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ICICI Prudential Investment Plans
ICICI Prudential Traditional / Investment Plans ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Ltd. and Prudential Private Limited Company. Prudential Private Limited Company is a leading international financial service group having its headquarters in the United Kingdom. ICICI Prudential Life is one of the first private sector life insurance companies who after receiving approval from the Insurance Regulatory Development Authority of India (IRDAI) have begun its operation in December 2000. Amongst the entire private life insurers in the country, ICICI has enjoyed a dominant position for more than twenty years by offering world-class products and quality consistent services. The range of products offered by ICICI Prudential Life Insurance Company include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individuals insurance related requirement at a single source. What are Traditional / Investment Plans Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below: These plans are issued for a longer term perspective and money cannot be withdrawn from the plans. In case of stopping the premium payment, the plan becomes paid-up if at least three full years premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan. The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the companys profits and earn bonuses which are not true for non-participating plans. The plans may be issued either as Endowment Plans or Money Back Plans ICICI Prudential Traditional / Investment Plans ICICI Prudential Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits. ICICI Pru Cash Advantage –a traditional plan which provides regular monthly incomes. The features of the plan are as follows: It is a participating plan which participates in the profits of the company through earning bonuses Guaranteed Cash Benefits depending on the term, age and premium paying term, is paid every month after the completion of the premium paying term till the end of the term or death of the insured whichever is earlier. The rate of the benefits payable is 1% of the Sum Assured every month or 11.5% of the Sum Assured every year as chosen by the policyholder. On maturity, higher of the Guaranteed Maturity Benefit including the vested bonuses and any terminal bonus or 100.1% of all premiums paid net of any Guaranteed Cash Benefit already paid is paid to the policyholder. In case of death of the insured, higher of the Sum Assured including vested bonuses and any terminal bonus or Guaranteed Maturity Benefit including the vested bonuses and any terminal bonus is paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death The Guaranteed Maturity Benefit depends on the premium paid, term, age and the premium paying term. Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details Sample Illustration The table below shows the sample illustration of benefits for a policy term of 20 years and the corresponding Premium Paying Term of 10 years. The premium paid is Rs.50, 000 and the corresponding Sum Assured is Rs.5 lakhs ICICI Pru Savings Suraksha –a traditional savings plan with the following features: It is a participating plan which participates in the profits of the company through earning bonuses Guaranteed Additions @ 5% of the Guaranteed Maturity Benefit is paid every year in the first 5 years of the plan. On maturity of the plan, the Guaranteed Maturity Benefit including the Guaranteed Additions, vested bonuses, terminal bonus, if any, is paid to the policyholder In case of death of the insured higher of the Sum Assured including the Guaranteed Additions, vested bonuses, terminal bonus, if any or the Guaranteed Maturity Benefit including the Guaranteed Additions, vested bonuses, terminal bonus, if any, or 105% of all premiums paid till the date of death is payable to the nominee Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details Sample Illustration The following table presents a sample illustration for a male aged 35 years ICICI Pru Immediate Annuity –a traditional pension plan which provides annuity payouts immediately after paying the lump sum premium. The features of the plan are as follows: Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium The plan provides 5 annuity payout options to choose from which are: Life Annuity Life Annuity with Return of Premium Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life Joint Life Last Survivor Joint Life Last Survivor with Return of Purchase Price The policyholder can increase the annuity amount any time he or she wants by paying additional premium to purchase an additional annuity The company provides a premium discount based on the annuity amount and the mode of annuity payout chosen. Income tax benefit on the premium paid as per Section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act. Eligibility Details Sample Purchase Price Rates The following table shows the applicable Purchase Price payable under two different options if the policyholder wishes to avail an annuity payout of Rs.12, 000 every year. Applying for a Traditional / Investment Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
ICICI Prudential Investment Plans- FAQs
1. How to pay premium? What are the modes of payment available? For receiving continuity of your policy benefits, it is critical to pay premiums on time. You can pay your ICICI Life Insurance premium through these 11 methods: Net Banking Credit card Bill desk Bank Website Debit Car+ ATM PIN Debit Card Bill junction Infinity E-collect Rupay Debit Card Skypack drop box MINC Drop Box For paying premium online, you can login to e-portal Step 1: Enter your policy details – policy number and policyholders date of birth Step 2: Select your online bank account, debit/ credit card or use the NEFT facility to pay the premium Step 3: Authenticate and confirm your payment details and receive online confirmation 2. How can I check policy status for ICICI Prudential investment plans? You can check the policy status via online, or opt for SMS and e-mail reminder facility. You can check ICICI Prudential Life Insurance Policy Status Online as follows. Open ICICI Prudential Life Insurance website in your browser Now you will be directed to a new window. On the top right side of this new page you can see the customer login section Enter user ID and password to navigate to checking the policy status Only registered users can access the portal, so you need to sign up for the service, if you havent yet. 3. What is the policy renewal process for ICICI Prudential investment plans? Online Policy Renewal facility is available to all ICICI Life Insurance customers. The process is as follows; Step 1: Login into the website with your Client ID and password. Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now Step 3: Choose payment option- NEFT, Credit Card/Debit Card Step 4: Authenticate and confirm your payment details and print out the payment receipt 4. What is the companys process to settle claim for ICICI Prudential investment plans? Step 1: Complete the claim form through – Email – [email protected][dot]com Phone-Call a claim care Online claim From branch office Write a [email protected][dot]com Step 2: Form Evaluation The Claim Care department examines the claim and if any essential documents are missing, the team immediately notifies the policyholder of the same. The team keeps the claimant up-to-date on the process via Emails and Letters. Step 3: Claims Processing On receipt of all the essential documents, the Claims department processes the application within 12 calendar days, if no investigation is needed for checking the claim made. For quick access to claim funds, ICICI Life Insurance transfer funds directly into the beneficiarys bank account. In case of cashless hospitalization, you need to produce the relevant medical bills and reports, issued by the attending physician. Upon completion of these documents, submit them to your nearest ICICI branch. 5. What is the policy cancellation process for ICICI Prudential investment plans? You need to keep your policy for a minimum of 3 years before you can cancel it. You need to fill a surrender form at any of the ICICI Prudential Life branches, and submit your policy documents. The cancellation process will take 30 days to complete and the surrender value funds will be directly transferred to your bank account. If you signed up for a single premium policy, you can cancel it after the first policy year.
ICICI Prudential Investment Plans
ICICI Prudential Traditional / Investment Plans ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Ltd. and Prudential Private Limited Company. Prudential Private Limited Company is a leading international financial service group having its headquarters in the United Kingdom. ICICI Prudential Life is one of the first private sector life insurance companies who after receiving approval from the Insurance Regulatory Development Authority of India (IRDAI) have begun its operation in December 2000. Amongst the entire private life insurers in the country, ICICI has enjoyed a dominant position for more than twenty years by offering world-class products and quality consistent services. The range of products offered by ICICI Prudential Life Insurance Company include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individuals insurance related requirement at a single source. What are Traditional / Investment Plans Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below: These plans are issued for a longer term perspective and money cannot be withdrawn from the plans. In case of stopping the premium payment, the plan becomes paid-up if at least three full years premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan. The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the companys profits and earn bonuses which are not true for non-participating plans. The plans may be issued either as Endowment Plans or Money Back Plans ICICI Prudential Traditional / Investment Plans ICICI Prudential Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits. ICICI Pru Cash Advantage –a traditional plan which provides regular monthly incomes. The features of the plan are as follows: It is a participating plan which participates in the profits of the company through earning bonuses Guaranteed Cash Benefits depending on the term, age and premium paying term, is paid every month after the completion of the premium paying term till the end of the term or death of the insured whichever is earlier. The rate of the benefits payable is 1% of the Sum Assured every month or 11.5% of the Sum Assured every year as chosen by the policyholder. On maturity, higher of the Guaranteed Maturity Benefit including the vested bonuses and any terminal bonus or 100.1% of all premiums paid net of any Guaranteed Cash Benefit already paid is paid to the policyholder. In case of death of the insured, higher of the Sum Assured including vested bonuses and any terminal bonus or Guaranteed Maturity Benefit including the vested bonuses and any terminal bonus is paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death The Guaranteed Maturity Benefit depends on the premium paid, term, age and the premium paying term. Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details Sample Illustration The table below shows the sample illustration of benefits for a policy term of 20 years and the corresponding Premium Paying Term of 10 years. The premium paid is Rs.50, 000 and the corresponding Sum Assured is Rs.5 lakhs ICICI Pru Savings Suraksha –a traditional savings plan with the following features: It is a participating plan which participates in the profits of the company through earning bonuses Guaranteed Additions @ 5% of the Guaranteed Maturity Benefit is paid every year in the first 5 years of the plan. On maturity of the plan, the Guaranteed Maturity Benefit including the Guaranteed Additions, vested bonuses, terminal bonus, if any, is paid to the policyholder In case of death of the insured higher of the Sum Assured including the Guaranteed Additions, vested bonuses, terminal bonus, if any or the Guaranteed Maturity Benefit including the Guaranteed Additions, vested bonuses, terminal bonus, if any, or 105% of all premiums paid till the date of death is payable to the nominee Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details Sample Illustration The following table presents a sample illustration for a male aged 35 years ICICI Pru Immediate Annuity –a traditional pension plan which provides annuity payouts immediately after paying the lump sum premium. The features of the plan are as follows: Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium The plan provides 5 annuity payout options to choose from which are: Life Annuity Life Annuity with Return of Premium Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life Joint Life Last Survivor Joint Life Last Survivor with Return of Purchase Price The policyholder can increase the annuity amount any time he or she wants by paying additional premium to purchase an additional annuity The company provides a premium discount based on the annuity amount and the mode of annuity payout chosen. Income tax benefit on the premium paid as per Section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act. Eligibility Details Sample Purchase Price Rates The following table shows the applicable Purchase Price payable under two different options if the policyholder wishes to avail an annuity payout of Rs.12, 000 every year. Applying for a Traditional / Investment Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
ICICI Prudential Investment Plans- FAQs
1. How to pay premium? What are the modes of payment available? For receiving continuity of your policy benefits, it is critical to pay premiums on time. You can pay your ICICI Life Insurance premium through these 11 methods: Net Banking Credit card Bill desk Bank Website Debit Car+ ATM PIN Debit Card Bill junction Infinity E-collect Rupay Debit Card Skypack drop box MINC Drop Box For paying premium online, you can login to e-portal Step 1: Enter your policy details – policy number and policyholders date of birth Step 2: Select your online bank account, debit/ credit card or use the NEFT facility to pay the premium Step 3: Authenticate and confirm your payment details and receive online confirmation 2. How can I check policy status for ICICI Prudential investment plans? You can check the policy status via online, or opt for SMS and e-mail reminder facility. You can check ICICI Prudential Life Insurance Policy Status Online as follows. Open ICICI Prudential Life Insurance website in your browser Now you will be directed to a new window. On the top right side of this new page you can see the customer login section Enter user ID and password to navigate to checking the policy status Only registered users can access the portal, so you need to sign up for the service, if you havent yet. 3. What is the policy renewal process for ICICI Prudential investment plans? Online Policy Renewal facility is available to all ICICI Life Insurance customers. The process is as follows; Step 1: Login into the website with your Client ID and password. Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now Step 3: Choose payment option- NEFT, Credit Card/Debit Card Step 4: Authenticate and confirm your payment details and print out the payment receipt 4. What is the companys process to settle claim for ICICI Prudential investment plans? Step 1: Complete the claim form through – Email – [email protected][dot]com Phone-Call a claim care Online claim From branch office Write a [email protected][dot]com Step 2: Form Evaluation The Claim Care department examines the claim and if any essential documents are missing, the team immediately notifies the policyholder of the same. The team keeps the claimant up-to-date on the process via Emails and Letters. Step 3: Claims Processing On receipt of all the essential documents, the Claims department processes the application within 12 calendar days, if no investigation is needed for checking the claim made. For quick access to claim funds, ICICI Life Insurance transfer funds directly into the beneficiarys bank account. In case of cashless hospitalization, you need to produce the relevant medical bills and reports, issued by the attending physician. Upon completion of these documents, submit them to your nearest ICICI branch. 5. What is the policy cancellation process for ICICI Prudential investment plans? You need to keep your policy for a minimum of 3 years before you can cancel it. You need to fill a surrender form at any of the ICICI Prudential Life branches, and submit your policy documents. The cancellation process will take 30 days to complete and the surrender value funds will be directly transferred to your bank account. If you signed up for a single premium policy, you can cancel it after the first policy year.