Type Private limited company

Industry Insurance
Headquarters Mumbai
Key people
Sandeep Bakshi, Managing
Director
Products
Individual and Group
Insurance Plans
Website Official Website
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank, one of the foremost financial services companies of India
and Prudential plc, one of the leading international financial services
group headquartered in the United Kingdom. ICICI Prudential was
amongst the first private sector life insurance companies to begin
operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA).
ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of
September 30, 2010) with ICICI Bank and Prudential plc holding 74%
and 26% stake respectively. For the period April 1, 2010 to September
30, 2010, the company garnered Rs 7,267 crores of total premiums and
has underwritten over 10 million policies since inception. The company
has a network of over 1,500 offices and over 1,60,000 advisors, as on
September 30, 2010. The company has assets held over Rs. 65,000
crores as on September 30, 2010.
For the past nine years, ICICI Prudential Life has maintained a wide
range of Life Insurance products that meet the needs of the Indian
customer at every step in life.
ICICI Prudential Life recently completed 10 years on the Indian
Insurance scape on 12th December 2010.
ICICI Prudential website
Since the liberalization of Indian Insurance sector, ICICI Prudential Life
Insurance has been one of the earliest private players. Since the time,
ICICI Pru Life has been the leader in terms of market share as indicated
by the IRDA (Insurance Regulatory and Development Authority, the
regulator for Indian Insurance Industry) at its website.
During 2007-08, the organization's focus on rural business has proved its
complex project execution capability and strong partnerships for
customer servicing.
In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie
up with TTK Healthcare to settle insurance claims of its users.
ICICI Prudential's life insurance products may be loosely categorized
under four forms- Life Plans (further categorised into Term Plans and
Wealth Plans), Child Plans, Retirement Plans and Health Plans.
Under Life Insurance Plan category it offers term plans like i-Protect
online term plan, ICICI Pru Pure-Protect and ICICI Pru LifeGuard, and
ULIP wealth plans like ICICI Pru LifeStage Wealth II, ICICI Pru
LifeLink Wealth SP, ICICI Pru Pinnacle Super etc.
Under the Child / Education Plan category it offers products like ICICI
Pru SmartKid regular premium and ICICI Pru SmartKid Premier
Under the Retirement Insurance Plan category it offers products like
ICICI Pru Forever Life & ICICI Pru LifeLink Pension SP.Under the
Health Insurance Plan category it offers products like ICICI Pru Health
Saver & ICICI Pru Hospital Care II

What is life insurance?

Life insurance ensures that your family will receive financial support in your
absence. Put simply, life insurance provides your family with a sum of money
should something happen to you. It protects your family from financial crises.
In addition to serving as a protective cover, life insurance acts as a flexible
money-saving scheme, which empowers you to accumulate wealth-to buy a
new car, get your children married and even retire comfortably. Life insurance
also triples up as an ideal tax-saving scheme.

Why do I need life insurance?
Who will take care of my family if tomorrow something unfortunate happens
to me? If this question bothers you, then Life Insurance is the answer.

Of course, under any circumstances, the loss of a loved one is a traumatic
experience. But, if your family is also left without sufficient money to meet
basic living needs or prepare for future goals, they will have to cope with a
financial crisis at the same time. A Life Insurance plan ensures that your
family is financially secure even if tomorrow you are no longer around to care
for them.


PLANS :
1. TERM PLANS
2. CHILD PLANS
3. HEALTH PLANS
4. GROUP PLANS
5. RETIREMENT PLANS

1. TERM PLANS
Term insurance is the simplest and most fundamental
insurance product. Term insurance plans are designed to ensure that in the event
of the policyholders death, the family gets the sum assured (the cover amount).
What is term life insurance?
Term life insurance ensures that your family receives a large lumpsum
amount, called the sum assured, in the unfortunate event of death of the
policyholder. By offering this benefit at extremely competitive rates,
Term insurance plans provide an opportunity to get the protection of
insurance cover at extremely affordable prices.

We have a 4 step claim process :
o Intimation of claim to ICICI Prudential Life
o ICICI Prudential Life to help the claimant to complete the
documentation
o Claimant to submit the required documents
o ICICI Prudential Life to take decision on the claim
We truly believe that a hassle free claims settlement is the ultimate service
we can provide to our customers.

2. CHILD PLANS
As a parent, you would not like to compromise your child's bright
career, regardless of the rising cost of education. All you need is a savings plan
that is designed to provide money at key educational milestones and take care
of your loved ones future even if you are not around. Education insurance offers
you unique features which ensure that this objective is achieved and it helps in
strengthening your childs dreams.

What are education solutions?
Education solutions ensures comprehensive financial planning for your
childs education/ developmental needs. In this you pay premium
regularly or in a single lumpsum and during the key educational
milestones of your child you can withdraw the money partially. It
offers financial protection to your childs future in the unfortunate
event of your death.

Why do I need education insurance?

Increasing costs of education : The costs of education is
increasing at a rapid pace across all levels. In order to ensure that
you can pay for your childrens educations you need to start
saving at the earliest.
Multiple interests of children : In order to ensure that your
child is an all-rounder you need to train him in different areas
like sports, dancing, singing etc. All these extra-curricular
activities cost huge money and hence add to the overall cost of
education.
Tax benefits : Apart from protection and savings, wealth
insurance plans also offer tax benefits as per prevailing tax laws.
Protection : In the unfortunate event of death of the parent (Life
Assured) during the term of the Policy, the following benefits
are payable:
o Sum Assured would be paid to the beneficiary.
o Future premiums would be paid by the Company till the
maturity of the Policy
o Policy benefits would continue for your child's
educational and developmental needs, as planned by you
o If an optional rider has been chosen, an additional fixed
amount shall be paid to the child every year till the
maturity of the Policy
These features are available with minor variations across almost all
educational insurance policies.

3. HEALTH PLANS
Designed to ensure that you and your family get the
medical treatment whenever you need it. Secure your family now with our
health plans.
What is health insurance?
Health insurance insures you and your family against expenses arising
due to a medical emergency and uncertainty of health such as a
hospitalisation or the onset of a critical illness. It prevents a medical
emergency from becoming a financial one; it ensures your health care
needs are taken care of without you having to dip into your existing
savings or compromising your future goals.

Why do I need health insurance?

Medical emergencies can strike unexpectedly : 30% of the
population suffers from heart attacks before the age of 40 years.
Rare non-communicable diseases are now becoming common,
affecting an increasing number of urban Indians.
Lifestyles have changed : Indians today suffer from high levels of
stress. Long hours at work, little exercise, unhealthy diet food have
weakened our immune systems and put us at an increased risk of
contracting illnesses.
Quality health care is unbelievably expensive : Single episode of
a critical illness like an angioplasty can cause a huge dent (around 3
lakhs) in your lifetime savings and with rising medical costs, it can
get worse.
Indirect costs add to the financial burden : Indirect sources of
expensetravel, boarding and lodging, and even temporary loss of
income account for as much as 35% of the overall cost of treatment.
Incomplete financial planning : Complete financial planning
includes saving for an uncertain future, childrens education,
retirement and the most important aspect of your life your health.

Are there different health insurance needs?
There are different kinds of health insurance plans available to suit
your individual needs:
Hospitalisation insurance : Cover yourself for hospitalization
expenses incurred. You have a further choice between a
reimbursement plan (claim your expenses as actually incurred)
or a fixed benefit plan. (claim as per pre-decided limits defined
by the plan you select )
Critical illness insurance : Cover yourself against critical
illnesses which are life changing catastrophes, expenses for
which are big in nature.
How do I claim?
ICICI Prudential provides a seamless and hassle-free claims experience
through an extensive network of hospitals across India.

Benefits of the new process:
Extensive list of network hospitals all India & growing
Hospitals across 488 locations in India
Includes premier hospitals across India
Quick & easy claims processing & settlement

What should I do in case I need to claim?
If I want to avail of the cashless hospitalisation facility?
o Check if your chosen hospital is part of ICICI Pru
Network Hospital. (Make a note of your policy number
and keep it handy (This is available in your policy kit or
on your health card).
o Carry a valid photo identity card to the hospital
o Reach the ClaimCare cell directly at 1800-103-6363 or
SMS ICLAIM <8 digit policy number> to 56767, for
queries on coverage and well call you back
o Take a copy of the pre-authorization form along with valid
photo identity card with you to the network hospital. This
needs to be filled by the hospital and signed by the doctor

Hospital will then fax the pre-authorization form to ICICI Pru
ClaimCare to 1800-103-4778



4. GROUP PLANS
Why Group plans?

One Sure Shot Way For An Employer To Retain His Team
Employees these days are constantly on the prowl for "better opportunities".
How then do you get them to focus on your job and stay committed for long
tenures? Human Resource experts agree that employees work with utmost
dedication when they believe their organization truly cares about their
wellbeing.
One way of showing your concern for your employees is to shoulder the two
responsibilities they worry about most: Security of and Savings for their
families. Group Insurance Plans from ICICI Prudential enable you to
effortlessly provide your employees with both, savings and security, so they
can pass on the benefits to their loved ones. Your kind gesture to safeguard
their family's future will undoubtedly serve as great encouragement for your
employees, and they will gladly offer you their whole-hearted commitment.
What is the ICICI Prudential Group Solution's Advantage?

ICICI Prudential offers a suite of group insurance plans that provides
both you and your employees with a host of benefits:
Group Gratuity Plan : This hassle-free plan enables you to
effortlessly fund your statutory gratuity obligation.
Annuity Solutions : This suite of retirement plans enables you
to provide your employees with a steady income all through their
retired lives.
Group Term Insurance Plan : This insurance plan provides
affordable cover to all your employees.
Group Term Insurance in lieu of EDLI : This plan is certified
by Employee Provident Fund Organistion (EPFO) as a superior
alternative to Employee's Deposit Linked Insurance Scheme.


5. RETIREMENT PLANS
Our pension plans are designed to ensure that your
retirement years truly become your golden years. They will provide you the
financial security to pursue your unfulfilled dreams.
What is retirement insurance?
Retirement insurance ensures that you or your family members receive a
regular pension amount post a retirement date. You have the flexibility to
choose the retirement date and the manner in which you receive the
pension.
Why do I need retirement insurance?

Longer retirement years : Average life spans are increasing in
India and hence, the retirement years are likely to be longer.
With the rise in inflation you will need more money to live in
comfort.
Financial independence post retirement : Earlier, people could
depend on their children to take care of them post retirement.
However, as a modern individual, would you not like to maintain
your financial independence post retirement also?
Inflation : Inflation is an important factor. Post retirement, you
need a regular income to ensure that your expenses can be met.



IMPORTANT PART

Why ULIPs?

Unit linked insurance plans (ULIPs) are a category of goal-based financial
solutions that combine the safety of life insurance protection along with long
term wealth creation opportunities. In ULIPs, a part of the premium goes
towards providing you life cover &the remaining portion is invested in
fund(s) which in turn is invested in stocks or bonds. The value of investments
alters with the performance of the underlying fund opted by you.
Simply put, ULIPs are structured in such a way that the life protection
element and the savings element are distinguishable, and hence can be
managed according to your specific needs.
Why do I need ULIPs?

Freedom to choose your life insurance cover: In a unit linked
policy, you can choose the extent of life insurance cover that you
can enjoy. In most ULIPs, the minimum life insurance cover that
you get is 5 times the annual premium. The upper limit can be as
much as 100 times of your annual premium or even higher,
depending on the policies of the insurance companies.
Freedom to choose your investment type: Depending on your
investment preference, unit linked insurance plans allow you to
invest in various asset classes like equity, debt or money market.
Whats more, you can switch between these asset classes
seamlessly with almost no charges.
Flexibility of additional investment: In ULIPs, you can anytime
invest an additional amount, called top-up, at a very nominal
charge to enjoy the benefit of greater savings.
Liquidity: ULIPs have a partial withdrawal option, so that you
can withdraw your money in case of emergencies. These partial
withdrawals are usually free of cost.
Goal based planning: ULIPs are structured to help you secure
your key goals such as Retirement planning or saving for your
childs education. So, apart from the life insurance benefit and
the advantage of investments, ULIPs also give you the added
benefit of knowing that your premium is working towards
securing your future goals.
Tax benefits: Apart from protection and savings, unit linked
plans also offer tax benefits. Not only you can claim the
insurance premium paid towards reduction from your taxable
income, the maturity benefits are also completely tax free, as per
prevailing tax laws.


TAX
What are the tax benefits available?
Life Insurance as a tax saving tool, offers savings under various sections of the
income tax act. Some of the key tax benefits offered are as follows:
Our life insurance plans are eligible for tax deduction under Sec. 80C.
Our Pension plans are eligible for a tax deduction under Sec. 80CCC.
Our health insurance plans/riders are eligible for tax deduction under Sec.
80D.
The proceeds or withdrawals of our life insurance policies are exempt under
Sec 10(10D),
subject to norms prescribed in that section.
Tax Benefits on Insurance and Pension
Life insurance and retirement plans are effective ways to save taxes when doing
your year end tax planning.
To assist you in tax planning, the tax breaks that are available under our various
insurance and pension policies are described below:
1. Our life insurance plans are eligible for tax deduction under Sec. 80C.
2. Our Pension plans are eligible for a tax deduction under Sec. 80CCC.
3. Our health insurance plans/riders are eligible for tax deduction under Sec.
80D.
4. The proceeds or withdrawals of our life insurance policies are exempt under
Sec 10(10D), subject to norms prescribed in that section.
Invest in ICICI Prudential Life insurance and retirement plans and avail of these
tax planning services to save tax at your year end tax planning!




Explanation of Tax Benefits
Premiums paid for Life insurance - Deduction under Section 80C
Category of assesses allowed deduction: Individual assessee and Hindu
Undivided Family assessee.
Eligible Savings: Premiums paid or deposited by assessee to effect or to
keep in force insurance on the life of following persons:
In case of individual assessee Himself/Herself, spouse, children of such
individual
In case of HUF assessee any member
20% limit: If the amount of premium paid in a financial year for a policy is
in excess of 20% of the actual capital sum assured, then deduction will be
allowed only for premiums upto 20% of the sum assured.
Limit on amount of deduction: Deduction will be restricted to investments
upto Rs 100,000 in savings specified under Section 80C (including life
insurance premiums). The limit of deduction under Section 80C will be part
of the overall limit prescribed under Section 80CCE.
Disallowance: This benefit will be reversed if the policy is terminated/cease to
be inforce within 2 years after the date of commencement of policy
Premiums paid for medical insurance - Section 80D
Category of assesses allowed deduction: Individual assessee and Hindu
Undivided Family assessee.
Eligible premiums: Premiums paid by assessee by any mode other than
cash out of his taxable income to effect or to keep in force an insurance on
the health of following persons:
In case of individual assessee Himself/Herself, spouse, dependent children
and parent or parents. The condition of dependency of parent has been
removed from FY 2008-09. In other words, even if the parent is
independent, the individual can pay the premium and claim the deduction.
In case of HUF assessee any member of HUF
Deduction and upper limit: The qualifying amounts under Section 80D for
self, spouse and dependent children is upto Rs. 15,000/- and additional
deduction upto Rs. 15,000/- for the parents. However, a higher amount of
upto Rs 20,000/- is permitted if the person, for whose health insurance the
premium was paid, was aged 65 years or more at any time during the
financial year in which the premium was paid. Such amounts of premium
paid would be allowed as deduction from the total income of the assessee.
Benefits under insurance policy - Section 10(10D)
As per Section 10(10D) of Income tax Act, 1961, any sum received under a life
insurance policy, including the sum allocated by way of bonus on such policy is
exempt from tax.
Other ULIP Charges

ULIPs can easily be customized to suit ones needs & requirements.
This is primarily due to range of features that ULIPS offer to the
customer. Below mentioned are few charges applicable in case you
have opted for an additional feature.
ULIP BENEFITS APPLICABLE CHARGES
RIDERS: Riders are additional
or supplementary benefits that are
bought along with a main life
insurance plan. Some of the
commonly offered riders are
critical illness benefit rider,
accident & disability benefit
rider, waiver of premium rider
Insurance companies levy rider
charges in case you opt for riders.
etc. For ex. In case you opt for a
Critical illness rider you get
additional protection from 9
critical illnesses.
SWITCH: ULIPs not only allow
you to invest your money in fund
options with various debt equity
exposure but also give you the
option to switch between different
funds. For example, you can
switch money from a fund with
100% equity to a balanced
portfolio, which has 60 per cent
equity and 40 per cent debt.
Your insurance company may
charge you a fee for switching
your funds Generally only a
limited number of fund switches
are recommended in a year as a
ULIP is a long-term investment
tool therefore most of the
companies allow a certain
number of switches each year
free of charge, with subsequent
switches, subject to a minimal
charge.
TOP UP: One of the unique
feature offered by ULIP is Top
Up where you can make
additional contribution over &
above the regular premium.
Insurance companies deduct a
certain percentage from the top-
up amount as charges. These
charges are usually lower than the
regular charges that are deducted
from the annual premium.
SURRENDER: You may decide
to surrender (premature partial or
full encashment of units) your
policy before the term of the plan.
Surrender charge may be
deducted for premature partial or
full encashment of units wherever
applicable, as mentioned in the
policy conditions. These charges
are levied as a percentage of the
fund value or as a percentage of
the premium.






Critical Illness Benefit Rider
This rider provides protection against 9 critical illnesses, namely: Major organ
transplants, Complete renal failure, Stroke, Paralysis, Heart attack, Valve
replacement surgery, Major surgery of the aorta, CAGS (Bypass) and Cancer .

Benefits paid on contracting the illness

Accelerated benefits (available with SavenProtect and CashBak) : If the
policyholder is diagnosed with any of the specified illnesses, then the policyholder
is paid the entire sum assured under the rider. The policy along with all the riders
(to the extent of the Rider Sum Assured) is then terminated. However, the
remainder of the base policy continues till the end of the term. The policyholder
will have to continue paying his premiums for the remainder of the policy.
Standalone benefits (available with LifeTime Super,PremierLife Gold,LifeTime
Plus,ForeverLife, Group Term Plan) : If the policyholder is diagnosed with any of
the specified illnesses, he/she is paid the rider Sum Assured and the rider
terminates. However, the base policy continues till maturity.
Premiums paid under this rider are eligible for tax benefits under Section 80D.
Accident & Disability Benefit Rider
Benefits payable on death due to an accident
If the policyholder dies due to an accident, 100% of the rider sum assured is paid in
addition to the basic sum assured.
In case the policyholder dies in a land surface, mass public transport system
wherein the policyholder was traveling as a fare-paying passenger, then 200% of
the rider sum assured is paid.
Benefits payable in case of permanent disability due to an accident
If the policyholder survives an accident but becomes permanently disabled then the
premium for the basic plan is completely waived off to the extent of the rider sum
assured.
Plus, 10% of the rider sum assured is paid for the next 10 years, which helps in
providing that extra money and takes care of sudden financial set back that occurs
after a tragic disability.
Accident & Disability Benefit rider is available with LifeTime Super,PremierLife
Gold,LifeTime Super Pension,LifeTime Plus,SmartKid New ULRP,Save n
Protect, Cashbak, ForeverLife,LifeGuard ROP, LifeGuard WROP, Group Term
Plan.
Premiums paid under this rider are eligible for tax benefits under Section 80C.