The money back plans by ICICI Prudential are a mix of insurance and savings. The financial security received at regular intervals helps in meeting various financial requirements of the family.
Table of Contents:
Types of ICICI Prudential Life Insurance Money Back Plans
ICICI Prudential provides 4 types of money back insurance plans:
- ICICI Pru Cash Advantage
- ICICI Pru Savings Suraksha
- ICICI Pru Assured Savings Insurance Plan
- ICICI Pru Future Perfect
Eligibility Criteria
Mentioned below is the general eligibility condition required to avail ICICI Prudential Life Insurance Money Back plans:
| Parameters | Details |
| Entry Age | 91 days-60 years |
| Sum Assured | As per the policy |
| Maturity Age | 18-80 years |
Documents Required to Purchase Plans
Mentioned below are the documents required to avail insurance plans:
- Age Proof (Voter ID, Driving License, Passport, PAN, etc.)
- Address Proof (Ration Card, Utility Bills, Voter ID, Aadhaar)
- Photo Identity Proof (Voter ID, Driving License, PAN, Aadhaar, etc.)
- Passport size photograph
- Income Proof (Salary Slip, Form 16)
- Bank Account Proof (Cancelled Cheque, Bank Account Statement)
- Medical Reports
ICICI Prudential Life Insurance Money Back Plans
1. ICICI Pru Cash Advantage Plan: The plan offers the opportunity to fulfil various financial needs like medical expenses of dependent parents, educational needs of youngsters, and so forth. The plan encourages the insured to structure his/her investment in such a way that it helps create a corpus for various requirements.
|
Particulars |
Details |
|
Entry Age |
0-60 years |
|
Sum Assured |
For entry age <45 years: 10 times annualized premium For entry age of 45 to 54 years: 7 or 10 times annualized premium For entry age >54 years: 7 times annualized premium |
|
Minimum Premium |
For 5 pay: Rs.30,000 per annum For 7 pay: Rs.18,000 per annum For 10 pay: Rs.12,000 per annum |
|
Features |
Guaranteed sum at time of maturity Life cover is offered during policy period Flexible premium payment terms Cash benefits |
2. ICICI Pru Savings Suraksha: The plans is a combination of savings and protection and provides the flexibility to choose the premium payment option as per the need.
|
Particulars |
Details |
|
Entry Age |
0-60 years |
|
Sum Assured |
For entry age <45 years: 10 times annualized premium For entry age of 45 to 54 years: 7 or 10 times annualized premium For entry age >54 years: 7 times annualized premium |
|
Minimum Premium |
Rs.12,000 per annum |
|
Features |
Life cover for the entire policy term Guaranteed Maturity Benefits Terminal bonus Reversionary bonus |
3. ICICI Pru Assured Savings Insurance Plan: This plan gives guaranteed savings benefits to the customers to meet various monetary The plan also provides coverage to the family in case of an unfortunate demise of the insured.
|
Particulars |
Details |
|
Entry Age |
3-60 years |
|
Minimum Premium |
Rs. 30,000 per annum |
|
Features |
Guaranteed Additions Guaranteed Maturity Benefits Life cover for entire policy term |
4. ICICI Pru Future Perfect: This is an ideal savings and protection combo plan that provides growth and capital protection to achieve various financial goals.
|
Particulars |
Details |
|
Entry Age |
91 days-58 years |
|
Minimum Sum Assured |
Rs. 84,000 |
|
Minimum Premium |
Rs. 8,400 per annum |
|
Features |
Guaranteed Maturity Benefits Guaranteed Additions Reversionary Bonus Terminal Bonus |
Claim Process
Mentioned below are the steps required for claim process:
- Infirm the insurance company about the claim, either online or through an SMS or by visiting the company branch
- Insurer scrutinizes the claim details and and other documents.
- In case of an issue, they also inform and guide you to get the relevant documents
- Once all the documents are verified, the insurer settles the claim and transfers the amount to the beneficiary or the policyholder’s account
Documents Required for Claim Process
Mentioned below is the list of documents required for claim process:
Death Claims
- Claimant’s statement/claim intimation form
- For Lender Borrower Group – claimant’s statement/claim intimation form
- For Affinity/Employer-Employee Group – claimant’s statement/Claim intimation form
- Copy of death certificate issued by Local Municipal Authority
- Copy of photo ID proof & current address proof of the claimant
- Cancelled cheque
- Copy of FIR
- Copy of driving license
- Certificate from employer
Time Taken to Settle Claims
Claims can be settled within 30 days from the date of receipt of all the documents.
Policy Revival
The policy can be restored within 2 years from the date of the last unpaid premium, in case the policy has lapsed.
Exclusions
ICICI Prudential Life Insurance does not entertain any claim request if the death of the policyholder occurs due to suicide or other activities like participation in war, riots, adventurous activities, etc.
FAQs
Q1. Is the sum received under money back policy taxable?
If the premium paid is over 10% of the Sum Assured for policies bought after April first, 2012, the returns received are taxable.
Q2. Is there a penalty if I don’t pay my premium for my money back policy on schedule?
If the premium isn’t paid by the due date, you get a grace period for payment. However, if the payment is not done even in the grace period, the policy lapses and advantages related to the policy are withdrawn. You still get a chance to revive the plan within 2 years from the last premium payment.
Q3. Would I be able to restore a money back policy?
Money back policies can be restored within 2 years from the date of the last premium payment.
Q4. Would I be able to transfer my money back policy?
It is not possible to transfer a money back policy. The policy can be surrendered whenever wanted.
Q5. How would I surrender my money back policy?
A cash back policy can be surrendered on its achieving money value after installment of 3 years of premiums. There will be a surrender value which will depend on the tenure policy and the number of premiums paid.
Q6. What are the various modes of premium payment?
Policyholders can pay premium either online or offline. Under online mode, customers are required to pay premium through credit card, debit card, ECS and net banking. On the other hand, offline payment can be done through cash payment at the nearest branch of ICICI Prudential.
Q7. What is the customer care number of ICICI Prudential Life Insurance?
Customers willing to enquire about life insurance policies can call at 1860-266-7766 (Call charges apply) between 10 am and 7 pm.