ICICI Prudential ULIP Plans

Company Overview

ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Ltd and Prudential Corporation Holdings Limited. ICICI Prudential Life commenced its business operation in year 2001 and since then, the insurance company has been one amongst the top players in insurance market in India. It offers customized savings and protection products to fulfill the varying life stage requirements of the customers. In year 2015, ICICI Prudential Life attained Rs 1 trillion as assets under management. 

The Latest Claim Settlement Ratio of ICICI Prudential Life for FY 2018-19 is 98.58%.

Key Points of ICICI Prudential ULIP Plans

Snapshot of ICICI Pru Life ULIP Plans

Reasons for Buying ICICI Prudential ULIP Plans

ICICI Prudential Life Insurance Company offers customized ULIP plans at a well competitive premium. With ICICI prudential, you will easily meet your goals by investing in ULIP plan. It offers the flexibility to invest in a fund that suits to your risk & return profile. You only need to choose a most-fitting ULIP plan and invest into it to gain high returns.

Main USP’s of ICICI Prudential ULIP Plans are:

• High return on investment
• Flexibility to invest in multiple fund options
• Choose from multiple portfolio strategies
• Get Loyalty Additions & Wealth Boosters
• Top-up premium to boost fund value
• Fund value payable as maturity benefit
• Switching & premium redirection option
• Attain liquidity through partial withdrawals
• Life coverage
• Avail tax benefits

Key Benefits of ICICI Prudential ULIP Plans

• On survival of the life insured till the end of the policy term, the Total Fund Value including Top-up Fund Value is payable at maturity.
• In the event of death of the life assured during the term of the policy, the death benefit as applicable is payable to the nominee.
• Loyalty Additions is allocated as extra units at the end of every policy year, as specified under the policy chosen.
• Wealth Boosters is allocated as extra units at the end of every 5th policy year, subject to terms specified in the policy chosen.
• There is an option for Top-up Premium to enhance the fund value.
• You can also opt for switching, premium re-direction and partial withdrawal in ICICI Pru ULIP Plans.
• Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, 1961.

Coverage under ICICI Pru ULIP Plans

By choosing a ULIP plan from ICICI Prudential Life, you will get the dual benefits of investment plus life coverage. You will have the option to invest in one of the fund options that will help to grow your invested amount. It also offers life coverage that ensures financial protection for your family, in the event of your demise provided the policy is in-force.

Claim under ICICI Prudential ULIP Plans

For Maturity Benefit

On survival of the life assured till the end of the policy term, the Total Fund Value is payable at maturity. The growth of the fund value depends on the performance of the fund you choose in the policy. You have the option to receive this benefit as a lump sum or as periodic installments.

To receive the maturity benefit, you will need to furnish the following documents.

• Original policy document
• Copy of identity proof
• Copy of address proof
• Bank mandate form with bank details
• And other documents as required by the insurance company.

For Death Claim

In the event of death of the life assured during the term of the policy, the Death Benefit is payable depending on the policy terms.

When seeking the Death Claim from ICICI Pru ULIP Plans, your nominee/beneficiary will require to intimate the insurance company about the death by furnishing the completely filled claim form. The insurance company will make the proper scrutiny about the claim and then the life cover is paid immediately to the nominee.

The following documents need to be submitted to the insurance company along with the claim form.

• Completely filled claim form
• Original Policy Document
• Attested copy of death certificate from municipal authority
• NEFT mandate form
• Nominee's photo identity proof
• And other documents as required by the insurance company.

Apply for ICICI ULIP Plans

Online: ICICI Prudential Life Insurance offers specific plans which can be bought online. You need to log into the company’s website, choose a pension plan, customize the coverage, pay the premium online and the policy will then be issued.

Offline: Via offline channel, you need to visit the ICICI Pru branch or contact an agent or broker to buy a ULIP plan of your choice.

ICICI Pru ULIP Plans Review

ICICI Prudential is one of the leading life insurers offering the best and customized range of ULIP plans. With these investment plans, you can meet your specified financial goals. You only need to pick a right ULIP plan that will facilitate you to obtain high returns on investment. Additionally, it also helps to provide financial protection for your family at a nominal cost.

ICICI Prudential Life ULIP Plans - FAQ’s

• How to pay the policy premium?

ICICI Prudential ULIP plans offer two different modes of premium payment:

Online Payment: For online mode of premium payment, you can pay through credit/ debit card & net banking.

Cash payment at branch: You need to visit ICICI Prudential Life Insurance branch and pay the due premium in cash.

• How can I check the status of ICICI ULIP Plans?

By logging to ICICI Pru Life Insurance website, you can check the policy status online by entering the required details such as policy number, date of birth or registered mobile number.

• What is the policy renewal process of ICICI Prudential ULIP plans?

The renewal of ICICI Pru ULIP plans can be done through the following modes:

Online: Visit ICICI Pru website, calculate the renewal premium amount and pay the premium.

Offline: By visiting the ICICI Pru Life branch and pay the premium in cash.

After making the premium payment, the policy gets renewed instantly.

• What is the process of ICICI Prudential Life to settle the ULIP plan claims?

In order to settle a claim, you need to inform the insurance company by filling the claims form and upload relevant documents online. After acceptance of the documents by ICICI Prudential Life, your claim will be settled within a duration as specified by the insurer.

• Is there any tax benefit on ICICI Prudential ULIP plans?

You can avail tax benefits under section 80C for the premium paid under ICICI Prudential ULIP policy. The payouts of the policy are tax free under section 10(10) D of the Income Tax Act, 1961.

Claim Form

Click here to download the Claim Form.

ICICI Prudential Life Insurance Company Limited offers following ULIP Plans: