ICICI Pru Life is a popular life insurance company. ICICI offers multiple life insurance policies starting from term plans to health insurance policies. ICICI Insurance Policy can be purchased online as well as offline. ICICI has earned a good name in insurance space. Many people prefer ICICI Pru for purchasing insurance policies. If you are planning to purchase ICICI Insurance Policy and looking for various options, here is a list of 7 Popular ICICI Insurance Policy that you can consider. For better understanding, I have divided ICICI Insurance Policy is following parts.
- Term Insurance Plans
- Traditional Saving/Money Back Plans
- Health Insurance Plans
Also Read – Top 5 Best LIC Policy for 2018 – 2019
7 Popular ICICI Insurance Policy
Term Insurance Plans
- ICICI iProtect Smart
ICICI iProtect Smart is a Term Insurance Plan. This term plan offers protection for your family and optional critical illness cover. It is an affordable term plan with customization of payouts. This policy can be purchased online. It also gives the option to increase life cover at an important milestone in life. Key Features of ICICI iProtect Smart policy are given below.
Key Features ICICI iProtect Smart
- Get coverage till the age of 99 years and flexibility to pay for a limited term.
- Optional critical illness coverage with coverage of 34 life-threatening illnesses.
- Select from four payout options lump sum, income, increasing income & lump sum plus income.
- Option to add accidental benefit at a later stage of the policy year.
- You can select a level of protection such as life, life plus, life & health and All in One.
- Single Premium Option available under this plan.
- Special premium rates are available for women and non-tobacco users.
- Tax benefits applicable on the premium paid as per prevailing tax laws.
- ICICI iCare II
ICICI iCare II Plan is a non-participating pure term plan. This term plan can be purchased online from the company portal. This plan provides higher protection at a lower premium rate. Key features of ICICI iCare II are given below.
Key Features ICICI iCare II
- ICICI iCare II comes with two different options. Option 1 is pure term plan and Option 2 is Term Plan with a built-in accidental rider.
- Option 2 is available only with regular pay option.
- You can purchase this policy with regular premium or single premium paying options.
- The maximum policy term for regular pay option is 67 years.
- Premium payment towards policy will be eligible for tax benefits.
- ICICI Pru Life Raksha
ICICI Pru Life Raksha is next term plan offering from ICICI Pru Life. It is a five-year regular pay policy. Life coverage will continue throughout the policy term. Key features of ICICI Pru Life Raksha are given below.
Key Features of ICICI Pru Life Raksha
- A policy can be purchased with a maximum sum assured of 5 Lakh.
- It is a five-year regular pay policy. Life coverage will be provided throughout the policy term.
- The death benefit is highest of either sum assured, 10 times annualized premium or 105% of total premium paid as on date of death.
- Yearly, Half Yearly and monthly premium paying options available.
- Premium paid towards policy will be eligible for tax benefit under section 80C.
Traditional Saving/Money Back Plans
- ICICI Pru Cash Advantage
ICICI Pru Cash Advantage is saving cum protection plan. ICICI Pru Cash Advantage. This plan is designed to provide regular cash benefit up to 10 years. This plan claims to provide financial security to the family in case of death of the policyholder. Key Features associated with ICICI Pru Cash Advantage are given below.
Key Features of ICICI Pru Cash Advantage
- Saving cum protection plan with guaranteed cash benefit up to 10 years.
- This plan provides better liquidity as the payout term begins immediately after the premium paying term.
- Guaranteed Cash Benefit equal to 1% of Guaranteed Maturity Benefit.
- Offers a limited premium payment term 5/7/10 years.
- On Maturity maximum of Guaranteed Maturity benefits along with bonus or 100% of premium paid less Guaranteed cash benefit is payable.
- On the death of policyholder either sum assured, minimum death benefit or Guaranteed Maturity Benefit will be payable.
- You can avail loan facility on this policy.
- ICICI Pru Saving Suraksha
ICICI Pru Saving Suraksha is a traditional insurance policy with saving and protection benefits. This plan is available with limited pay and regular pay option. You can get Guaranteed Maturity Benefit under this plan. Key features of ICICI Pru Saving Suraksha are given below.
- Saving and Protection plan with flexibility of selecting premium paying options.
- At the maturity of policy, you will receive Guaranteed Maturity Benefit, Guaranteed Additions, Vested reversionary bonuses, and terminal bonus.
- On the death of policyholder nominee will get the highest of sum assured, guaranteed maturity benefit or minimum death benefits.
- The tax benefit is applicable to premium paid as per current tax laws.
- ICICI Pru Future Perfect
ICICI Pru Future Perfect is endowment plan. ICICI Pru Future Perfect Plan helps you to fulfil your financial goal. This plan gives dual benefit of guaranteed benefit and life cover. You can select premium payment option based on your needs. Key features of ICICI Pru Future Perfect Plan are given below.
Key Features of ICICI Pru Future Perfect
- Guaranteed amount paid on policy maturity
- Plan has accrued Guaranteed Additions.
- Flexibility to select premium paying term.
- One can take loan up to 80% of the Surrender Value.
- On death higher of sum assured plus accrued bonuses and GA is payable.
- On survival at maturity we will get higher of GMB and 100.1% of annualized premium.
Health Insurance Plans
- ICICI Pru Smart Health Cover
ICICI Pru Smart Health Cover is critical illness plan. It is not pure health insurance plan. ICICI Pru Smart Health provide coverage of 34 critical illness along with life coverage. Key features of ICICI Pru Smart Health Cover are given below.
Key Features of ICICI Pru Smart Health Cover
- Extensive protection against 34 Critical Illness, Disability, Terminal Illness and Death
- No increase in premium as you grow older
- Payout on first diagnosis of any of the covered Critical illnesses
- Longer term coverage up to 30 years available
- Special premium rates for women
- Tax benefits on premium as per tax laws.
Note – Above plan details are collected from various sources. The purpose of this post is to share information about ICICI Insurance Policies. Please do not consider this post as a product purchase recommendation. Consult your financial planner before buying any insurance policy.