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Overview

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Life is fleeting, but life insurance is not! Secure yourself and your family from the unexpected medical emergencies by investing in a comprehensive and affordable life insurance policy. Our experts can help you understand the policy fine print and guide you through the application and claims settlement process. You can compare and buy a life insurance policy online for yourself and your loved ones.

Life is a beautiful journey, but it is also riddled with unexpected contingencies. This is why purchasing life insurance is a must. An affordable life insurance policy provides a financial cover in case of sudden and untimely demise of a family's breadwinner. It is a contract drawn between a policy holder and an insurance provider. The individual who buys insurance is called the policy holder.

The policy holder's family or beneficiary receives a lump sum of money when the policy holder passes away or the policy reaches maturity, depending on your policy’s maturity value and the amount of premium paid . A life insurance premium is a regular payment made yearly to the insurance provider over a fixed tenure.

These funds can take care of your loved ones without any hiccups. Your family can use this money to lead a comfortable life without compromising on basic needs like quality housing or education.

Make sure your loved ones are looked after even when you’re gone by buying a life insurance policy online. We bring you different types of life insurance policies by ICICI Prudential with various benefits.

Major Features

Life is fleeting, but life insurance is not! Secure yourself and your family from unexpected medical emergencies by investing in a comprehensive and affordable life insurance policy. Our experts can help you understand the policy fine print and guide you through the application and claims settlement process. You can compare and buy a life insurance policy online for yourself and your loved ones.

Lump sum payout

Your family’s financial standing can more or less remain the same if you invest in the right life insurance policy. The lump sum payout one receives on policy holder's demise or policy maturity can ensure lifelong comfort.

Easy claims settlement

When you buy a life insurance plan from a renowned organisation, the claim settlement process is quick and online, with minimal paperwork and guaranteed returns. For instance, you can apply for an ICICI Prudential ULIP plan starting as low as Rs. 2500 per month.

Tax benefits

Life insurance plans make you eligible for claiming certain tax benefits, achieving life-long goals, funding your retirement and dealing with debt. While it’s true that the younger you are at the time of purchasing life insurance, the lower your premiums. But buying life insurance for senior citizens is also possible these days.

Safe to say, if you haven’t already booked your life insurance policy, it’s high time you compare between different plans and apply for one through Finbros Capital Advisory. Not only can we help you book a life insurance policy, but also guide you towards selecting one that matches your custom needs.

Benefits of Each Type

Here are the benefits of life insurance plans from ICICI Prudential.

1. High total sum assured at affordable premiums 2. Multiple payout benefits (monthly, annually or lump sum, depending on your contract) 3. Tax benefits under Sections 80C and 10D of the Income Tax Act (ITA) 4. Flexibility to choose add-on covers for critical illnesses the insured might develop later

1. Get a guaranteed lump sum return on maturity or in case of the insurer’s demise 2. Enjoy the magic of compounded returns 3. Tax benefits under Sections 80C and 10D of the ITA 4. Free to choose the preferred method and time frame to pay the premium

1. Flexibility to choose the funds you want to invest in 2. Alter your premium amount mid-policy 3. Enjoy tax benefits under Sections 80C, 80D and 10C of the ITA 4. Get lump sum returns on maturity based on the latest fund value

1. Enjoy extra-long coverage of up to 99 years at low premiums 2. Flexible payout available depending on your contract 3. The maturity amount is entirely tax-free

Types of Life Insurance

Let’s understand what each type of life insurance provides the policy holder.

Term Insurance

Considered one of the most affordable life insurance policies, a term plan is a pure risk cover. Here, the insured pays a fixed premium for a specific term. You can book term insurance with a large payout that starts with a small premium. This is possible when you buy this policy early on in life. Another thing to keep in mind is that term insurance is not market-linked.

Endowment Plan

If you’re looking for the protection provided by life insurance, along with guaranteed returns, an endowment plan can work well for you. This policy makes you eligible for receiving a lump sum on maturity. Moreover, the policyholder's nominee receives a hefty amount in case of their sudden demise.

Unit Linked Insurance Plans or ULIP

Looking for a combination of insurance plus investment? Well, then ULIP is your go-to option. Not only does this policy provide a life insurance cover, but also an opportunity to invest your premiums in different funds and bonds in the market. In case of the policy holder’s demise, a lump sum maturity benefit is provided to the nominee based on the performance of the funds the insurer had invested in.

Whole Life Cover

This life insurance policy awards a life cover of up to 99 years. The insurer’s demise any time before 99 years warrants a lump sum payout to the nominee. This cover offers a tonne of stability to the insurer.

Inclusions

Here are the key inclusions of different ICICI Prudential life insurance plans.
                        

Natural death
Demise due to acquired medical conditions (includes protection for 64 critical illnesses) Death due to accidents.
Accidents don’t only include road accidents but also machinery-related accidents at the workplace, fire-related injuries leading to death, falling off a building or rooftop, slipping in the bathroom or somewhere else, drowning, lightning strike, earthquake, or any other natural calamity, an electric shock or any such uninitiated incident 105% return of premium

Natural death
Demise due to acquired medical conditions (includes protection for 64 critical illnesses) Death due to accidents. Accidents don’t only include road accidents but also machinery-related accidents at the workplace, fire-related injuries leading to death, falling off a building or rooftop, slipping in the bathroom or somewhere else, drowning, lightning strike, earthquake or any other natural calamity, electric shock or any such uninitiated incident Guaranteed returns
5% guaranteed additions for the first 5 years
Tax-free returns

                        

Natural death
Demise due to acquired medical conditions (includes protection for 64 critical illnesses)
Death due to accidents. Accidents don’t only include road accidents but also machinery-related accidents at the workplace, fire-related injuries leading to death, falling off a building or rooftop, slipping in the bathroom or somewhere else, drowning, lightning strike, earthquake or any other natural calamity, electric shock or any such uninitiated incident
Tax-free market-linked returns
Wealth boosters at 3.25%
Easy withdrawals with no penalties
Tax benefits

Health Booster
                    

Exclusions

Here are the key exclusions of different ICICI Prudential life insurance plans.
                        

Death due to suicide.In case of death due to suicide within 12 months from the date of risk under policy commencement, the Claimant shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher. Death benefit won’t be payable within the first 90 days from the Date of Commencement of Risk.

Death due to suicide.In case of death due to suicide within 12 months from the date of risk under policy commencement, the Claimant shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher. Death benefit won’t be payable within the first 90 days from the Date of Commencement of Risk.

                        

Natural death
Demise due to acquired medical conditions (includes protection for 64 critical illnesses)
Death due to accidents. Accidents don’t only include road accidents but also machinery-related accidents at the workplace, fire-related injuries leading to death, falling off a building or rooftop, slipping in the bathroom or somewhere else, drowning, lightning strike, earthquake or any other natural calamity, electric shock or any such uninitiated incident
Tax-free market-linked returns
Wealth boosters at 3.25%
Easy withdrawals with no penalties
Tax benefits

Natural death
Demise due to acquired medical conditions (includes protection for 64 critical illnesses)
Death due to accidents. Accidents don’t only include road accidents but also machinery-related accidents at the workplace, fire-related injuries leading to death, falling off a building or rooftop, slipping in the bathroom or somewhere else, drowning, lightning strike, earthquake or any other natural calamity, electric shock or any such uninitiated incident
Tax-free market-linked returns
Wealth boosters at 3.25%
Easy withdrawals with no penalties
Tax benefits

Claims process

Here is a step-by-step claims process for ICICI Prudential life insurance plans.

                
Step 1

Start by reporting your claim. You can generate a request through Finbros Capital Advisory, the insurer's website, or by physically visiting your insurer's branch or emailing them.

Step 2

Once you've formally submitted your claim, the insurance company will review the same and ask for any additional documents, if required.

Step 3

If everything checks out, they will initiate the settlement amount against your claim.

FAQs