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Life Insurance, Retirement Planning, and Wealth Creation
Conditions Apply. W/II/1251/2022-23
Life insurance is a contract between an insurance policyholder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium after a set period or upon the death of an insured person. Life insurance offers you and your family financial protection. Some policies also offer optional add-ons, such as critical illness benefit, accidental death benefit, and more. The importance of life insurance cannot be ignored in ensuring the financial safety of your loved ones.
Benefits of Buying Life Insurance
Life insurance provides your family with much needed financial protection, in your absence. It gives you peace of mind and confidence and helps you save taxes. There are several benefits of life insurance. Let us take a look at some of them:
- Financial security: Life insurance products can provide you and your loved ones with financial security. You can financially secure your family by choosing a substantial life cover+ so that they can maintain their standard of living in your absence
- Wealth creation: These life insurance plans help you create wealth over time and build savings. Life insurance plans can be used to save for your future needs. They offer options to cover different types of risks and goals
- Disciplined investment: With regular premium payments, life insurance plans inculcate financial discipline. They offer unique investment opportunities for every risk type with a wide range of products, such as unit linked life insurance plans, guaranteed savings insurance plans, endowment plans, and more
- Retirement planning: Life insurance products like annuity plans, savings plans, endowment plans, and others help you build a retirement pool. These plans offer guaranteed income on maturity and help you secure your retirement with adequate savings
- Tax savings: Life insurance plans offer many tax` benefits to facilitate better savings. The premiums paid are tax` deductible under Section 80C and 80D of the Income Tax Act, 1961. The maturity benefits also enjoy a tax-free` status under Section 10(10D) in most cases
What are the different types of life insurance?
Types of life insurance in India:
- Term life insurance plan: Term insurance plans offer your nominee a fixed sum assured amount in exchange for regular premiums, in case of an unfortunate incident during the policy term
- Health insurance plan: Health insurance plans reimburse insured customers for their medical expenses, including treatments, surgeries, hospitalisation and the like which arise from injuries/illnesses, or directly pay out a certain pre-determined sum to the customer
- Unit linked insurance plan (ULIP): A unit-linked insurance plan offers investment and insurance under the same policy. A part of your premium gets invested in equity/debt/balanced funds as per your choice and the other part is used to secure your loved ones with a sum assured
- Endowment plan: An endowment plan allows you to build risk-free savings and protect the financial interests of your family in your absence
- Annuity plan: An annuity plan is a type of retirement plan that offers you a regular payment in return for a lump sum investment. In simple words, you pay the life insurance company a premium in a lump sum and your money is returned to you as regular income either immediately or after a certain period of time. The life insurance company invests your money and pays back the returns generated from it to you as payouts
Who needs life insurance the most?
Life insurance can be a must-have financial tool for the following people:
- Newly married couples: Life insurance can offer newly married couples peace of mind and financial security. It can help your spouse live their life comfortably and meet all financial liabilities
- Parents with young children: Parents with young children can purchase life insurance to ensure that their children have a financial cushion to fall back on if they are not around to take care of them. Life insurance plans can also help parents save for their kids’ future needs
- People nearing retirement with fewer savings: Life insurance plans allow you to save and invest your money. You can opt for low-risk options and secure your retirement and old age
- Business owners: Life insurance benefits can help your family carry on your business in your absence. The payouts can also help them pay off creditors or clear your debts
Why do you need Life Insurance?
- To provide complete financial security to your loved ones: Life insurance makes sure your loved ones won't suffer financially in your absence. There is no way to replace a loved one, but planning with life insurance does help in taking care of the financial needs of the family
- Accomplish your financial goals: Life insurance plans help you achieve your financial goals be it securing your family from life's uncertainties, saving for your child's education or buying your dream house. Life insurance plans inculcate a habit of disciplined saving. Paying a nominal amount as a premium at a frequency of your choice will help accumulate money over a period of time. Also, new age insurance plans allow you to withdraw money at key milestones without any additional charges
- Peace of Mind: In these uncertain times, all anyone wants is a safety net that not only provides financial security but also helps in building a sizable corpus over time. A life insurance plan is an instrument that can provide both. A life insurance plan ensures that the constant stress of financial planning is reduced considerably thus providing one an absolute peace of mind
- Save tax: When it comes to tax planning, life insurance plays a vital part in optimizing your taxable income. You can claim a deduction on your life insurance premiums under Section 80C` of the Income Tax Act, 1961. Also, the payouts for death claims are tax-exempted subject to conditions under Section 10(10D)` of the Income Tax Act, 1961
How much life insurance coverage do you need?
The simplest way to calculate the minimum life cover+ amount for a life insurance plan is to multiply your current annual income by 10$ if you’re under 55 years of age. For example, if your current annual salary is ₹ 10 lakh, you should buy a life insurance cover that is worth at least ₹ 1 crore. Another way to calculate life insurance is by analysing your current and future expenses.
Here are some of the most important factors that you must consider before choosing a life cover+ amount for life insurance:
- Debt: Financial liabilities like loans can become a burden on your family in your absence. Take cognizance of your debt and pick a life insurance coverage that can be used to repay it
- Dependents: Consider the expenses of dependent family members like minor children and ageing parents. Different circumstances may necessitate different life insurance coverage needs. So, pick an appropriate amount of life insurance as per their lifestyle and requirements
- Financial goals: Financial goals like retirement planning, children's higher education, marriage, medical expenses, and others must also be considered while selecting the life cover+ amount
- Age: Different stages of life present different financial needs. Hence, keep the age of your dependents in mind while calculating your life insurance coverage
How do you file a life insurance claim?
You can file a life insurance claim in the following steps:
- You can file a life insurance claim online, at a physical branch central office, or on our central
- ClaimCare helpline through SMS or e-mail
- You can visit the Claims section of the ICICI Prudential Life Insurance website to submit an online claim
- You can call us at our 24x7 ClaimCare helpline number at 1860 266 7766
- You can e-mail us at email@example.com
Please submit the following information along with the claim:
- Claimant statement form
- Death certificate in case of death claims
- Medical papers, diagnosis reports, and other necessary documents
- Your identity proof, address proof, and a cancelled cheque or copy of your bank passbook
The team will assess your claim and get back to you if they need any more information.
How can you choose the best life insurance plan?
Here is a guide to help you select the right life insurance policy that suits all your needs.
- Identify your life insurance goals: You must plan for your life insurance goals with the help of a suitable life insurance policy. If safeguarding your family’s financial security is your primary goal, you can buy a term insurance plan that offers high coverage at affordable rates.
If you are looking to save for your child's education or thinking of buying a dream house for yourself, you can consider investing in a unit-linked insurance plan. You can also buy a retirement plan to ensure regular income for your everyday expenses post retirement.
- Calculate the right life insurance cover for you: Your life insurance cover should be at least ten to fifteen times your annual income$. However, there are several elements that you should consider while estimating the ideal life insurance amount. For example, if you have loans, then the burden of EMIs may fall on your family in your absence. In addition to this, you need to ensure sufficient funds for your children’s higher education or marriage.
- Get a customised quote: You can use online premium calculators to check how much premium you have to pay for the required amount of life insurance cover. Compare different plans to find a policy that offers the highest coverage at rates that fit your budget
- Select the correct policy term: The term of the policy should ideally be the number of years your family will be financially dependent on you. The general thumb rule is to choose a policy term till the age of your retirement
- Choose a trustworthy life insurance provider: While you are comparing insurance plans, apart from the premiums you need to also keep in mind certain factors that will help you in choosing the right life insurance provider
One of these is the claim settlement ratio. Claim settlement ratio is the percentage of claims that an insurance provider settles in a year out of the total claims. It acts as an indicator of their credibility. As a general rule, the higher the ratio, the more reliable the insurer is. Look for a life insurance company whose claim settlement ratio is consistently more than 95% over the years
You can easily find the Claim Settlement Ratio of different companies on the official website of the Insurance Regulatory and Development Authority of India (IRDAI)
- Buy life insurance early: Life insurance premiums for health insurance and term insurance plans are lower when you are younger. Thus, you can save on the cost of your premium if you buy your life insurance policy as soon as you start earning. You can begin with lower coverage and add more riders as your income increases
- Choose a comprehensive all-in-one plan: Medical emergencies might affect your income adversely. Hence, it’s necessary to choose a comprehensive life insurance plan, with appropriate riders for yourself:
Critical Illness rider offers payout if you are diagnosed with any major illnesses like kidney failure, cancer, or heart attack. This amount can be useful in meeting treatment costs and protect you against the loss of income due to such illnesses
Accidental Death Benefit rider provides your loved ones an additional amount in case of your sudden demise due to an accident
Permanent Disability rider offers a waiver for all your future premiums if you are permanently disabled due to an accident. Your life cover+ continues throughout the remaining policy term
Terminal Illness rider gives you access to your life cover+ amount for dealing with terminal ailments like cancer by providing a full payout before death. This benefit also covers AIDS
What is a whole life insurance policy?
Whole Life Insurance is a term insurance policy that covers you for 99 years. They are different from other insurance policies which have a defined term of say 10, 20 or 30 years.
Can whole life insurance help you create a legacy?
Yes, whole life insurance can help you leave behind a legacy/inheritance for your family. This is because whole life policies cover you till the age of 99. In case of the death of the insured person before this age, the beneficiaries of the life insurance policy will get the sum assured. Insurance payouts are also exempt from tax` under Section 10(10D).
Why is it important for women to have a life insurance plan?
According to the Census of India, about 48% of the Indian population is femaleα. Yet women purchased only 36% of the life insurance policies issued in the country, in 2019Ω. While there is still a disparity in numbers between the male and female life insurance policyholders, with an increase in the exposure and awareness of life insurance among women, there is a slow yet significant change in this sphere. Therefore, it is essential to understand the importance of insuring yourself.
Buying life insurance is extremely important for you to protect the financial future of your loved ones and to save for your life goals systematically. Moreover, science has proven that women have longer life expectancy than men$$. This means that you will have to stay financially prepared for a more extended period. And what better way to do that than with a life insurance plan?
Factors that affect life insurance premium
The premium amount for your life insurance plans like health insurance and term insurance can depend on a number of factors. Some of these have been mentioned below:
- Age: Age is one of the chief factors that impact the life insurance premium. As you age, the possibility of the insurer paying the claim also increases. This is why the life insurance premium rises with age
- Gender: Women tend to live longer than men$$. Hence, they pay the premium for a longer period. This results in a comparatively lower life insurance premium
- Present health and medical history: You may have to undergo a medical test before purchasing a life insurance policy so that the insurer can assess your health status. Having a history of medical issues can increase the premium for life insurance. Family health history and hereditary diseases can also impact the life insurance premium
- Lifestyle: Poor lifestyle choices like smoking and drinking alcohol can increase the risk of certain ailments. This impacts the premium amount for a life insurance plan
**Our Life insurance policies COVID-19 claims, subject to applicable terms and conditions of policy contract and extant regulatory framework.
`~Source for Popular, Bestseller, Trending, Most Selling, Top Selling, High Demand: Company BuyOnline Data-Apr 2021 till date
`^Source: Company BuyOnline Data-Dec 2015 till date
~^The percentage saving computed is purely in terms of premium paid over the term (Difference between 5 years Limited and Regular pay) of the policy and does not account for time & other factors that may happen during this period. It is one of the many features that the product offers and you can opt for it based on your individual needs. The percentage saving is for ICICI Pru iProtect Smart - Life Option for ₹ 1 Crore life cover for a 26 year old healthy Male for a policy term of 58 years with lump sum payout option. The annual premium for 5 years Limited Pay option will be ₹ 85,762 & the monthly premium will be ₹ 7,324. The premium amounts are inclusive of taxes.
λLife cover is the death benefit payable on death of the Life Assured during the policy term. For ‘Return of Premium’ plan option, Death Benefit will be the highest of a) Sum Assured on Death b) Basic Sum Assured to be paid on death c) (Applicable only for limited pay and regular pay) 105% of the Total Premiums Paid till the date of death. Where Sum Assured on Death is 7 X Annualised Premium for regular pay and limited pay and 1.25 X Single Premium for single pay; For ‘Income Benefit’ plan option, Death Benefit will be the highest of a) Sum Assured on Death b) 105% of the Total premiums Paid till the date of death c) Basic Sum Assured to be paid on death, less total Survival Benefit paid till date of death. Where, Sum Assured on Death is 10 X Annualised Premium. For ‘Return of Premium with Life-stage cover’ & ‘Early Return of Premium with Life-stage cover’ plan options, Death Benefit will be the highest of a) Sum Assured on Death b) 105% of the Total premiums paid till the date of death c) Absolute amount assured to be paid on death Where Sum Assured on Death is 7 X Annualised Premium.
1† Life-stage cover: In case of Life-stage cover, Absolute amount assured to be paid on death will be based on age of the Life Assured as provided below. In the first policy year, Absolute amount assured to be paid on death will be the same as Basic Sum Assured as chosen by You at inception. From the second policy year till the policy anniversary after the Life Assured attains age 55, 5% of Basic Sum Assured gets added on every policy anniversary to the Basic Sum Assured. This amount cumulatively shall be the Absolute amount assured to be paid on death. The Absolute amount assured to be paid on death remains constant till the next policy anniversary. In case the Absolute amount assured to be paid on death becomes twice the Basic Sum Assured during this period of increment, it stays constant at that level, till the policy anniversary after the Life Assured attains age of 56 years. On the policy anniversary after the Life Assured attains 56 years of age, the Absolute amount assured to be paid on death shall revert back to Basic SA. This will continue till the policy anniversary after the Life Assured attains 60 years of age. On the policy anniversary after the Life Assured attains 60 years of age, the absolute amount assured to be paid on death shall be 50% of Basic Sum Assured and continues at the same level till end of the policy term.
ICICI Pru iProtect Return of Premium (UIN: 105N186V01), A Non-Linked, Non-Participating Individual Life insurance Savings product. W/II/4644/2021-22
†Return of Premiums: 'Return of Premium' is available under three of the plan options namely- “Return of Premium"; “Return of Premium with Life-stage cover" and “Early return of Premium with Life-stage cover" and refers to 105% of total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit, Critical Illness Benefit, any extra premium, any rider premium and taxes, if any. The fourth plan option "Income Benefit" provides regular monthly income from the policy anniversary after the Life Assured attains age 60 as a survival benefit till the end of the policy term.
$*Critical Illness Benefit: CI Benefit is an additional optional benefit chosen at inception and is available with ‘Life and health’ and ‘All in One’ benefit options. The CI Sum Assured is paid as a lump sum upon the Life Assured being diagnosed on first occurrence of any of the covered 60 major Critical Illnesses within CI Benefit term. 25% of the CI Sum Assured or ₹500,000.00 whichever is lower is paid as a lump sum upon the Life Assured being diagnosed on occurrence of any of the covered 4 minor Critical Illnesses within CI Benefit term. CI Benefit is available for Single Pay and Limited Pay and is lower of (15 years, policy term). For regular pay, the CI benefit term will be lower of (policy term, 40 years) subject to maximum cover ceasing age of 85 years. CI Benefit can be less than or equal to the Basic Sum Assured chosen by You at inception for Return of Premium Plan and Income Benefit Plan. CI Benefit can be less than or equal to the 50% of the Basic Sum Assured chosen at inception for Return of Premium with Life-stage Cover Plan and Early Return of Premium with Life-stage Cover Plan. CI Benefit is a pure risk benefit and does not have Survival or Maturity Benefit. Premiums paid corresponding to CI Benefit shall be excluded from Survival or Maturity Benefit
‘``The above calculations are for a 25 year old healthy male who has opted for Regular pay: 40 years premium payment option with a policy term of 40 years under Return of premium option for ICICI Pru iProtect Return of premium with a life cover of ₹ 50 lakh with Lump-sum payout option. The above premiums are inclusive of taxes.
^Critical Illness Benefit is optional and available under Life and Health and All in One options. This benefit is payable, on first occurrence of any of the 34 illnesses covered. The CI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. The future premiums payable under the policy will reduce proportionately. If CI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. To know more in detail about CI Benefit, terms & conditions governing it, kindly refer to sales brochure. Critical Illness benefit is available till age of 75.
##The premium of ₹540 p.m. has been approximately calculated for a 18 year old healthy male life with monthly mode of payment and premiums paid regularly for the policy term of 36 years with income payout option with Life Cover of ₹1 crore. Goods and Services tax and/or applicable cesses (if any) as per applicable rates will be charged extra
^^Available only under Life Plus and All in One option. Maximum amount that can be availed is `2 Crore and will be paid as a lump sum.
++A lump sum is paid out on diagnosis of any of the listed conditions. This payout is based on the level of the condition. In any case, the total payout in the policy cannot exceed 100% of the Sum Assured of the cover selected. Please refer to the sales brochure to know about the payouts at different level of condition
`Tax benefits under the policy are subject to conditions under Section 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and cesses, if any will be charged extra as per applicable rates. Tax laws are subject to amendments from time to time. Please consult your tax advisor for more details, before acting on above.
*`Benefits from 2nd year onwards is available under the Early Income plan option.
~Subject to realization of payment and documents. Policy can be purchased in 3 steps: 1. Generating premium quote 2. Filling basic details and answering health related questions 3. Premium payment
~*Additional Maturity Benefit is offered for online sales: For Lump Sum Plan option, 2.5% of Sum Assured on Maturity is applicable for Limited pay. In case of Single Pay in Lump Sum Plan option, 1% of Sum Assured on Maturity is applicable. For Income Plan option, 2.5% of Guaranteed Income is applicable. For Early Income Plan option, 3.5% of Guaranteed Income is applicable. For Single Pay Income Plan option, 1% of Guaranteed Early Income is applicable
!’The yearly online premium of ₹1174 (less than ₹99 per month) is for a 22-year-old healthy non-smoker male who has bought ICICI Pru Heart / Cancer Protect, with cancer cover of ₹20 lakh, paying premiums regularly for 13 years, inclusive of tax.
+The Policyholder can have funds in only one of the Portfolio Strategies.
#Excluding taxes and Top-up Premium Allocation Charges.
UIN details: ICICI Pru iProtect Smart - 105N151V06. ICICI Pru Signature - 105L177V04. ICICI Pru Guaranteed Pension Plan - 105N181V02. ICICI Pru Guaranteed Income For Tomorrow - 105N182V06. ICICI Pru Guaranteed Pension Plan Flexi - 105N187V03. ICICI Pru Saral Pension Plan - 105N184V05. ICICI Pru Guaranteed Wealth Protector - 105L143V02
ICICI Pru Heart/Cancer Protect: UIN 105N154V03. COMP/DOC/Jan/2022/101/7213
1The company will allocate extra units to your ULIP policy provided all due premiums have been paid. To know more in detail, kindly refer to sales brochure of the respective products.
2The premium for a 22 year old healthy male for a life cover of ₹ 1 crore for the ICICI Pru iProtect Smart – Life Option under the regular income payout option for a policy term of 19 years is ₹ 6,875 p.a (inclusive of all taxes)
3Refer the product brochures for the definitions, exclusions and other terms and conditions applicable for Permanent Disability due to accident and Terminal Illness.
424*7 buying assistance available through our digital assistant Ligo.
65% discount on premium is applicable only for Regular and Limited pay policies. In case of Single Pay, discount applicable is 2% of Single Premium.
7Only doctor’s certificate confirming diagnosis needs to be submitted. The benefit is payable only on the fulfillment of the definition of the diagnosed critical illness.
8As per currently applicable tax laws, tax benefit of ₹ 54,600 ( ₹ 46,800 u/s 80C and ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on life insurance premium u/s 80C of ₹ 1,50,000 and health premium u/s 80D of ₹ 25,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D, 80CCC, 10(10A), (10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
~#Your annuity/income is informed to you when you buy the plan and is guaranteed and unchanged for life.
9This option is available only with Joint Life. Joint life can be either the spouse, children, parents or siblings.
//Tax benefits under the policy are subject to conditions under Section 80C, 80CCC, 115BAC and other provisions of the Income Tax Act,1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. The Tax Free return is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
"Guaranteed Additions (GAs) rate will be 9% for policy term of 10 years and 10% for policy term of 15 years. GAs will be added to the policy at the end of every policy year if all due premiums have been paid. Each GA will be calculated as GA rate multiplied by the total premiums paid till date (excluding extra mortality premiums, Goods & Services Tax and Cess (if any)).
`*Wealth Boosters equal to 3.25% of the average of the Fund Values including Top-up Fund Value, if any, on the last business day of the last eight policy quarters will be allocated as extra units to your policy at the end of every 5th policy year starting from the end of 10th policy year till the end of your policy term.
^*Systematic Withdrawal Plan is allowed only after the first five policy years.
-Guaranteed Maturity Benefit (GMB): Your GMB will be set at policy inception and will depend on policy term, premium, premium payment term, age and gender.
~~Guaranteed benefits in the form of lump sum will be payable under Lump Sum Plan option. Guaranteed benefits in the form of regular income will be payable under Income Plan option and Early Income Plan option.
``Tax benefits of ₹ 54,600(₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 31.20%(including cess excluding surcharge) on life insurance premium u/s 80C of ₹ 1,50,000 and health premium u/s 80D of ₹ 25,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D,10(10D), 115BAC and other provisions of the Income Tax Act,1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. The Tax Free return is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
$How much life insurance do you really need? - https://economictimes.indiatimes.com/wealth/insure/how-much-life-insurance-do-you-really-need/articleshow/22065416.cms?from=mdr
$$Why men often die earlier than women - https://www.health.harvard.edu/blog/why-men-often-die-earlier-than-women-201602199137
ΘGuaranteed benefits are payable subject to all due premiums being paid and the policy being in force on the date of maturity.
°The total amount is calculated for a 30-year-old healthy male with a premium paying term of 10 years paying premiums in monthly mode and income period of 30 years taking income in annual installment under Income plan option. The premium shown is exclusive of taxes and the mentioned benefit is payable only if all premiums are paid as per the premium paying term and the policy is in force till the completion of entire policy term opted. Total benefit of ₹ 1,01,77,830 is calculated by taking the sum of all guaranteed incomes payable over the entire income duration. COMP/DOC/Dec/2021/3012/7166
ΘGuaranteed benefits are payable subject to all due premiums being paid and the policy being in force on the date of maturity.
ↃGuaranteed Maturity Benefit (GMB) will be set at policy inception and will depend on policy term, premium, premium payment term, Sum Assured and gender. Your GMB may be lower than your Sum Assured. GMB is the Sum Assured on maturity.
£Bonuses consist of vested reversionary bonuses, interim bonus and terminal bonus, if any. Reversionary bonuses may be declared every financial year and will accrue to the policy if it is premium paying or fully paid. Reversionary bonuses will be allocated through the compounding bonus method. All reversionary bonuses will be declared as a proportion of the sum of the GMB and the vested reversionary bonuses. Reversionary bonus once declared is guaranteed and will be paid out at maturity or on earlier death. Contingent reversionary bonus may be declared every financial year and will accrue only to a policy if it becomes paid-up. Contingent reversionary bonus will be a part of the paid up benefit and will be paid on maturity or earlier death. A terminal bonus may also be payable at maturity or on earlier death.
ŦGuaranteed Additions (GAs) totaling 5% of GMB each year will accrue during the first five policy years if all due premiums are paid. GAs accrue on payment of due premium.
±Tax benefit of ₹ 46,800 is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on life insurance premium u/s 80C of `1,50,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D),115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
+Life Cover is the benefit payable on death of the life assured during the policy term.
≠ΘGuaranteed benefits are payable subject to all due premiums being paid and the policy being in force on the date of maturity.
∞Tax benefits of ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20%(including cess excluding surcharge) on life insurance premium u/s 80C of ₹1,50,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D,10(10D), 115BAC and other provisions of the Income Tax Act,1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
ꓘICICI Pru Guaranteed Income For Tomorrow (Long-term) offers 4 options in income period namely 15, 20, 25 and 30 years. The customer can choose any plan option from the four available options. Please refer to the brochure for more details.
ꞂICICI Pru Guaranteed Income For Tomorrow (Long-term) offers two plan options namely, 'Income' and ‘Income with 110% ROP’ . The customer can choose any plan option from the two available options. Please refer to the brochure for more details.
+Life Cover is the benefit payable on death of the life assured during the policy term.
!As per Internal Data of policies sold for all products from Apr’21-Dec’21 in the BOL Channel.
ICICI Pru Savings Suraksha: UIN 105N135V02. ADVT: W/II/4911/2021-22
ICICI Pru Guaranteed Income for Tomorrow (Long-term): UIN:105N185V08. ADVT: W/II/5060/2021-22
*Claim statistics are for FY 2019-20 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures in our Website. W/II/3484/2018-19.
λ`Life cover: Life Cover is the benefit payable on death of the life assured during the policy term
^`Critical illness: Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All in One option. This benefit is payable, on first occurrence of any of the 34 illnesses covered. Medical documents confirming diagnosis of critical illness needs to be submitted. The benefit is payable only on the fulfillment of the definition of the diagnosed critical illness. The ACI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about ACI Benefit, terms & conditions governing it, kindly refer to sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower.