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11 Sep 2020

ICICI Insurance Company Review

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ICICI Prudential Life Insurance Company Limited: Background and Overview-

ICICI Prudential Life Insurance Company Limited is an Indian private sector general Insurance company established in 2001 with its headquarters in Vadodara, Gujarat. The company has various branches across India. In Fiscal Year 2015, ICICI Prudential Life became the first private sector life insurance company to manage Rs. 1 trillion worth of assets.

ICICI Prudential Life Insurance Company Limited provides a wide array of insurance-related services, ranging from term insurance, health insurance, Unit Linked Insurance Plans, etc.
Given below is the elaborate list of various Insurance schemes offered-

ICICI Prudential Life Insurance Company Limited: Policies and schemes-

Before dwelling into the various insurance policies and schemes offered by ICICI Prudential Life Insurance Company Limited, let us start by understanding what insurance is-
Insurance is an arrangement or a contract that provides protection against a possible financial loss. A person who is insured is required to pay a premium or installment at regular intervals, either monthly or annually to the insurance company insured with, who in return promises to compensate for financial losses upon arrival. Insurance coverage is also extended to compensate for illnesses, diseases, or even death, in return for a specified payment known as a premium.
Nowadays, insurance also can be bought with a savings element attached to it, with returns and interest rates varying from company to company.

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ICICI Prudential Life Insurance Company Limited Plans and Policies-

ICICI Prudential Life Insurance Company Limited offers various schemes and policies for Indians such as term insurance, health insurance, Unit Linked Insurance Plans, etc.

  • iProtect Smart- This policy provides coverage from Rs. 50 Lakhs all the way up to Rs. 1 crore, up to 34 critical illnesses covered, tax benefits under sections 80 C and 80 D of Income Tax Act

  • iCare II- This policy provides coverage from Rs.25 Lakhs all the way up to Rs. 75 lakhs, accidental death benefit up to Rs. 2 crores, tax benefits under sections 80 C and 10 (10 D) of Income Tax Act.

  • ICICI Pru Precious Life- This policy provides coverage for individuals with existing medical conditions, tax benefits under sections 80 C, and 10 (10 D) of the Income Tax Act, the minimum sum assured is Rs. 2 Lakhs

  • ICICI Pru Life Raksha- This policy provides coverage between Rs. 50,000 to Rs. 5 Lakhs, policy meant for applicants between 18 years and 60 years, tax benefits under sections 80 C, and 10 (10 D) of the Income Tax Act.

  • ICICI Pru Heart/Cancer Protect- This policy provides coverage from Rs. 2 Lakhs all the way up to Rs. 50 Lakhs, policy meant for applicants between 18 years and 65 years, tax benefits under sections 80 C of the Income Tax Act.

While deciding to purchase the apt insurance policy, one needs to go through the stages of adequate planning and shortlisting after weighing out all the options. The requirements would vary depending on whether one is purchasing the health insurance policy for themselves, their family, or their parents/any other senior citizens within the family.

ICICI Prudential Life Insurance Company Limited has various policies that cater to all these needs. Yet for Indians as well as NRIs, it could still be a hassle to select the best-suited policy, so why not go ahead with North Loop instead, offering life insurance and health insurance policies completely online with low premiums yet high covers, and a registration process of just a couple of minutes. Sign up with North Loop now!

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.