ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited with assets under management (AUM) of approx. ₹1 billion (US$13 million).
In 2005, the company crossed the mark of 1 million policies.In 2008, it crossed the mark of 5 million policies and ₹100 billion (US$1.3 billion) in total premiums received.
- Life Option – Death Benefit + Terminal Illness + Waiver of premium on permanent disability
- Life Plus – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accidental Death benefit
- Life & Health – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accelerated Critical Illness benefit
- All in One – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accidental Death benefit + Accelerated Critical Illness benefit
Further, ICICI Pru pays term benefits on the first diagnosis of 34 critical illnesses. The death / terminal illness benefit include Cancer, Heart disease, Brain and nervous system-related disease.
ICICI Prudential Term Life Insurance claim settlement ratio – 97.80%
ICICI Prudential Term Insurance Policy Terms
| Minimum age at entry | 18 years |
| Maximum age at entry | Up to 65 years |
| Max. Maturity age | up to Whole Life (99 years less age at entry) |
| Min. Sum Assured | As per premium |
| Max. Sum Assured | Unlimited |
| Policy term | 8 – 81 years |
| Premium payment term | Regular at annual, semi-annual, or monthly |
Riders
- ICICI Pru Accidental death benefit rider plus
- ICICI Pru Critical Illness rider
ICICI Prudential Life Best Term Insurance Plans
- ICICI Pru iProtect Smart Term Plan
- ICICI Pru POS iProtect Smart Term Plan
- ICICI Pru iProtect Smart Money Back Term Plan
What I Liked
- Long whole life cover till 99 years of age
- 34 Critical illness benefit
What I Didn’t Like
No rebate on premium for higher sum assured.
