ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited is amongst the top insurers in India’s life insurance sector. Being the first insurance company to get listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), the company is backed by ICICI Bank Limited and Prudential Corporation Holdings Limited.
ICICI Prudential Life Insurance commenced its operations in 2001 while constantly striving to develop various initiatives with an aim to offer specially designed products to cater to the long-term customers’ saving needs at different life stages. The company’s core philosophy is around customer-centricity and hence, the leading insurer provides various cost-effective long-term savings and protection plans and focuses on excellent services for the customers.
Why opt for ICICI Prudential Life Insurance?
- ICICI Prudential Life Insurance offers comprehensive life insurance plans which include both death and maturity benefits at affordable premiums.
- It offers an array of insurance products that serve the dual purpose of investment and life cover, providing to fulfill multiple financial objectives.
- The life insurance policies offered by ICICI prudential are eligible for tax benefits under the relevant section of the Income Tax Act, 1961.
- For the last five years, ICICI Prudential has maintained a healthy claim settlement ratio of above 90% which proves it a credible and trustworthy insurer partner in the market.
Facts about ICICI Prudential Life Insurance
- As of 31st March 2021, Assets Under Management (AUM) were 2,142.18 billion.
- ICICI Prudential Life Insurance has a claim settlement ratio of 97.84% (IRDA Annual Report 2019-20).
- It is the first private life insurance company to reach assets under the management of 1 trillion.
- In the first year of its operation, the company had issued 1 lakh policies.
Types of Life Insurance products offered by ICICI Prudential Life Insurance
- Term Insurance: The term plan offered by ICICI Prudential gives the flexibility to opt for desired coverage based on your requirements. This plan comprises 4 different benefit options, offering you comprehensive life coverage at an affordable cost. It offers death benefits as a lump sum or monthly income.
- Health Insurance Plans: ICICI prudential health insurance plans cover medical expenses that include hospitalization costs, charges related to various treatments, surgeries, and other illnesses. Health Insurance plans offer financial coverage against medical expenses and protect our savings.
- ULIPs Plans: ULIP or Unit Linked Insurance Plan by ICICI Prudential Life Insurance offers dual benefits of life cover and savings. It helps your money to grow and at the same time protects your loved ones during unprecedented times.
- Savings Plans: ICICI Prudential savings plans are specially designed plans to deliver steady returns such that you achieve your financial goals. These savings plans are also life insurance plans, so they also financially secure your family in case of any uncertainty.
- Retirement Plans: These are a form of life insurance plan that are designed to meet the needs during the retirement phase. ICICI Prudential retirement plans cover medical and living expenses while giving you the freedom to lead a comfortable life.
- Child Plans: ICICI Prudential Child Plans help to build funds for your child’s better future. These plans ensure that all your child’s dreams and aspirations are financially secured and do not get compromised even in your absence.
ICICI Prudential Life Insurance Term Plans
- ICICI Pru iProtect Smart
- ICICI Pru iCare II
- ICICI Pru POS iProtect Smart
- ICICI Pru Life Raksha
Documents required to apply for ICICI Prudential Life Insurance Policy
The documents required to apply for ICICI Prudential Life Insurance Term Plans includes:
- Duly filled and signed proposal form
- Identity Proof – Aadhaar Card, Passport, PAN card, Voter ID,
- Address Proof – Voter ID, Driving License, Aadhaar Card, Passport, Ration card
- Income Proof – Salary slips, form 16, bank statement, last 3 years Income tax return
- Age Proof – PAN card, Passport, Birth certificate.
What are the documents required for ICICI Prudential Life Insurance claims settled?
Following are the documents that are required to settle ICICI Prudential Life Insurance claims:
• Nominee's statement or claim intimation form
• Death certificate issued by the local municipal authority
• Original policy documents
• KYC documents of the nominee including Aadhaar card, PAN card, etc
• In case admitted in the hospital so medical history, treating doctor's statement & inpatient documents
• In case of accidental death and suicide cases, FIR and post mortem report
• Canceled cheque
What is the minimum & maximum age to buy ICICI Prudential Life Insurance policy?
The minimum and maximum age to purchase a life insurance policy might differ from various insurers to your chosen plan. However, to buy an ICICI Prudential Life Insurance policy, the minimum age is 18 years, and the maximum is 65 years.
Does ICICI Prudential Life Insurance policy cover COVID-19 claims?
Yes, ICICI Prudential Life Insurance policy covers death claims arising due to COVID-19 and get processes as per the policy terms and condition.
What is ICICI Prudential Life Insurance's claim process?
ICICI Prudential Life Insurance has a 3-step claim process:
Step 1: Reporting the claim
First, the claim needs to be reported at the branches or central office via email, SMS, or call center. However, physical documents are required to initiate the claim process as claims reported online, SMS, or email are not considered as intimation.
Step 2: Processing claims
The claim care team ICICI Prudential Life Insurance will evaluate the claim and intimate if any further documents are required to submit. Upon receiving all the necessary documents, the company starts processing the claim request.
Step 3: Claim Settlement
Once all the documents are received and verified, the claim process gets started.
Why ICICI Prudential Life Insurance policy claims get rejected?
A claim is rejected if any facts are falsely disclosed or found to be hidden during the investigation. If a fact is not disclosed in the proposal form, which is termed as 'non-disclosure', it affects the policy issuance decision. On the same lines hiding information when answering questions in the proposal form is termed as a misstatement, and in both, instances the insurer rejects the policy claims.
How soon should the claim be reported to the insurer?
Ideally, the claim should be reported as early as possible to process the claims faster. For example, the disability claim can be reported within 120 days from the date of the disability. In case of major critical illness or major surgery, the claim should be reported within 60 days from the date of surgery or diagnosis.
What can be done if the policy documents are not available to the policy beneficiary?
In case the policy beneficiary does not have the policy documents, then the person needs to submit an indemnity bond, and for any further query, one can contact the call center or visit ICICI Prudential Life Insurance's nearest branch.