ICICI Prudential Life Insurance Plans & Details
ICICI Prudential Life Insurance Plans & Details
1. ICICI Pru iProtect Smart Term Plan
Type: Pure term insurance (protection only).
Entry Age: 20 to 65 years (last birthday)
Policy Term (Tenure): Options available: 10, 15, 20, 25, 30 years
Maturity Age / Maximum Expiry Age: Up to 75 years completed age.
Sum Assured / Death Benefit Options:
Option I: Death benefit = sum assured.
Option II: Additional benefit for accidental death: equal to base sum assured or ₹5,000,000 (whichever lower) in case of accidental death.
Premium Payment Terms: Regular premiums (yearly etc.).
Key Features: Affordable online purchase; flexible protection; clarity on what death benefit you get, including accident benefit in Option II.
2. ICICI Pru Smart Life Plan (ULIP)
Type: ULIP – investment + insurance.
Entry Age: 20 to 54 years last birthday.
Policy Term: 10–25 years.
Premium Paying Term: Either single pay or equal to policy term.
Minimum Premium: For regular pay approx. ₹45,000 p.a., for single pay about ₹48,000 (for some age bands)
Sum Assured Specifications:
For ages < 45 yrs: Minimum SA is the higher of (10 × annual premium) or (0.5 × policy term × annual premium)
For ages ≥ 45 yrs: Higher of (7 × annual premium) or (0.25 × policy term × annual premium)
Single pay: SA is 1.25 × single premium or for younger ages up to 10 × SP depending on band.
Key Benefits:
Fund growth via investment funds.
Loyalty additions + wealth boosters (after certain years)
On maturity: fund value + any top-ups etc.
On death: SA including top-ups or 105% of premiums paid, whichever better.
3. ICICI Pru iAssure (Single Premium)
Type: Conventional non-participating (i.e. no exposure to market funds), single premium savings + life cover.
Entry Age: Minimum ~8 years; maximum ~70 years (varies by variant)
Policy Term: Two options: 5 years or 10 years.
Maturity Age: 18 years minimum maturity; maximum maturity age around 75–80 years depending on variant.
Minimum Premium: ~₹20,000 (single‐premium) for entry.
Sum Assured Multiple:
For entry age 8–55 yrs: SA can be up to 500% of single premium.
For age 56–70: SA multiple lower (≈125%) of SP.
Key Features:
Guaranteed Maturity Benefit.
Life cover during policy term.
Simpler (single premium, no need for regular payments).
4. ICICI Pru Cash Advantage Plan
Type: Traditional savings / money-back style / guaranteed cash benefit plan with life cover. Forbes+2+2
Entry Age: Up to age 60 years for several payment term options.
Premium Payment Term Options: 5, 7 or 10 years premium payment terms.
Policy Term: After premium payment completes, there is payout term (payout of guaranteed cash benefits for fixed period) and maturity guarantee.
Guaranteed Cash Benefit (GCB): Once PPT ends, monthly or yearly cash benefits begin. For instance, 1% of guaranteed maturity benefit monthly during payout term.
Guaranteed Maturity Benefit (GMB): Paid at end of policy term.
Life Cover: Death benefit during the policy term.
Key Features:
Liquidity (cash benefits during payout years).
Guaranteed returns / benefits.
Different premium payment term options for flexibility.
5. ICICI Pru Precious Life (New Term Plan)
Type: Term insurance plan.
Entry Age: 18 years minimum; up to 65 years.
Policy Term: 5 to 40 years.
Sum Assured: Minimum Basic Sum Assured (BSA) ~₹2 lakhs; no fixed upper limit (subject to underwriting).
Premium Payment Term: Single, regular or limited premium terms (for limited: 5 or 10 yrs etc).
Death Benefit Options / Payout Modes:
Lump sum death benefit.
Income payout options.
Mixed modes (lump sum + income).
Increasing income over time options.
Key Features:
Loyalty discount for existing ICICI Pru customers on first-year premium.
Flexibility in how the death benefit is paid.
Other Plans Mentioned / List of Plans
According to various sources, some additional ICICI Pru plans include:
ICICI Pru Savings Suraksha Plan
ICICI Pru Assured Savings Insurance Plan
ICICI Pru Future Perfect Plan
ICICI Pru iCare II Plan
ICICI Pru Life Raksha Plan
