ICICI Pru Money Back Endowment Plan is a blend of both protection and investment tool. It is a life insurance policy that gives the life coverage to the insured by charging mortality cost and give a return on policy through contributing the rest of the premium. The arrangement offers both demise and maturity benefits (whichever happens prior).
Eligibility Criteria
Mentioned below table is the eligibility criterion of ICICI Prudential Life Insurance Endowment Plan:
| Parameters | Minimum | Maximum |
| Entry Age | 0 year | 60 years |
| Policy Term | 10 years | 30 years |
| Maturity Age | 18 years | 80 years |
| Sum Insured | Rs.84,000 | Rs.4 lakh |
Types of ICICI Pru Money Back Endowment Plan
ICICI Pru Saving Suraksha Plan
ICICI Pru Saving Suraksha plan is a traditional endowment plan which is a perfect savings and assurance plan. This arrangement is a participating life insurance plan which takes part in the profits of the organization.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 0 years | 60 years |
| Policy Term | 10 years | 30 years |
| Maturity Age | 18 years | 70 years |
| Sum Assured |
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ICICI Pru Future Perfect Plan
ICICI Pru Future Perfect plan is a non-linked endowment plan which secures the future of your loved ones by providing a safe journey. This plan helps you to achieve your life goals like buying a house etc.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 91 days | 58 years |
| Policy Term | 10 years | 30 years |
| Maturity Age | 18 years | 70 years |
| Sum Assured | Rs.84,000 | No Limit |
ICICI Pru Assured Savings Insurance Plan
ICICI Pru Assured Savings Insurance Plan is a traditional, non-linked & non-participating endowment insurance plan, which ensures you to provide guaranteed savings that helps to meet your goals.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 6 years | 60 years |
| Policy Term | 10years | 12 years |
| Maturity Age | 18 years | 72 years |
ICICI Pru Cash Advantage
ICICI Pru Cash Advantage is a money-back insurance plan wherein the policyholder starts receiving money at regular intervals as the premium paying term ends. This regular payout is called Guaranteed Cash Benefit (GCB).
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 0 years | 60 years |
| Policy Term | 15 years | 20 years |
| Maturity Age | 18 years | 80 years |
| Annual Premium | Rs.12,000 | No Limit |
Claim Process
To avail Endowment Plan claims, policyholders need to report the claim online or can visit the nearest branches or via SMS as per the convenience. After this, the ClaimCare team will go through the details of the policy and will evaluate the claim. The team will then analyze and will inform the policyholder regarding any pending document. Also, customers can check their claim status through helpline number (18602667766). After all the processing is done for claim, company will settle the claim and will transfer the claim amount online into the policyholder’s bank account.
Documents required to purchase ICICI Pru Money Back Endowment Plan
- Fully filled Application form/Proposal form
- Passport size photograph
- Proof of residence / address proof
- Proof of age
- Medical reports (only if required)
Bonus
Policyholders of ICICI Pru Cash Advantage, ICICI Pru Future Perfect and ICICI Pru Saving Suraksha Endowment Plans are provided with bonuses which are declared on the performance of the company in that financial year.
There are two types of bonus offered to the policyholder namely:
- Reversionary Bonus
- Terminal Bonus
Reversionary Bonus: It is a bonus which is declared as a percentage of (Guaranteed Maturity Benefit + Earlier Reversionary Bonus) payable on death of life insured or maturity of the policy.
Terminal Bonus: It is referred as a one-time bonus payable at the time of maturity for participating policy.
Advantages of ICICI Pru Money Back Endowment Plan
- Good potential returns in terms of Guaranteed Additions, Guaranteed Maturity Benefits, Bonuses, etc.
- Tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961
- Sum assured in an endowment policy is payable either on survival to the term or on death happening within the term.
- Under Endowment policies, bonus for the full term is payable on the date of maturity or in case of death, whichever is prior.
- Premiums for endowment policy can be constrained to shorter term or can be paid as single premium.
- Premiums stop on death or on expiry of the term, whichever is prior.
- Disciplined savings to fulfill goals
Exclusions under ICICI Pru Money Back Endowment Plans
- Suicide clause: It expresses that if the life insured dies within thefirst year of the beginning of the policy, the insurance agency will not pay the policy proceeds.
- Aviation Clause: This provision expresses that if the life insured dies while going in a private plane as a traveler, the insurance agency isn’t liable to engage the claim. The benefits of the policy are paid just when the life insured dies while going in a business plane accident.
- Unsafe Adventure Sports: It expresses that if the life insured dies because of the association in risky experience exercises, for example, waterway boating, para-floating, skiing, shake climbing, and so forth., the insurance agency isn’t subject to pay the policy benefits.
- Acts of war: This rejection expresses that the guarantor isn’t subject to pay if the life insured dies on cause of the war.
Important Aspects
There are some of the critical things that need to be considered before purchasing ICICI Prudential Life Insurance Endowment Plan:
- Bonus in terms of Reversionary Bonus and Terminal Bonus
- Coverage amount of the policy
- Premium paying term under the plan
FAQs
Q1. Would I be able to pay the premiums yearly, half-yearly or month to month?
Indeed, you can pay your premiums yearly, half-yearly or month to month
Q2. When is a claim declined?
A claim will be declined in the event that it doesn’t follow:
- Declaration and Authorisation concurred at policy origin, as referenced in the application form
- Terms and Conditions in the policy document
Q3. What happens when there is no nominee?
In such conditions, we would require the verification of title/ succession authentication issued by an able court. The claim would then be paid to the individual mentioned in the said confirmation. Such a condition is called ‘Open Title’ circumstance.