ICICI Pru Investment Plans
Starting its operation in the fiscal year 2001, ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. Since the inception of the company, it has been working with its customers faithfully and has won the hearts of millions as it has come up with a sack full of insurance products, ranging from savings, ULIP, Term, child plans to retirement plans and many more with various variants to cater to the needs of its customers.
Investment plans refer to those insurance products in which you invest your capital, be it in short-term or in long-term form and you reap the maximum benefit at the end of the policy tenure or in your medical emergency. It acts as a financial cushion in your most needed times. ICICI Prudential Life Insurance has also offered many investment plans to safeguard the future of its consumers in the form of savings and Unit Linked Insurance Plans. The ICICI investment plans help to build a financial corpus for a child’s marriage, children’s schooling, or upbringing or to secure the golden days of the retirement period.
ICICI Pru Saving & Guaranteed Investment Plans
ICICI Pru has offered a bundle of investment plans with lots of variants to address the needs of its consumers. Here is a list of investment plans offered by ICICI Pru. Have a look at them.
| Plan Type | Plan Name |
| Savings plan | ICICI Pru Guaranteed Income for Tomorrow (long-term) ICICI Pru Guaranteed Income for Tomorrow ICICI Pru Savings Suraksha ICICI Pru Assured Savings Insurance Plan ICICI Pru Future Perfect ICICI Pru Cash Advantage ICICI Pru Lakshya Wealth ICICI Pru Lakshya Lifelong Income |
| Unit Linked Insurance Plans (ULIP) | ICICI Pru Guaranteed Wealth Protector |
1. ICICI Pru Guaranteed Income for Tomorrow (long-term)
It is a protection and savings-oriented life insurance plan, introduced recently by the company that helps you build a safety net to provide financial protection to your family along with guaranteed benefits to help you to meet your life goals. This policy has come up with two variants, namely, Income, and Income with 110% ROP (return of premium).
Key Highlights of The Policy:
- Under the Option 1 variant (Income), the insured person needs to pay premiums for a certain period of time and one year after the completion of the premium payment term, he/she gets Guaranteed Income at the end of every month/year for a certain period (known as the Income Period).
- Under the second variant, the policyholder will receive Guaranteed Income for a certain period in arrears/ at the end of every
- month/year similar to plan option 1, and along with the last income installment, you will get 110% of Total Premiums paid by you (Maturity Benefit) at the end of the policy term.
- Both the variants have come up with survival benefits if the insured person can complete the entire policy term keeping the policy active and offering death benefits too.
- One can also avail of the surrender benefit as Guaranteed Surrender Value or Special Surrender Value, whichever is higher.
Eligibility Criteria
| Parameters | Descriptions |
| Entry age | Minimum – 0 years, Maximum – 60 years |
| Maturity age | Minimum – 23 years or 26 years, Maximum – 98 years or 101 years |
| Income period | 15, 20, 25,or 25 years |
| Annual premium | Minimum – Rs. 30000, Maximum – Rs. No upper limit |
| Policy loan | Available – Amounts up to 80% of the surrender value can be availed of. |
| Premium payment frequency | Annual, half-yearly, and monthly |
| Premium payment term | 7 years and 10 years |
2. ICICI Pru Guaranteed Income for Tomorrow
To keep your family protected and secure even in your absence and to fulfill your future needs, ICICI Pru has introduced this plan, which is a protection and savings-oriented life insurance plan with guaranteed benefits. To cater to the needs of the individuals, this plan has 4 variants and they are, Lump sum, Income, Early Income, and Single Pay Income.
Key Highlights:
- Under this plan, one can pay the premium in various ways according to his/her convenience, such as single pay, annually, half-yearly and monthly.
- Once the insured person pays all the premiums, depending on the premium payment term and the Income Period selected by him/her,
- he/she will receive a Guaranteed Income, which is called maturity benefit.
- This plan has also come up with a guaranteed death benefit in case of the insured person dies within the policy period of an active policy and also provides the surrender benefit.
- Under this plan, you can take a policy loan after your policy acquires a surrender value. Loan amounts up to 80% of the surrender value can be availed that is subject to the terms and conditions of the company.
Eligibility Criteria:
| Parameters | Descriptions |
| Entry age | Minimum – 18 years Maximum – 60 years and 45 years |
| Premium payment term | 5, 6, 7, 8, 10, 12 years and single pay |
| Policy term | 5 years to 20 years (depends on the plan variant) |
| Age at maturity | Minimum – 18 years Maximum – 55, 60, 73, 75, years (depends on the variables) |
| Minimum premium amount | For Lump sum plan option Single Pay: Rs. 50,000 Other than Single Pay: Rs. 6,000 p.a. For Income and Early Income plan option: Rs. 30,000 p.a. For Single Pay Income plan option: Rs. 1,00,000 |
| Maximum premium amount | No upper limit |
3. ICICI Pru Savings Suraksha
If you want to secure your child’s future and/or safeguard your post-retirement days, this plan is ideal for you as it has not only come up with protecting benefits but also under this plan you can build up your financial corpus. This plan is flexible enough to allow you to choose the premium payment option as per your requirements.
Key Highlights:
- This plan has offered guaranteed maturity benefit along with the life cover for the entire policy term.
- Under this plan, one can also avail of the tax exemption benefits to the premiums paid, as per the prevailing income tax laws.
- In case of unfortunate, untimely demise of the life assured during the policy term of an active policy, the death benefit will be paid by the company as the highest of,
- Sum Assured on death plus accrued Guaranteed Additions and Bonuses
- GMB plus accrued Guaranteed Additions and Bonuses
- Minimum Death Benefit
- This policy offers you the opportunity to revive your lapsed policy even if you do not pay the premiums within the grace period, subject to the terms and conditions of the insurer.
Eligibility Criteria:
| Parameters | Descriptions |
| Policy variants |
|
| Entry age | Minimum – 0 years, Maximum – 60 years |
| Age at maturity | Minimum – 18 years, Maximum – 70 years |
| Premium payment term | Regular pay – Equal to the policy term Limited pay – 5, 7, 10, and 12 years |
| Policy term | 10 years to 30 years |
| Sum assured on death | 10 times of annual premium Or 7 times of annual premium |
4. ICICI Pru Assured Savings Insurance Plan
It is a Non-Linked Non-Participating Life Individual Savings product that comes with both the life insurance coverage benefit to protect your family in case of untimely demised of the life assured and savings benefits to meet the long-term goals of life.
Key Highlights:
- Under this plan, one can avail of the tax benefits that are applicable to the premiums paid and benefits received as per the prevailing income tax laws.
- Once you opt for this plan, every year either 9% or 10% of total premiums paid will be added to your policy benefits depending on your policy term.
- On survival of the life assured till the end of the policy term provided all due premiums have been paid, the maturity benefit will be payable which is equal to Accrued Guaranteed Additions + Guaranteed Maturity Benefit (GMB).
- With this policy, you can also avail of the surrender benefit and death benefit and can also enjoy the loan facility, which is up to 80%of the surrender value.
Eligibility Criteria:
| Parameters | Description |
| Entry age | Minimum – 3, 6, and 8 years, Maximum – 57 and 60 years |
| Age at maturity | Minimum – 18 years, Maximum – 72 years |
| Premium payment term | 5, 7, and 10 years |
| Policy term | 10, 12, and 15 years |
| Policy paying mode | Yearly, half-yearly and monthly |
| Minimum annual premium | Rs. 12,000, Rs. 18,000 and Rs. 30,000 (depend on various variables) |
5. ICICI Pru Future Perfect
If you want to fulfill your life goals and also want to get life cover for the entire policy term, this policy is ideal for you as it has come up with a sack full of benefits including savings with guaranteed benefits such as Guaranteed Maturity Benefit (GMB), Accrued Guaranteed Additions (GAs), Vested Reversionary Bonuses, Terminal Bonus. With this plan, you get the double advantage of protection as well as savings.
Key Highlights:
- In case of the unfortunate and untimely demise of the life assured within the policy period of an active policy, the insurer will provide death benefit which is the higher of any of the followings.
- Sum Assured on Death, plus subsisting bonuses already accrued, plus accrued guaranteed additions,
- 105% of all the premiums received till the date of death
- The policyholder will receive a Guaranteed Surrender Value after payment of all premiums for at least two consecutive years, whichever is higher of the following:
- Guaranteed Surrender Value along with Guaranteed Surrender Value of any subsisting bonus and Guaranteed Surrender Value of guaranteed additions, as applicable.
- Special Surrender Value (SSV)
- This policy offers you the tax exemption benefits and also it has a free look period of 25 days and 30 days.
Eligibility Criteria:
| Parameters | Descriptions |
| Premium payment term | 5, 7, 10, 15, and 20 years |
| Policy term | 10 years to 30 years |
| Entry age | Minimum – 91 days, 1 year, and 3 years (depends on the variables) Maximum – 45, 50, and 58 years (depend on the variables) |
| Age at maturity | Minimum – 18 years, Maximum – 60 and 70 years |
| Premium paying frequency | Annual, half-yearly, and monthly |
6. ICICI Pru Cash Advantage
This plan is highly beneficial for you as it offers you a guaranteed amount every month for 10 years, a guaranteed lump sum at maturity, along with bonuses and life cover that provides financial security to your family in case of your death.
Key Highlights:
- With this plan, you are also eligible to avail of the tax benefits as per the prevailing income tax laws of India.
- Throughout the payout term, the insured person is entitled to receive Guaranteed Cash Benefit (GCB) in advance and it can be received in monthly or annual installments.
- Once you have opted for this policy, you can also enjoy loans after the policy acquires a surrender value, which is up to 80% of the surrender value.
- Apart from these, this plan offers you maturity and death benefits as well.
Eligibility Criteria:
| Parameters | Descriptions |
| Entry age | Minimum – 0, 1, and 3 years, Maximum – 60 years |
| Annual premium | Minimum – Rs. 10,000, Rs. 18,000 and Rs. 30,000 (depends on the variables) Maximum – No upper limit |
| Premium payment option | 5 pay, 7 pay, and 10 pay |
| Premium payment term | 5, 7, and 10 years |
| Payout term | 10 years |
| Age at maturity | Minimum – 18 years, Maximum – 80 years |
| Policy term | 15. 17, and 20 years |
| Cash benefit mode | Annual or monthly |
| Premium payment mode | Annual, half-yearly, and monthly |
7. ICICI Pru Lakshya Wealth
As the name suggests, this plan helps you to achieve your life dreams as it is a protection and savings-oriented conventional participating life insurance product. Under this plan, you can reap more benefits if you pay higher premiums and invest for long-term savings. This plan is exclusively for women to offer additional GVB to promote more savings habits and independence for women.
Key Highlights:
- In case of the unfortunate and untimely demise of the life assured within the policy period of an active policy, the nominee is entitled to receive the death benefit.
- One can enjoy the maturity benefit which is Sum Assured on Maturity, Guaranteed Value Benefits, accrued Regular Additions net of encashment, Terminal bonus, in total.
- Under this plan, you can receive the maturity benefit either as a lump sum amount or in installments to generate a regular flow of income, as per your choice.
- This plan comes with a surrender benefit and loan facility.
Eligibility Criteria:
| Parameters | Descriptions |
| Entry age | Minimum – 0 years to 6 years Maximum – 45, 50, and 55 years |
| Age at maturity | Minimum – 18 years Maximum – 70 years |
| Premium payment option | Limited pay |
| Premium payment term | 5, 7, 10, and 12 years |
| Policy term | 12, 15, 20, 25, and 30 years |
| Sum assured on death | Higher of (10 times Annualised Premium or PPT X Annualised Premium) |
| Premium payment frequency | Annual, half-yearly, and monthly |
8. ICICI Pru Lakshya Lifelong Income
This plan is similar to the ICICI Pru Lakshya Wealth plan but with longer investment options and more benefits. It offers liquidity during the policy term to help you in case of financial emergencies. This plan has come up with tax exemption benefits as per the existing income tax laws of India.
Key Highlights:
- If the life assured dies during the policy term of an active policy, the family will receive the death benefit, whichever is higher of any of the – Sum assured on death plus bonuses or 105% of Total Premiums paid as on the date of death.
- On receipt of all due premiums and on survival till maturity, the life assured is entitled to receive the maturity benefit, which is Sum Assured on Maturity + Terminal bonus, if declared.
- Under this plan, one can avail of the survival benefit and can also revive the policy even if he/she fails to pay the premium within the prescribed grace period.
Eligibility Criteria:
| Parameters | Descriptions |
| Entry age | Minimum – 0 years, Maximum – 55, 53, and 50 years |
| Minimum annual premium | Rs. 30,000 |
| Premium payment option | Limited pay |
| Premium payment term | 10, 12, and 15 years |
| Income start days (policy anniversary) | 15, 17, and 20 years |
| Policy term | 99 minus entry age |
| Sum assured on death | Higher of (10 times Annualised Premium or PPT X Annualised Premium) |
| Premium payment mode | Annual, half-yearly, and monthly |
9. ICICI Pru Guaranteed Wealth Protector
It is a unit-linked non-participating individual life insurance plan that offers the potential for high returns, by investing a portion of your money in equity, while also it has come up with the dual assurances of capital guarantee and life cover. Under this policy, the investment risk in the investment portfolio has to be borne by the policyholder.
Key Highlights:
- This plan protects your savings from market downturns through an Assured Benefit and under this plan, you can also get a reward such as loyalty additions and wealth booster.
- For five pay and seven pay options, there is a provision to increase or decrease your sum assured amount, which is subject to underwriting and terms and conditions of the company. However, under the single pay option, this facility is not available.
- This policy has come up with different charges that have to be paid by the life assured such as Premium Allocation Charge, Policy Administration Charge, Mortality Charge, Fund Management Charge (FMC), and charge for investment guarantee.
- Under this plan, you can avail of death benefits and maturity benefits too.
Eligibility Criteria:
| Parameters | Descriptions |
| Entry age | Minimum – 8 years, Maximum – 60 years and 70 years |
| Age at maturity | Minimum – 18 years, Maximum – 70, 72, and 80 years |
| Premium payment term | Single pay, 5 years, and 7 years |
| Policy term | 10 years and 12 years |
| Modes of premium payment | Single pay, Annual, half-yearly, and monthly |
Working of ICICI Pru Investment Plans
For your better understanding, here is an example to showcase how the ICICI investment plans work.
Suppose, Mr. Sharma, a 35-year-old businessman has purchased the Lump Sum variant of the ICICI Pru Guaranteed Income for Tomorrow plan and he pays an annual premium of Rs. 1 lakh to build a corpus to fund the higher education of his son. Now let us find out, how much guaranteed lump sum Mr. Sharma will receive for different combinations of premium payment terms and policy terms.
| Mr. Sharma pays a premium for | Mr. Sharma will receive a lump sum amount at the end of | Mr. Sharma will receive a guaranteed lump sum of |
| 5 years | 10 years | Rs. 7,24,257 |
| 7 years | 15 years | Rs. 13,03,137 |
| 8 years | 15 years | Rs. 14,98,912 |
| 10 years | 20 years | Rs. 22,83,381 |
| 12 years | 20 years | Rs. 26,38,826 |
Goods and service tax and cesses (if any) will be charged extra, according to the applicable rates.
Why Should People Go For ICICI Pru Investment Plans?
As the market is filled with different life insurance companies that have come up with various investment plans with lots of variants, it becomes really difficult for a policy-seeker to find out the best insurer that can address his/her requirements properly. But while selecting a suitable insurer, if you keep certain parameters in mind, the job would be easier for you. For your better understanding, after checking and evaluating all the potential parameters, it has been found that ICICI Prudential Life Insurance Company is the best for investment plans. To find out the reasons, have a look at the below mentions.
Strong Background – This company has been serving its customers in India since 2001 faithfully. In the financial year of 2015, it became the first private life insurer to attain assets under the management of Rs. 1 trillion. ICICI Prudential Life is also the first insurance company in India to be listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). As the background of the company is very strong and the parent companies are potential enough to handle any financial situation, you can buy the investment plans from ICICI Pru without any worry.
Claim Settlement Ratio – We buy an investment plan so that it can build a financial corpus to fulfill our life goals and keep us protected. In that case, the claim settlement ratio of the company plays a pivotal role. According to the IRDA Annual Report, the Incurred claim ratio of ICICI Prudential Life Insurance Company in the financial year of 2019-2020 is 97.84%, which is higher than many other life insurers. It indicates that once you have bought a general insurance plan from this company, you are completely safe and secure.
Premium Calculator – The company offers its customers different tools and premium calculators for the investment plans through which they can easily check the returns, maturity benefit, death benefit, and many more to have a good understanding of the plans. Tin this way, the company also maintains transparency to its customers.
Solvency Ratio – A solvency ratio stands for the potential of the company to meet its long-term financial goal. If the solvency ratio is higher, it is more likely the company has the capability to pay off the lump sum amount of its customers. According to the IRDA Annual Report, the solvency ratio of ICICI Pru as of March 2020 is 1.94, which is good enough to keep the company on your bucket list.
Market Share – According to the IRDA Annual Report the premium underwritten in the financial year of 2019-2020 of ICICI Pru is Rs. 33,430.70 crores indicating the strong financial potential of the company and its capability to handle the situation of the financial crisis in the near future. The data highlights that the company is reliable and trustworthy for investment plans.
Number of Plans – If the company fits all the parameters, but does not have enough investment plans to navigate, it is of no use. To cater to the varied needs of the customers, a good company has to offer multiple investment plans with various variants so that the consumers have the option to choose and go for the most suitable one. ICICI Pru has come up with a sack full of investment plans in different forms for the betterment of its consumers.
Flexibility – If the investment plans are rigid, it becomes very difficult for the customers to fit the plan as per their needs. But under ICICI Pru, you can build your own investment plan and even you have the flexibility to choose from different options of the policy period, premium payment frequency, premium payment mode, etc. As the company understands the needs of its customers, you can rely on it positively.
Distribution Network – It is very important for the company to have a good network to distribute the investment plans, otherwise, the policyholders will suffer. ICICI Pru is well-connected to its consumers through its wide channels of official branches spread all over the country, through agents and multiple other mediums. So, once you have bought n investment plan under this company, you can easily get connected with it at any time.
Online Facility – As per the growing demand for online facilities, ICICI Pru has built its official website in such a way that you can do almost every work related to your investment plans, such as checking the benefits, comparing the plans, renewal, paying premiums, tracking the claim and many more which makes the company customer-friendly.
Customer Service – Whenever you need your insurer, it will always be at your doorstep 24×7. You can get connected to ICICI Pru through various ways like via mail, mobile number, message facility, visiting the official branch, etc. Even the NRI services are available with the company. So, if any emergencies arrive, you can always get your insurer beside you.
How To Buy ICICI Pru Investment Plans?
ICICI Prudential Insurance Company has kept its door open for its customers offline and online. You can choose any of the methods to buy an investment plan under this company according to your convenience.
Online Process:
To buy an investment plan of ICICI Pru online, follow the below easy steps.
- Go to the official website of the company and visit the Plans segment.
- Then choose a suitable investment plan.
- On the right-hand side, the Buy Online option will pop up, and click on that.
- On the next page, fill in with the necessary basic information and click on the Check Return option.
- Now you can customize your plan by choosing the years of Pay for, Guaranteed Returns, and Invest options as per your choice and click on the ‘Proceed’ option.
- After that, you need to put the required credentials like personal details, health details, and payout details. Then, you need to upload the necessary documents.
- After completion of the entire process, you need to pay the required premium as per your given data.
- Once you have paid the premium successfully, the selected investment plan is bought by you.
- You will receive the notification of the same in your registered mobile number or/and email ID.
Offline Process:
If you are more comfortable with the offline process of buying, you can directly visit the nearest official branch of ICICI Pru and their experts will guide you through the buying process smoothly. You can also seek the help of one of the registered and licensed agents of the company. They are knowledgeable and experienced enough to show you the right path. Apart from these, you can also get in touch with the company either by calling them or else you can write to them via email or message. The company executives will soon contact you and will offer you assistance in purchasing an investment plan.
Frequently Asked Questions
Under this plan, the life assured can decrease the taxable income by investing up to Rs. 1.5 lakhs under Section 80C. The amount he/she will get at the time of maturity or death is also completely tax-free.
The free look period under this policy is as follows:
- 15 days from the date you received it if your policy is not sourced through Distance marketing.
- 30 days from the date you received it, in case of electronic policies or if your policy is purchased through Distance marketing.
Under this plan option, you can choose to pay premiums for 7 or 10 years (PPT) and also choose to receive Guaranteed Income for 15, 20, 25, or 30 years. Additionally, you will get 110% of Total Premiums paid by you (Maturity Benefit) at the end of the policy term along with the last income installment. Your policy term is PPT+1+Income Period and the life cover is available for the entire policy term.
The tools and calculators that are available and useful for the investment plans are EMI Calculator, Income Tax Calculator, Powe of Compounding Calculator, Child Education Calculator, and Human Life Value Calculator.
Yes, ICICI Pru has come up with their mobile app to manage your plans smoothly and easily that is available both on Google Store and App Store.
The regular Guaranteed Cash Benefit (GCB) starts from the year when your premium payment term ends. It is paid every year post that till the end of your policy. You can either choose the monthly benefit option that is 1% of the Guaranteed Maturity Benefit or go for yearly mode, which is 11.5 % of the Guaranteed Maturity Benefit.
You can track your claim by following the steps below.
- Go to the official website of the company
- At the top of the page, there will be the Claims tab; click on that.
- On the landing page, click on the Tack Claim Status option.
- Put the claim ID or claim reference number and click on the submit option.
- Your job is done. Now you can check your claim status.
Yes, under this plan, you are eligible to avail of tax exemption benefits as per the existing income tax laws.
Under the single pay option, the minimum premium value is Rs. 48,000. And, for five pay and seven pay options, it is Rs. 24,000 per annum for annual mode and Rs. 48,000 for other modes.
The life assured has the option to receive guaranteed income under this policy from the 2nd year onwards from the inception of the policy.
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