ICICI Prudential Whole Life Insurance offers coverage for your entire life i.e. till 99 years of age unlike a term policy which covers the insured for a definite period. The policy is built on two significant benefits – saving and protection during your lifetime and financial security when you go away.
Table of Contents:
Types of ICICI Prudential Whole Life Insurance
ICICI Prudential offers only one type of whole life insurance policy – ICICI Pru iProtect Smart.
Eligibility Criteria
Mentioned below is the eligibility criteria to buy ICICI Prudential Whole Life Insurance:
| Particulars | Details |
| Entry Age | 18-65 years |
| Maturity Age | 99 years |
Documents Required to Purchase Plans
Following documents are required to buy the whole life insurance from ICICI Prudential:
- PAN card or Form 60
- Recent passport size photograph
- ID Proof issued by Government office, like
- Passport
- Driving license
- Voter’s I.D.
- Job card issued by NREGA, and duly attested by state government official
- Proof of having Aadhar card
ICICI Prudential Whole Life Insurance Plans
1. ICICI Pru iProtect Smart: The plan provides pay-out option in case of the death of the insured. Customers can enhance the coverage against accidental death and accelerated critical illness diseases.
|
Particulars |
Details |
|
Entry Age |
18-65 years |
|
Maturity Age |
99 years |
|
Minimum Premium |
Rs. 2400 per annum |
|
Features |
Accidental Death Benefit Whole Life Cover Fixed premium for entire term of the policy Tax benefits |
Claim Process
There are three simple steps to process the claim request in the event of the death of the life insured:
- Report the claim either through an online facility or call the central office. ICICI Prudential Life Insurance also has a dedicated ‘claims care’ helpline for reporting claims
- On the registration of the case, claims care team will let the claimant know about the documents to be submitted. It will then assess the case and the documents. If satisfied, it will approve the case
- The last and final step involves disbursing the sum assured along with other benefits as per the pay-out instructions. Since most of the claim amounts are settled via electronic mode, settlement time is minimal once the claim is approved
Documents Required for Claim Process
Following are the documents required for processing the claim request:
- Claim intimation form
- Copy of death certificate
- Copy of nominee’s address proof and identification proof
- Copy of medical records, including admission form, treatment plan summary, discharge summary
- Hospital certificate by the treating doctor (in case of accidents)
Also Read: ICICI Prudential Smart Life
Time Taken to Settle Claims
Claims can be settled within 30 days from the date of receipt of last necessary document.
Policy Revival
When the policyholder fails to pay the premium within the due period or the grace period (grace period is the margin period beyond the due date allowed by the insurance company for the due amount to be paid), the policy becomes inactive and the many benefits are withdrawn. However, there is a clause of reviving the policy, provided it satisfies certain conditions:
- Revival application should be submitted by the policyholder before the end of the premium paying term and also within 2 years calculated from the due date of the initial unpaid premium
- For the policy to be activated, the current rules and regulations of the revival will be applicable and not the norms that were present at the time of lapse
- The policyholder should undergo a fresh set of medical tests, at his expense, to prove his good health
- Due premiums along with the interest need to be paid
Riders
Riders are the ‘add on’ benefits offered to the policyholder at an extra cost. ICICI Whole Life provides important riders at reasonable rates and helps expand its life cover.
1. Accidental Death Rider: In case of an accidental death of the insured during the policy term, an additional amount is paid out to the family along with the sum assured, if this rider is included.
2. Critical Illness Rider: Critical illnesses like cancer, heart problems and kidney dysfunction require a huge sum for medical treatment. Taking this into consideration, ICICI Prudential Whole Life Insurance plan offers critical illness rider, wherein the sum assured under the rider is paid out as soon as the illness is diagnosed.
3. Terminal Illness Benefit: Terminal illness has no cure and is most likely to cause death in the near future. Hence, the terminal illness rider pays out the sum insured on the diagnosis of the grave disease
4. Permanent Disability Benefit: In the event of permanent disability of the policyholder during the premium payment term, all the future premiums will be waived without altering the sum assured.
5. Income/lump Sum Payout: The policyholder can choose the payout option, wherein the benefits, and the sum assured is paid as a lump sum to the family, at regular monthly or annual intervals, depending on the needs and preferences. The amount received is not taxable.
Exclusions
Mentioned below are the situations not covered under ICICI Prudential Whole Life Insurance plan:
- Suicide or attempt to suicide
- Pre-existing diseases
- Use of intoxicating drugs/alcohol
- Any type of angina pectoris
- Stem-cell transplants
- Spinal-cord injury
- Traumatic injury of brain
Advantages of Buying ICICI Prudential Whole Life Insurance Plan
Mentioned below are some of the benefits of purchasing the insurance plan:
- Policy covers the insured for 99 years
- The premium amount remains fixed through the premium payment period
- The premium paid and the returns received help in getting tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
- Regular addition of bonuses at the end of every financial year helps in wealth accumulation
- Double payment of sum assured along with vested reversionary bonuses, interim bonus and terminal bonus, in case the policyholder dies during the premium period
- Saving benefit at the end of premium term
- By adding riders, policy becomes all-inclusive at affordable rates
- Rider benefits also come under the purview of tax benefits
- Policyholders can add as many riders as they wants in order to customise the policy as per their requirement
FAQs
Q1. Can you surrender the policy during the policy premium term?
Yes, the policyholder can surrender the policy any time after the completion of 3 policy premium payment years, wherein the surrender value amounts to 35% of all premiums paid till date after deducting the first year’s premium.
Q2. Is the Whole Life Insurance costlier than the conventional term policy?
Whole Life Insurance allows you to leave a legacy for your family, which is not the case in the term plan. And, it covers the life insured until he reaches 99 years of age. Considering the benefits the policy offers, the whole life policy is not costly.
Q3. Is the policy a ULIP?
No, it is a non-linked life insurance plan.
Q4. Can I download ICICI Prudential policy certificate?
Yes, you can download the Certificate of Insurance. Visit https://corporate.iciciprulife.com/Corporate/certificateOfInsurance/certificateInsurance.jsp?_ga=2.207143187.1663298940.1567070790-888430630.1567070790, enter the required details and click on ‘Submit’.
Q5. Can my claim be declined?
Yes, your claim can be denied if it does not comply with the Terms and Conditions mentioned in the policy document. It can also be declined if it does not comply with the Declaration and Authorisation agreed to at the time of making the policy.
Q6. How can I receive my claim amount?
You can choose to get the claim amount either through cheque or through Electronic Clearance System.