CICI PrudentialFrom Wikipedia, the free encyclopedia

ICICI Prudential

Type

Private limited company

Industry

Insurance

Headquarters

Mumbai

Key people

Sandeep Bakshi, Managing Director

Products

Individual and Group Insurance Plans

Website

Official Website

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, one of the foremost financial services companies of India and Prudential plc, one of the leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of September 30, 2010) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2010 to September 30, 2010, the company garnered Rs 7,267 crores of total premiums and has underwritten over 10 million policies since inception. The company has a network of over 1,500 offices and over 1,60,000 advisors, as on September 30, 2010. The company has assets held over Rs. 65,000 crores as on September 30, 2010. Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has been one of the earliest private players. Since the time, ICICI Pru Life has been the leader in terms of market share as indicated by the

IRDA (Insurance Regulatory and Development Authority, the regulator for Indian Insurance Industry) at its website.[citation needed] In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK Healthcare to settle insurance claims of its users.[1] ICICI Prudential's life insurance products may be loosely categorized under four forms- Life Plans (further categorised into Term Plans and Wealth Plans), Child Plans, Retirement Plans and Health Plans. Under Life Insurance Plan category it offers term plans like i-Protect online term plan, ICICI Pru Pure-Protect and ICICI Pru LifeGuard, and ULIP wealth plans like ICICI Pru LifeStage Wealth II, ICICI Pru LifeLink Wealth SP, ICICI Pru Pinnacle Super etc. Under the Child / Education Plan category it offers products like ICICI Pru SmartKid regular premium and ICICI Pru SmartKid Premier Under the Retirement Insurance Plan category it offers products like ICICI Pru Forever Life & ICICI Pru LifeLink Pension SP. Under the Health Insurance Plan category it offers products like ICICI Pru Health Saver & ICICI Pru Hospital Care II

What is life insurance?Life insurance ensures that your family will receive financial support in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme.

Why do I need life insurance?

Who will take care of my family if tomorrow something unfortunate happens to me? If this question bothers you, then Life Insurance is the answer. Of course, under any circumstances, the loss of a loved one is a traumatic experience.

But, if your family is also left without sufficient money to meet basic living needs or prepare for future goals, they will have to cope with a financial crisis at the same time. A Life Insurance plan ensures that your family is financially secure even if tomorrow you are no longer around to care for them.

Protection PlanLife is full of uncertainties. So, it is important to ensure that your family is protected, should something unfortunate happen. Term insuranceensures that your family receives lumpsum amount, in the unfortunate event of death of the policyholder.

Get life insurance cover at affordable premium rates Buy term insurance online at your convenience from the comfort of your home Get flexibility to choose the cover as per your requirementsKnow more

>>

Savings & Investments PlanYou would undoubtedly want to plan your finances such that you can achieve all your goals - a car, a beautiful home and of course, the comfort and contentment of your family. Traditional & ULIP Wealth creation plans have been designed to ensure that you can save for these long term goals along with the benefit of life cover to provide protection to your family.

Get investment returns as well as life insurance cover Get tax benefits on the premium paid as well as the investment amount

What is term plan ? Term Plan is a part of life insurance which provides coverage at a fixed rate of payments for a limited period of time i:e relevant tenure. Its a pure death benefit plan, its primary aim is to provide coverage of financial responsibilities of the insured. Benefits of term plan

Instant life cover. Extremely affordable premium. Hassle free process. Regular and single payment option. Tax benefit under sec 80C of Income tax act,1961.

Why buy a online life insurance plan ? Online insurance plans are promoted as cheaper than their offline versions. Not only being cheap but it also facilitates you with the simplicity and the quick service. Nowadays buying goods and services over the internet are more secure than ever before. Insurance policies are now widely available on internets rather than following an agent or dealing on phones consumer can consider their options and buy the appropriate plan for themselves. Internet has become more secure and safe in recent years giving consumers faith they can share their details online safely. Most popular and cheap among the online plans are Term Insurance plan to be purchased today. A man of 30 yrs can give 50 lacs cover to his family just paying 6000 annually for a tenure of 30yrs. Process of Claiming the SA : As per the regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all documents including clarification sought by the insurer. However, the insurance company can set a practice of settling the claim even earlier. If the claim requires further investigation, the insurer has to complete its procedures within six months from receiving the written intimation of claim. . If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.

Documents required for claim settlement: The nominee/claimant would require to submit original policy documents, death certificate by local authority, police FIR and investigation report (for accidental death),certificate and records from the treating doctor (for death due to critical illness) ,employer certificate(if the insurer was salaried)and the claim processing form. Based on the cause of death and policy term and conditions the insurance cos may request for some additional documents. Facts about term plan:

Term plan are only the death benefit plan. These are non-renewable plan once the term is over the policy will end. The Premium remains same for whole tenure of the plan,its not going to increase with the age etc. Term plan is available both online and offline the only difference is the online plan are much cheaper than its offline version. And it is not going to effect the claim settlement/rejection at any point of time. Even now you are getting riders like ADB, Terminal illnesses cover etc with the online plans. Almost all kind of death are covered in term only some cos exclude death through natural calamities and suicidal death are covered only after 12 month of the policy.

Term plan available in market:

Aegon religare online term plan Aegon Religare iTerm Aviva life insurance online plan Aviva i-life Birla sun life offline plan term plan. Bharti-Axa life Insurance online term plan - Bharti AXA Life eProtect Bajaj Allianz life insurance offline plan New risk care. Future Generali life insurance online plan smart life HDFC Life online plan - HDFC Life click2protect ICICI Prudential Life Insurance online plan ICICI Pru i-care Kotak Mahindra Old Mutual Life Insurance online plan e-term/e-preferred plan Life Insurance Corporation of India offline plan LIC Amulya Jeevan Met Life online plan - Met protect Tata-Aig Life Insurance offline plan Life Raksha hat is ULIP ? Unit Linked Insurance plan popularly known as ULIP are the combination of Insurance with Investment. The Investment are made in proportion of debt and equity in stock market. These market linked plans not only provides you the flexibility in terms of premium amounts but also offers you an investment opportunity thats just perfect for your longterm financial goal. These plans are very systematic and goal oriented. Type of funds ULIP offers:

Funds Equity Funds Debt Fund

Balanced Fund Benefit of ULIP:

Invested Instruments Invested in co. stocks Invested in govt. securities, corporate bonds, money market fund and some fixed income instrument. Equity + Debt

Risk High to medium Medium to low

Medium

It provides insurance cover with the investment. Spread of risk Partial withdrawal option which helps to withdraw the portion of your investment in the policy. In case of the death the total sum assured and the fund value is given to the beneficiary. Unlike the term plan it has the maturity benefit. At maturity the total fund value plus the bonuses are given to the insured. Tax benefit under section 80 C and section 10(10 D) of Income Tax Act 1961.

Why ULIPs?

Unit linked insurance plans (ULIPs) are a category of goal-based financial solutions that combine the safety of life insurance protection along with long term wealth creation opportunities. In ULIPs, a part of the premium goes towards providing you life cover &the remaining portion is invested in fund(s) which in turn is invested in stocks or bonds. The value of investments alters with the performance of the underlying fund opted by you. Simply put, ULIPs are structured in such a way that the life protection element and the savings element are distinguishable, and hence can be managed according to your specific needs.

Why do I need ULIPs?

Freedom to choose your life insurance cover: In a unit linked policy, you can choose the extent of life insurance cover that you can enjoy. In most ULIPs, the minimum life insurance cover that you get is 5 times the annual premium. The

upper limit can be as much as 100 times of your annual premium or even higher, depending on the policies of the insurance companies.

Freedom to choose your investment type: Depending on your investment preference, unit linked insurance plans allow you to invest in various asset classes like equity, debt or money market. Whats more, you can switch between these asset classes seamlessly with almost no charges. Flexibility of additional investment: In ULIPs, you can anytime invest an additional amount, called top-up, at a very nominal charge to enjoy the benefit of greater savings. Liquidity: ULIPs have a partial withdrawal option, so that you can withdraw your money in case of emergencies. These partial withdrawals are usually free of cost. Goal based planning: ULIPs are structured to help you secure your key goals such as Retirement planning or saving for your childs education. So, apart from the life insurance benefit and the advantage of investments, ULIPs also give you the added benefit of knowing that your premium is working towards securing your future goals. Tax benefits: Apart from protection and savings, unit linked plans also offer tax benefits. Not only you can claim the insurance premium paid towards reduction from your taxable income, the maturity benefits are also completely tax free, as per prevailing tax laws.

Types of ulip

Why retirement plans?

Our pension plans are designed to ensure that your retirement years truly become your golden years. They will provide you the financial security to pursue your unfulfilled dreams.

What is retirement insurance?

Retirement insurance ensures that you or your family members receive a regular pension amount post a retirement date. You have the flexibility to choose the retirement date and the manner in which you receive the pension. Why wealth plans?

As an individual who doesnt desire the best from life? You would undoubtedly want to plan your finances such that you can achieve all your goals - a car, a beautiful home and of course, the comfort and contentment of your family. All of these goals are long term in nature. Wealth insurance plans have been designed to ensure that you can save for these long term goals along with the benefit of life cover and provide protection to your family.

What is wealth insurance?

Wealth insurance ensures that you receive a lumpsum amount of money at the maturity of the Policy. In the unfortunate event of death during the term of the policy, your family receives lumpsum amount, called the Sum Assured. Thus it combines the benefits of protection and saving in a single instrument. child plans?

As a parent, you would not like to compromise your child's bright career, regardless of the rising cost of education. All you need is a savings plan that is designed to provide money at key educational milestones and take care of your loved ones future even if you are not around. Education insurance offers you unique features which ensure that this objective is achieved and it helps in strengthening your childs dreams.

What are education solutions?

Education solutions ensures comprehensive financial planning for your childs education/ developmental needs. In this you pay premium regularly or in a single lumpsum and during the key educational milestones of your child you can withdraw the money partially. It offers financial protection to your childs future in the unfortunate event of your death. Why ULIPs?

Unit linked insurance plans (ULIPs) are a category of goal-based financial solutions that combine the safety of life insurance protection along with long term wealth creation opportunities. In ULIPs, a part of the premium goes towards providing you life cover &the remaining portion is invested in fund(s) which in turn is invested in stocks or bonds. The value of investments alters with the performance of the underlying fund opted by you. Simply put, ULIPs are structured in such a way that the life protection element and the savings element are distinguishable, and hence can be managed according to your specific needs.

Why do I need ULIPs?

Freedom to choose your life insurance cover: In a unit linked policy, you can choose the extent of life insurance cover that you can enjoy. In most ULIPs, the minimum life insurance cover that you get is 5 times the annual premium. The upper limit can be as much as 100 times of your annual premium or even higher, depending on the policies of the insurance companies. Freedom to choose your investment type: Depending on your investment preference, unit linked insurance plans allow you to invest in various asset classes like equity, debt or money market. Whats more, you can switch between these asset classes seamlessly with almost no charges. Flexibility of additional investment: In ULIPs, you can anytime invest an additional amount, called top-up, at a very nominal charge to enjoy the benefit of greater savings. Liquidity: ULIPs have a partial withdrawal option, so that you can withdraw your money in case of emergencies. These partial withdrawals are usually free of cost. Goal based planning: ULIPs are structured to help you secure your key goals such as Retirement planning or saving for your childs education. So, apart from the life insurance benefit and the advantage of investments, ULIPs also give you the added benefit of knowing that your premium is working towards securing your future goals. Tax benefits: Apart from protection and savings, unit linked plans also offer tax benefits. Not only you can claim the insurance premium paid towards reduction from your taxable income, the maturity benefits are also completely tax free, as per prevailing tax laws.

Money Back PlanWhat is money back plan? Money-back plan is a part of life insurance which give periodically return of a certain percentage of the sum assured instead of waiting till the end of term. Features:

In the unfortunate event of death during the term of the plan, the nominee will receive Sum Assured plus the bonuses. It has guaranteed cash inflows which can meet your various financial obligations at various stages of life. Gives bonuses on the plans. The term of the plan varies between 10 25 years. Tax benefits under sections 80C and 10(10D) of Income Tax Act, 1961. Difference between Money back plan, Endowment plans and term plan? Money Back plans are the one that returns money during the policy tenure. These policies give a fixed % of sum assured periodically like 10% of sum assured on completion of 3 yrs, 15% after six years and so on. Endowment plans on the other hand pays the entire money only when the policy matures. This includes products that offer the entire premium back and policies that have part assured returns with bonus on policy maturity. Endowment plans suits younger people who cannot spare much money for investments as they have other priorities. The sum assured for these plans are lower than money back as the insurer needs to pay the entire on maturity. Term Plan are basically a death benefit plan having no maturity value.Also there is no guarantee of returns as it is in Money back plan/endowment plan. These plans are meant to cover your financial obligations. Some of the Money Back Plan available in the market: HDFC Life HDFC Money Back Plan Kotak Life Insurance Kotak Money Back Plan LIC LIC Jeevan Surabhee Bharti AXA Life Bharti AXA Save Confident SBI Life Insurance SBI Life Money Back Birla Sun Life BSLI Money Back Plus

What is Child Insurance plan? Child Insurance plan helps in securing your child's future by financing the key milestones in their lives even if you are no longer around to oversee them. As a parent, you wish to provide your child with the very best that life offers, the best possible

education, marriage and life style. These plans are one of the best tools that help parents in securing the financial future of their child.

Child plan are available in both forms traditional plan as well market linked plan. As parents we generally plan the fund to be available for our child at the time of:

Education Marriage Protection from any financial crises. Benefits of Child Plan:

Help you to customize an ideal plan for your child future. Valuable protection and invaluable financial support to the child. All future premiums are waived in the event of loss of the life of the insured and sum assured will be given to the beneficiary. Guaranteed fixed benefits. Premium payment term lies between 5-25yrs. Option of partial withdrawal in the policy . Plans with their benefits:

Company

Death Benefit

Maturity Benefit

Jeevan Anurag

An amount equal to the Sum Assured Accumulated amount till maturity date with guaranteed benefi will be paid to the beneficiary.

Child Advantage Plan

All future Premiums will be waived and policy will continue till maturity.

The higher of the basic Sum Assured or the Accumulation account will be paid on maturity.

SmartKid

The sum assured would be paid out immediately. 100% of applicable sum assured is paid immediately to the nominee on the death of life assured. The Minimum death benefit will be at least 105% of the premium paid.

Accumulated Value as per NAV at maturity time with loyalty additional bonus The fund value is paid for higher education on the maturity date.

Shiksha plus II

Fund Value will be paid as Maturity benefit.

YougStar

SuperII Maximum of Sum Assured or 105% of all premiums paid. A lump sum benefit equal to higher of the Sum Assured or 105% of all premiums paid till date of death will be payable. Basic Sum Assured will be paid to the beneficiary, the policy will continue as long as the secondary life insured is alive. Maximum of Sum Assured or 105% of all premiums paid. All future premiums are waived off and the amount of Life Cover shall be payable to the nominee. Maximum of Sum Assured or 105% of all premiums paid. Maximum of Sum Assured or 105% of all premiums paid.

Bright Stars EDGE

On Maturity, you will get the policy fund value

Smart Scholar

The fund value shall be paid to beneficiary in a lump sum.

Classic Child Plan

You will receive the Fund Value at maturity.

Rising Star Plan

Accumulated Value as per NAV at maturity time with loyalty additional bonus

Young Scholar

On maturity, the Fund Value pertaining to both regular premiums and Top-up premiums will be paid to the policyholde along with accrued Loyalty Additions, if any as on the maturit date.

Met Bhavishya Aashirvad

On Maturity of the policy guaranteed additional as explained above would be payable

On Maturity of the policy guaranteed additional as explained above would be payable

Key Benefits of Life Insurance

Life insurance, especially tailored to meet your financial needs Need for Life Insurance Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets. Let us look at these unique benefits of life insurance in detail. Asset Protection From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation. The core benefit of life insurance is that the financial interests of ones family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer. Goal based savings Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence. Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage. Life insurance is the only investment option that offers specific products tailormade for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met. The table below gives a general guide to the plans that are appropriate for

different life stages. Life Stage Primary Need Life Insurance Product Wealth creation plans Wealth creation and mortgage

Young & Single Asset creation Young & Just married Married with kids Middle aged with grown up kids Across all lifestages Asset creation & protection Children's education, Asset creation and protection

protection plansEducation insurance,

mortgage protection & wealth creation plans

Planning for retirement Retirement solutions & & asset protection mortgage protectionHealth plans Health Insurance