ICICI Prudential Life Insurance Benefits

ICICI Prudential Life Insurance has the following unique features:

• High Rate of Claim Settlements: As of Q3-FY2024, ICICI Prudential has a high rate of claim settlements, at about 98.52%. This ratio shows the percentage of all the claims the company has received and successfully settled. This high settlement ratio shows that ICICI Prudential has a good history of paying claims and helping policyholders through tough times.

• Excellent Customer Care Service: ICICI Prudential Life Insurance provides great customer service and builds strong relationships with its policyholders. Utilising tech-based options to resolve queries quickly, handling claims well, and giving personalised support to enhance the customer experience greatly throughout the policy term.

• Protection for a longer time: Term insurance plans can cover individuals beyond the age of 60, with the policyholder paying a consistent premium throughout the term duration. Overall, ICICI Pru iProtect Smart has a whole life insurance option if you need coverage until you turn 99.

• Flexible Payouts: Policyholders of ICICI Prudential Life Insurance can choose the method of payment that works best for them with their flexible payout options. There are several ways for the nominee to get the term insurance money. As an option, they can choose to get the money all at once (lump sum), as regular income, either once a year (annually) or monthly, or a mix of the two.

• Optional riders: The company offers standard common riders that offer extra protection against accidental death and partial disability, critical illness, premium waiver, income benefit, and terminal illness. These options optimise the plan and can be customised to fit customers' needs, offering full coverage. If you choose, ICICI Pru iProtect Smart term insurance offers a payout if diagnosed with up to 34 critical illnesses. This amount can be claimed even if there are no hospital bills.

The following are the benefits of buying ICICI Prudential Life Insurance:

• Wide Range of Insurance Products: ICICI Prudential Life Insurance has many different types of insurance plans to meet the needs and budgets of its customers. These plans include term insurance, endowment insurance, pension plans, child insurance plans, and unit-linked insurance plans (ULIPs). Customers can then choose a policy that fits their needs and helps them reach their financial goals.

• Financial Stability: ICICI Prudential Life Insurance provides excellent customer service and maintains long-term relationships with policyholders. Their dedicated customer service team employs technology-driven solutions to enhance the overall customer experience. The company strives to address customer queries, handle claims efficiently, and offer personalised assistance throughout the policy term.

• Budget-Friendly Premiums: ICICI Life Insurance Plan provides considerable coverage at low-cost, affordable premiums, ensuring your family's financial security without putting strains on your budget. Its affordability makes it suitable for a wide range of people and professions.

• Tax Benefit: Term insurance offers tax advantages that many are not aware of. You can claim the deductions for the premium paid for a term life insurance policy under Section 80C of the Income Tax Act, 1961. Also, the money that the beneficiary gets from the policy is tax-free, based on the rules in Section 10(10D) of the same act.

• Coverage for Terminal Illnesses: Term insurance policies can provide lump-sum payments upon the diagnosis of terminal illnesses, including AIDS, cancer, heart attack, kidney failure, and other critical illnesses.

Q 1. What is the guaranteed maturity benefit in ICICI Prudential Life Insurance?

Ans. The Guaranteed Maturity Benefit (GMB) of ICICI Pru Savings Suraksha is the amount that will be paid at the end of the policy term, as explained in the individual benefit description of the product.

Q 2. Is it possible to terminate the ICICI Prudential policy before its maturity date?

Ans. Yes, it is possible. If you end your policy before it matures, you will likely receive less money than the total premiums paid. This happens because the benefits are only added to your policy at the end of the investment period.

Q 3. Who is eligible for ICICI Prudential Life Insurance?

Ans. Eligibility requirements state both minimum and maximum limits of age for the policyholders. The minimum age limit is 18 years, while the upper limit is 65 years.

Q 4. Can we trust ICICI Prudential Life Insurance?

Ans: ICICI Prudential Life Insurance is a well-known and trustworthy life insurance company that has won many awards and honours. It is also recognised for its creative and personalised insurance plans.

Q 5. What is the time limit for ICICI life insurance claims?

Ans: The Insurance Regulatory and Development Authority of India (IRDAI) has made it a rule that insurance companies have 30 days to settle claims related to death. This rule applies in cases where no death investigation is required. However, if an investigation is needed, the settlement period may be extended up to 120 days.