any that suits your requirements.
  • Loan – During an emergency, you can take a loan against the policy to help you ease your situation
  • Guaranteed income – From the second year, you have the option of guarantee of income
  • Benefits for women – As a women policyholder, you get some greater benefits
ConditionEligibility
Minimum age at entry (in years)18 years
Maximum age at entry (in years)60 years
Policy term5, 6, 8, 10, 11, 12, 15 and 20 (varies based on plan option)

ii. ICICI Pru Assured Savings Insurance Plan

Whether a major expense like an education loan or your retirement, with the Assured Savings Plan you can make this all possible.

Key Features: 

  • Guaranteed additions – Guaranteed additions of 9% or 10% each year based on your policy term
  • Maturity benefit – A guaranteed lump sum maturity benefit helps secure your future
  • Premium payment – The flexibility of choosing premium payment options like yearly, half-yearly, or monthly as per your convenience
  • Tax benefits – Tax benefits available as per the IT Act of up to Rs. 1.5 lakh under section 80C.
ConditionEligibility
Minimum and maximum age of entry

PPT 5 years (10 year policy): 8 and 60 years

PPT 5 years (15 year policy): 3 and 57 years

PPT 7 years (10 year policy): 8 and 60 years

PPT 7 years (12 year policy): 6 and 60 years

PPT 7 years (15 year policy): 3 and 57 years

PPT 10 years (12 year policy): 6 and 60 years

Policy term10, 12, and 15 years
Age of maturity18 years and 72 years

iii. ICICI Pru Cash Advantage Money Back Plan

No matter what you’re looking to spend on – a holiday or your child’s marriage, this plan gives you money at regular intervals and a lump sum amount at maturity to help you fulfill your dreams.

Key Features: 

  • Regular Income – Once the term for your premium payment ends, you begin to receive an income regularly.
  • Secure Future – With a lump sum payout, you know you have a secure future
  • Premium Payment – The flexibility of choosing premium payment options like yearly, half-yearly, or monthly as per your convenience
  • Tax Benefits – Tax benefits are available as per the IT Act under section 80C.
ConditionEligibility
Minimum age at entry

5 Pay: 3 years

7 Pay: 1 year

10 Pay: 0 years

Maximum age at entry60 years
Payout term10 years
Maximum annual premiumUnlimited
Min/Max age at maturity18 years and 80 years
Cash benefit modeMonthly or annual

iv. ICICI Pru Savings Suraksha Endowment Plan

To ensure you can give yourself and your family the best, you need your money to grow. This plan helps you preserve your wealth as well as gives you guaranteed benefits.

Key Features: 

  • The comfort of guarantee – You can sit comfortably knowing that your money is multiplying and only growing for your future
  • Tax benefits – Tax benefits are available as per the IT Act under section 80C.
  • Protect loved ones – Give your family all-around protection, even in your absence.
ConditionEligibility
Minimum age at entry0 years
Maximum age at entry60 years
Age of maturity

Minimum: 18 years

Maximum: 70 years

Policy term

PPT 5 years: 10 to 30 years

PPT 7 years: 12 to 30 years

PPT 10 years: 15 to 30 years

PPT 12 years: 17 to 30 years

Regular pay: 10 to 30 years

Sum assured

< 45 years – 10 times annual premium

45 to 54 years – 10 times annual premium or 7 times annual premium

>54 years – 7 times annual premium

v. ICICI Pru Future Perfect Endowment Plan

With this plan, you get the dual benefits of life cover and guaranteed benefits.

Key features: 

  • The comfort of guarantee – Your future is safe as your money is growing. So no matter what lies ahead, you have a safety net
  • Protect your loved ones – Even in your absence, your family has all-around protection
  • Tax benefits – Tax benefits are available as per the IT Act under section 80C.
ConditionEligibility
Minimum age at entry

Limited pay 5: 3 years

Limited pay 7: 1 year

Limited pay 10: 91 days

Limited pay 15: 91 days

Limited pay 20: 91 days

Maximum age at entry

Limited pay 5: 45 years

Limited pay 7: 58 years

Limited pay 10: 55 years

Limited pay 15: 50 years

Limited pay 20: 45 years

Policy term

Limited pay 5: 10 to 15 years

Limited pay 7: 12 to 17 years

Limited pay 10: 15 to 20 years

Limited pay 15: 20 to 25 years

Limited pay 20: 25 to 30 years

Age of maturity

Limited pay 5: 18 to 60 years

All other – 18 years to 70 years

Minimum Basic Sum Assured on Death

Limited pay 5: Rs. 4,00,000

Limited pay 7: Rs. 1,80,000

Limited pay 10: Rs. 1,20,000

Limited pay 15: Rs. 96,000

Limited pay 20: Rs. 84,000

4. ICICI Prudential Retirement Plans

To ensure the later years of your life are secure, it’s a must to consider ICICI Prudential Retirement Plans. They give you financial security as well as protection.

i. ICICI Prudential Guaranteed Pension Plan

With this plan in hand, you can decide when you want to retire as your future is secure.

Key Features: 

  • Life long annuity – With one single payment, you can enjoy annuity or regular income for the rest of your life
  • Choose your retirement date – You can choose when to receive the annuity benefit now or after 10 years
  • Different annuity options – Pick from 11 different choices based on your needs
ConditionEligibility
Minimum and maximum age at entry30 years to 100 years (varies based on annuity option you choose)

Why Choose ICICI Prudential Life?

Here’s why you should choose ICICI Prudential Life Insurance:

  • Claim Settlement Ratio: ICICI Prudential Life has an extremely high claim settlement ratio of 97.80%. 
  • First Listed Insurance Company: ICICI Pru Life was the first insurance company in India to be listed on BSE and NSE. 
  • Assets Under Management: The company was the first private life insurer that had assets of Rs. 1 trillion under management. As of 30th September 2021, ICICI Prudential Life has Rs. 2,370.87 billion. 
  • Customer-first Approach – Customer is king and they keep customers at the center of everything they do.

Exclusions Of ICICI Pru Life Plans

The general exclusion that applies to all of ICICI Prudential Life’s insurance policies are:

  • In case of death by suicide occurring within 12 months from the date of commencement or renewal, the beneficiary is entitled to receive 80% of the total premiums paid or the available surrender value of the policy, whichever is higher

ICICI Pru Life Insurance Riders

The riders available with the ICICI Prudential life insurance plans are the critical illness benefit, accidental disability benefit, and accidental death benefit riders.

  1. Critical illness benefit

The critical illness rider coverage pays out when the policyholder is diagnosed with any of the 34 listed critical illnesses.

  1. Accidental disability benefit

If the policyholder meets with an accident that leaves them with a permanent and total disability, then this rider kicks in with a premium waiver.

  1. Accidental Death Benefit

In case of the death of the policyholder due to an accident, this rider offers an additional lump sum payout of up to INR 2 Cr.

  1. Corona Protect Plus Rider

The Corona Protect rider offers a hospitalization benefit in the form of 25% of the sum assured if the policyholder has been hospitalized for a minimum of 72 hours due to COVID-19. It also covers the death of the policyholder, and the premium term for this rider is single pay.

Buy Your ICICI Pru Life Insurance Policy Online

Purchase via the official website

To purchase your life insurance policy directly from ICICI Prudential:

  1. Visit ICICI Prudential’s website, browse through the different products on offer and check the benefits, inclusions, and exclusions carefully.
  2. Once you’ve selected your plan, assess your eligibility and premium amount using the premium calculator tool on the site. Fill in your details, like your age, current income, lifestyle, and habits, in the online form.
  3. Choose any riders if you wish to enhance your policy coverage.
  4. Select your sum assured, policy tenure, and premium payment term options, if applicable, and choose your insurance payout mode.
  5. Fill in the requisite KYC forms, add your beneficiary details, and provide your health details.
  6. Upload the requisite documents online.
  7. Pay the quoted premium online.
  8. Once your proposal is processed and approved, you will receive your policy document via email.
  9. Alternatively, once you’ve chosen the plan of your liking you can directly make a purchase.

How To Renew Your ICICI Pru Life Insurance Policy

Renew from official site

  1. Visit the ICICI Prudential Life Insurance site and on the homepage click on PAY PREMIUM.
  2. Enter your policy number or mobile number or email id along with your date of birth and click PAY NOW.
  3. Pay the premium amount online and get a copy of your policy document in your mailbox.

Filing A Claim With ICICI Pru For Life Insurance

To file a claim:

  • First, intimate the insurance company of an impending claim. You can do so by providing a written intimation at the branch, submitting a claim online, via call, SMS, email, or postal mail.
  • Submit all the requisite documents.
  • The claims team will guide you along the way as they process your claim.
  • Once the claim is processed, you will receive your settlement amount in your bank account that is linked with your policy.

Online – Visit the claims section of our website for online claim intimation

Documents Required To File A Claim

  • Claimant’s statement form
  • Original policy document
  • Copy of death certificate issued by the local municipal authority
  • Copy of the claimant’s photo identification proof
  • Copy of the claimant’s current address proof
  • Canceled cheque or a copy of bank passbook
  • Copy of the cause of death certificate
  • Medical records (admission notes, discharge/ death summary, indoor case papers, test reports, etc.)
  • Prior medical records of the policyholder
  • Medical attendant’s or hospital certificate issued by the treating doctor
  • Certificate from employer – for salaried individuals

For Accidental/ Suicidal Death:

  • Postmortem report
  • Chemical viscera report
  • FIR/ panchnama/ inquest report and final investigation report
  • Copy of the driving license if the insured person was driving the vehicle at the time of the accident (applicable if ‘Accident and Disability Benefit Rider is chosen)

Frequently Asked Questions

1. Do ICICI Prudential term plans like iProtect Smart cover death due to COVID-19?

COVID-19 has gripped the world and many have lost their lives because of it. ICICI Prudential’s term plans cover death due to COVID-19.

2. How do I track the value of my ICICI Prudential ULIP fund?

The Net Asset Value or NAV of a fund refers to the closing value of that particular fund at the end of the day. The NAV for all of ICICI Prudential’s funds is published on the website as well as in finance newspapers. You can calculate the value easily by multiplying the number of fund units you hold with the NAV. Alternatively, you can check the value of your fund on the official website by signing into your account.

3. What are the modes of payment for ICICI Prudential savings plan insurance premiums?

You can pay your ICICI Prudential life insurance premium easily via net banking, credit card, debit card, UPI, payment wallets, ECS, and cheque deposits.

4. Do I need to submit any documents while purchasing an ICICI Prudential term plan online?

Yes. You will need to submit scanned copies of the following documents:

  • PAN card
  • Age and address proof (passport, driving license, Aadhaar card, or voter’s ID)
  • Income proof documents (ITR, salary slips, bank statements, or Form 16)

5. Is it possible to modify my ICICI Prudential life insurance plan after purchase?

Yes, you can easily modify your policy as well as personal details at any time of the tenure. You will need to submit a form stating details of the modifications and may also need to provide relevant documents. However, the tenure of the policy cannot be changed.

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