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ICICI Prudential Life Insurance Benefits

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) began operating in the year 2001, Since then, it has been working on the philosophy of customer-centricity. The insurance company offers a wide range of beneficial life insurance products that customers can buy at affordable premiums. Not only the life insurance products offered by the company are cost-effective but also cover the insured for superior quality services and a hassle-free claim settlement experience. Since its operation, the company has been working efficiently to build an enduring institution that caters to the long-term saving requirements of the customers and hence, today is counted in the list of top life insurance providers of India.

ICICI Prudential Life Insurance Benefits

Following are the important benefits of ICICI Pru Life Insurance which are provided by the company to it's policyholders:

1. Wide Range of Products: ICICI Prudential Life Insurance has a wide range of options to choose from. You can always choose according to your budget and desired terms. Every plan has its own benefits and with so many options to choose from you can go for something that is budget-friendly and completes your needs.

2. Affordable Plans: Everyone wants a good insurance plan that fits into their budget. ICICI Prudential Life Insurance provides comprehensive life cover on the payment of an affordable premium. Some plans of ICICI Prudential Life Insurance include both Death Benefits and Maturity/Survival Benefits and some of the plans serve the dual purpose of life cover and investment, enabling you to plan multiple financial objectives well in advance.

3. High Claim Settlement Ratio: The claim Settlement Ratio is the number of claims an insurance company settles against the total number of claims received by it in a financial year. The Claim Settlement ratio or CSR helps to understand the credibility of an insurance company. For the financial year 2019-2020, the Claim Settlement Ratio of ICICI Prudential Life Insurance Company is 97.84%. This shows that the company is reliable when it comes to settling the claims of the insured.

4. Excellent Customer Service: ICICI Prudential Life Insurance company is one of the top providers of affordable policies and plans in the life insurance sector. The company values its customers and provides excellent customer service. Their customer care service is accessible 24x7. This helps the policyholder to stay connected with the service providers.

5. Award-Winning Services: Over the period of years, ICICI Prudential has won several awards, which is proof of the company’s dedication towards its customers. For instance, the company bagged the “Claims and Customer Service Excellence Award” in the Life Insurance Category by FICCI, “Best Alternative or Digital Payments Program of the Year” by the Customer Fest Leadership Awards 2020, and the “Customer Service Company of the year” by Indian Insurance Summit and Awards 2020.

6. Multiple Payout Options: Some plans offered by ICICI Prudential Life Insurance like ICICI Pru iProtect Smart come with 4 flexible payout options that the policyholder can choose as per their requirement. These are explained below:

  • Lump-sum: The nominee of icici prudential life insurance gets the pre-decided amount as life cover, in the misfortune event of the policyholder’s death.
  • Income: With this option, a claim payout is made in equal monthly installments which helps the family of the insured member to meet their financial requirements.
  • Increasing income: On choosing this option, the nominee of the insured gets a monthly installment for 10 years. The income increases by 10% every year and it provides an additional 45% of life cover.
  • Lump-sum plus income: With this option, the insured can choose to receive half of the icici pru policy payment in a lump sum and the rest in equal monthly installments.

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1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification
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User Reviews

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What users are saying
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  • Easy Processs

    I am thankful to InsuranceDekho for helping me buy the ICICI Prudential Life Insurance plan. The policy purchasing process was easy and smooth. The customer support team was good and friendly. They made my life insurance purchasing process easy and simple. Thank you all!

    A
    ICICI Prudential
    By Aniket Singh
    On: Feb 01, 2024
  • Great Services

    Thank you, InsuranceDekho, for helping me buy a life insurance policy with ease. My experience of buying the ICICI Prudential Life Insurance from InsuranceDekho was great. I am impressed with the supporting customer team. Firstly, I was not sure whether to purchase a life insurance policy online. Now, I recommend InsuranceDekho to everyone to purchase a life insurance policy online.

    N
    ICICI Prudential
    By Naveen Sharma
    On: Dec 06, 2023
  • The plan can be bought on any ...

    With a 24*7 service, it was easy for me to buy the ICICI Prudential Insurance Policy on any day of the week. Before buying, I first understood the process and only then proceeded with the purchase of the plan. 

    R
    ICICI Prudential
    By Rakesh Dubey
    On: Nov 21, 2023
  • Regular Policy Updates

    InsuranceDekho kept me informed about any updates or changes to my ICICI Prudential Insurance Policy. This proactive communication helped me stay on top of my coverage details.

    D
    ICICI Prudential
    By Dhanvijay rathore
    On: Nov 16, 2023
  • Efficient Policy Renewal

    Renewing my ICICI Prudential Insurance Policy with InsuranceDekho is efficient and hassle-free. They send timely reminders, and the renewal process is straightforward. The only thing that could improve it is more flexibility in policy term lengths.

    N
    ICICI Prudential
    By Nandini Garg
    On: Oct 16, 2023

Claim Process at ICICI Prudential Life Insurance

  • 1

    Claim Intimation

    In the event of the death of the life assured, the insurance company should be intimated as early as possible.
  • 2

    Submission of Documents

    For easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
  • 3

    Claim Evaluation

    After successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.

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FAQs

  • Why should I choose ICICI Prudential Life Insurance?

    ICICI Prudential life insurance has a wide range of plans to choose from according to your budget and terms. ICICI Prudential Life Insurance has a high Claim Settlement Ratio. ICICI Pru Life Insurance offers excellent customer care service and flexible payout options. Most importantly ICICI Prudential Life Insurance plans have affordable premiums.

  • What all life insurance plans does ICICI Prudential offer?

    Under the life insurance category, ICICI Prudential offers Term Insurance Plans, Health Insurance plans, Unit Linked Insurance Plans, Traditional Savings/Money Plans, Retirement Plans, Group Plans, Rural Plans.

  • What are the factors that affect the premium of ICICI Life Insurance plans?

    Factors that affect the premium calculation of ICICI Life insurance plans include the policyholder’s age, sum assured, gender, lifestyle, job, medical history, type of policy and tenure of the policy among other factors.

  • What is the grace period of ICICI Prudential Life Insurance plans?

    In case of non-payment of premium by the due date, ICICI Prudential Life Insurance offers a grace period of 15 days for monthly payments and of 30 days for half-yearly and yearly payments.

  • What are the payout options available for ICICI Prudential Life Insurance Plans?

    ICICI Prudential Life Insurance offers the 4 flexible payout options to its life insurance customers namely Lump-sum, Income, Increasing income and Lump-sum plus income.

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