ICICI Prudential Claim Settlement Ratio for Term Insurance
As one of the largest life insurance company in India ICICI Prudential term insurance plan offers comprehensive plans that cater the requirements of wide range of people across the country. ICICI Prudential term insurance plans offer two types of online term insurance plan i.e. PRU iProtect Term Insurance Plan and ICICI Pru iCare II term insurance plan. These plans offered by ICICI Prudetial Term insurance are most affordable plans and provide life protection to the family of the insured.
Moreover, ICICI life insurance plans have the highest claim settlement ratio as compare to the any other plan. Further in this article we have discussed briefly some of the key features and benefits offered by ICICI Prudential Term Insurance Plan.
ICICI Pru iProtect Term insurance plan-It’s a non-participating term plan that can be purchased online. Moreover, this ICICI Prudential Term Insurance plans can be customized according to the definite requirements of insurance seekers. Under this plan the insurance buyers can avail of the following options:
- ICICI Pru iProtect Option I: Death benefit is equal to the Sum Assured
- ICICI Pru iProtect Option II: add-on death benefit is equal to the basic Sum Assured or Rs. 5,000,000, whichever is lower is offered to the beneficiary of the policy.
The plan offers some simple eligibility criteria
- The minimum entry age of the policy is 20 years whereas the maximum entry age of the policy is 65 years
- In order to avail the policy the insured needs to fulfill the required information like Driving license, passport, birth certificate, Voters card, PAN Card, Aadhar Card, bank a/c statement, Income Proof.
- Under this plan the free look period of 15 days is offered by the policy in which the insured can cancel the policy if he/she is unsatisfied with the coverage offered by the policy.
- The premium paid and the maturity proceeds are also tax exempted under section 80C and 10D of Income Tax Act.
ICICI Prudential iProtect Smart
Under this life insurance plan, multiple protections are offered against a variety of risk factors including, critical illness, accidents, demise, and inability to pay premium etc.
- This plan can be purchased online
- It offers coverage for more than 34 life threatening illnesses
- Critical illness benefits and death benefits are offered
- Special premiums for women and non-smokers and non-tobacco users
- Provision for surrender value under single premium option
- Tax benefits
ICICI Prudential iProtect Plan
Here, the insurer has the option to customize the policy according to their needs. In this policy, the sum assured is paid to the nominee on death of the insurer and the sum assured will be decided by the insurer at the time of policy inception. Insurer has the flexibility to choose the protection required based on their requirements through two options of death benefits. In the first option, the sum assured chosen by the insured will be paid upon his/her death. In second option, if the insurer chooses the regular premium payout option, then additional benefits will be offer on accidental death which is rider sum assured and it is equal to basic sum assured or Rs 50 Lakhs which is lower.
ICICI Pru iCare II Plan
The insurer is offered with the flexibility to choose the required coverage based on their needs through two options.
- Option A – The Sum Assured set by the insurer will be paid on his/her death to the nominee
- Option B – If regular premium payout option is selected, then additional death benefit is offer which is accidental death benefit and the value will be rider sum assured or equal to basic sum assured or Rs 50 Lakhs which is lower.
ICICI Pru Life Raksha Plan
This is an short term life insurance plan by ICICI that offer lump sum benefits to the family on insurer’s demise within the policy tenure. If the insurer dies within the policy tenure, then benefit which is higher will be paid to the nominee:
- Option A – The Sum Assured chosen by insured at the time of policy inception will be paid
- Option B – 10 times the value of annual premium will be paid to the nominee
- Option C – 105% of total premiums will be paid to nominee
ICICI Life Insurance Investment Plans
These types of investment plans by ICICI Prudential are considered low risk insurance policies that enable the insurer to save for specific goals in future and offer protection to the family from the financial crisis in their absence. Some of the popular investment plans are:
- ICICI Prudential Cash Advantage Plan
- ICICI Prudential Savings Suraksha Plan