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ICICI Prudential Life Insurance

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ICICI Prudential Life Insurance is known to be one of the most prominent players in the insurance sector market in India. The company offer products such as term insurance plans, endowment plans, to meet various financial needs of the customers.

ICICI Pru Group Term Plus

This plan provides financial cover to its members. In the case of the unfortunate circumstances, the closed members of the family are provided with the lump-sum payments to meet the financial losses. Employers most commonly prefer this plan for their employees as it gives a life cover to the family members. The benefit conferred under the program are

Life cover without the need for medical test reports submission, up to the limit of free cover limit.
Group Gratuity Plan: This plan is apt for the employers as it supports them in paying the gratuity amount to the employees and settle the liabilities accordingly. The minimum entry age for an employee to be eligible for this insurance is 15 years; however, the maximum period must not be more than 85 years. The ICICI Group Gratuity Plan provides the renewal policy on a yearly basis. It means that the policy undergoes the auto-renewal on the expiry date
Group Superannuation Plan: Through this plan, the employers can choose to provide the pension or the superannuation benefits to the employees. The employees are given an opportunity to make savings according to their risk appetite, and the plan also provides corpus to the employees at the time of retirement.
Group Leave Encashment: This plan covers the leave encashment liabilities of the employers and helps them in building a savings pool for paying the leave encashment amounts to the employees. Under this program, a flat cover of Rs.1,000 is offered to the employees. The minimum age for an employee is 15 years; however, the maximum age of entry in this plan must not be more than 85 yrs.
Group Immediate Annuity Plan: As the name suggested, this plan is apt for employers who want to offer the benefits of retirement to their employees. With the aid of the program, an employer provides pension benefits to the employees, to help them sail in the period of retirement swiftly, without getting under any financial burden. The payouts provided to the employees can be yearly, monthly or quarterly, and half-yearly depending on the mode, selected by the employer.

Terms Insurance Plans of ICICI Prudent Life

Plans	Basic amount assured	Policy Tenure
a. CICI Prudent iProtect Smart	The minimum amount assured: will be subject to the minimum premium amount Maximum amount assured: No limit(subjected to the underwriting policies)	Minimum policy tenure - 5 yrs. Maximum policy tenure - 20 yrs
b. ICICI Pru iCare II	The minimum amount assured - if the age of the insured is 60 years with a policy tenure of 5 yrs, then the minimum amount assured will be: For option 1 - Rs.87,423 and for option 2 - Rs.85,875. If age is 18 yrs and chosen policy tenure is 30, the minimum amount assured for the option 1 is Rs.3.6478 lakh and for option 2 it is Rs.2.88257 lakh. The maximum amount assured: No fixed limit	For the regular pay policies: Five, 10, 15, 20, 25, and thirty yrs. For the single pay policies: 5 and 10 yrs
c. ICICI Prudent Life Raksha	The minimum amount assured - Rs.50k The maximum amount assured - Rs.500,000	For the regular pay policies - 5 yrs

Health Insurance Plans of ICICI Prudent Life

Plans

Basic amount assured

Policy Tenure

A. ICICI Pru heart/cancer protect plan

Amount assured must be calculated after analyzing the future treatment costs, hospitalization costs, along with other expenses.

Minimum policy tenure that can be selected is 5 yrs. The policyholders can buy ICICI Pru Heart/Cancer Protect between the minimum and maximum ages of 18-65 yrs.

B. ICICI Prudential Smart Health Cover

The maximum amount assured - Rs.25 lakh

Minimum policy tenure - 10 yrs.

Maximum policy tenure - 30 yrs

Traditional Savings/Money Back Plans of ICICI

Plans	Basic amount assured	Policy tenure
ICICI Pru Cash Advantage	If the minimum age of the life assured is below 45 years old, then the amount assured on death is 10 times more. If the minimum age of the life assured is between 45-54 yrs, then the amount assured on death will be multiple of either 7 or 10. If the minimum age of the life assured is more than 54 yrs old, then the amount assured on death will be multiple of 7.	The policy tenures are 15, 17 yrs, and the 20 yrs: It will include PPT and the payout term.
ICICI Pru Savings Suraksha	If the minimum age of the life assured is below 45 years old, then the amount assured on death will be 10*annual premium. If the minimum age of the life assured is between 45-54 years, then the amount assured on the death is either 10 times or 7 times the annual premium. If the entry age of the life assured is more than the 54 yrs, then the amount assured on death is 7 times more than the annual premium.
ICICI Pru Assured Savings Insurance Plan	Amount assured on the death of the life assured is the 10*annual premium amount.	The policy tenures available are ten, 12, and the 15 yrs.
ICICI Pru Future Perfect	For the premium payment term of 5 yrs, the minimum basic amount assured on the death is Rs.4 lakh. For the premium payment term of 7 yrs, the amount assured on death is Rs.1.8 lakh. For the premium payment tenure of 10 yrs, the basic sum assured on the death is Rs.1.20 lakh. For the premium payment tenure of 15 yrs, the basic amount assured on death is Rs.96,000. For the premium payment term of 20 yrs, the basic amount assured on the death is Rs.84,000.	For the premium payment tenure of 5 yrs, the policy tenures are 10-15 years. For the premium payment tenure of 7 yrs, the policy terms are 12-17 years. For the premium payment term of 10 yrs, the policy terms are 15-20 years. For the premium payment term of 15 years, the policy terms are 20-25 years. For the premium payment term of 20 yrs, the policy terms provided are 25-30 yrs.

Retirement Plans of ICICI Prudential

Plans	Basic amount assured	Policy Tenure
a. ICICI Pru Easy Retirement	When the policy gets matured, or after vesting, the life assured is qualified to receive the fund amount or assured sum, whichever is higher in worth.	The policy tenures available are 10, 15, 20, 25 and 30 yrs.
b. ICICI Pru Immediate Annuity	This policy doesn't provide the amount assured at the end of the policy tenure. The plan, on the other hand, provides monthly income upon the payment of a purchase price. The policyholders have the option to receive the installments either on the monthly, quarterly, yearly, or the half-yearly basis.	The policy is essentially bought to get an income after retirement, hence it does n’t have the defined policy tenure.

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