Minor Project Report

PROJECT REPORT
ON
Plans and Policies of
ICICI Prudential Life Insurance Company Limited
PROJECT REPORT SUBMITTED IN PARTIAL FULFILLMENT

OF THE REQUIREMENT OF
BACHELOR OF BUSINESS ADMINISTRATION
By:
ROHIT KUMAR
Enrollment No. 02790201815
Under the guidance of

MS. HARLEEN KAUR
SRI GURU TEGH BAHADUR INSTITUTE OF MANAGEMENT

& INFORMATION TECHNOLOGY
(Affiliated to GGSIP University Delhi)
(2015-2018)
PROJECT REPORT
ON
“Plans and Policies of

ICICI Prudential Life Insurance Company Limited”
Rohit Kumar
02790201815
6th Semester
DECLARATION
I hereby declare that the project work entitled “Plans and Policies of
ICICI Prudential Life Insurance Company Limited” submitted to the
Guru Gobind Singh Indrapratha University is record of an original
work done by me under the guidance of Ms. Amanpreet Luthra,
faculty member, Sri Guru Tegh Bahadur Institute of Management &
Information Technology.
.............................................
Signature of the scholar
Place: Delhi ROHIT KUMAR
Date: Enrollment no. 02790201815

CERTIFICATE
This is to certify that ROHIT KUMAR student of Sri Guru Tegh

Bahadur Institute of Management & Information Technology of
course BBA Batch (2015-2018), has completed her research work titled
“Plans and Policies of ICICI Prudential Life Insurance Company
Limited” under my guidance and supervision .The work submitted is
genuine and authentic.
.…………………………………….
Signature of Director
PROF. (DR) P.L. SETHI
….……………………………….....
Signature of Project Incharge

MS. INDERPREET KAUR
…...…………………………………
Signature of Guide
MS. HARLEEN KAUR
……....………………………………
Place: Delhi Signature of Scholar
Date: ROHIT KUMAR
ACKNOWLEDGEMENT
With profound sense of gratitude and regard, I express my sincere thanks

to my guide and mentor Ms. Harleen Kaur for her valuable guidance
and the confidence she instilled in me, that helped me in the successful
completion of this project report. Without her help, this project would
have been a distant affair, her thorough understanding of the subject and
professional guidance was indeed of immense help to me.
I am also greatly thankful to the faculty members of our institute who

co-operated with me and gave me their valuable time.
.……………………………..
Signature of the scholar
Place: Delhi ROHIT KUMAR
Date: Enrollment no. 02790201815
Life Insurance
Life Insurance is one of the fastest growing sector in India since 2000 as
Government allowed Private players and FDI up to 26% and recently Cabinet
approved a proposal to increase it to 49%. In 1993, the Government of
India appointed RN Malhotra Committee to lay down a road map for privatisation
of the life insurance sector.
While the committee submitted its report in 1994, it took another six years before
the enabling legislation was passed in the year 2000, legislation amending
the Insurance Act of 1938 and legislating the Insurance Regulatory and
Development Authority Act of 2000. The same year the newly appointed insurance
regulator Insurance Regulatory and Development Authority IRDA started issuing
licenses to private life insurers.
Types of Life Insurance in India

Life insurance products come in a variety of offerings catering to the investment
needs and objectives of different kinds of investors. Following is the list of broad
categories of life insurance products:-
Term Insurance Policies

The basic premise of a term insurance policy is to secure the immediate needs of
nominees or beneficiaries in the event of sudden or unfortunate demise of
the policy holder. The policy holder does not get any monetary benefit at the end of
the policy term except for the tax benefits he or she can choose to avail of
throughout the tenure of the policy. In the event of death of the policy holder, the
sum assured is paid to his or her beneficiaries. Term insurance policies are also
relatively cheaper to acquire as compared to other insurance products.
Money Back Policies
Money back policies are basically an extension of endowment plans wherein the
policy holder receives a fixed amount at specific intervals throughout the duration
of the policy. In the event of the unfortunate death of the policy holder, the full sum
assured is paid to the beneficiaries. The terms again might slightly vary from one
insurance company to another.
Whole life policies
A whole life insurance plan covers the insured over his life. The primary feature of
this product is that the validity of the policy is not defined so the policyholder
enjoys the life cover throughout his life.
Unit Linked Investment Policies
Unit linked insurance policies again belong to the insurance-cum-investment
category where one gets to enjoy the benefits of both insurance and investment.
While a part of the monthly premium pay-out goes towards the insurance cover,
the remaining money is invested in various types of funds that invest in debt and
equity instruments. ULIP plans are more or less similar in comparison to mutual
funds except for the difference that ULIPs offer the additional benefit of insurance.
Pension Policies
Pension policies let individuals determine a fixed stream of income post
retirement. This basically is a retirement planning investment scheme where the
sum assured or the monthly pay-out after retirement entirely depends on the capital
invested, the investment timeframe, and the age at which one wishes to retire.
There are again several types of pension plans that cater to different investment
needs. Now it is recognized as insurance product and being regulated by IRDA.
Foreign Direct Investment Policy in Insurance Sector

As per the current FDI norms, foreign participation in an Indian insurance
company is restricted to 26.0% of its equity / ordinary share capital . The Insurance
Regulator has stipulated that foreign investment in Indian Insurance companies be
limited to 26% of total equity issued with the balance being funded by Indian
promoter entities. The limit to foreign investment includes both direct and indirect
investment and has been a cause of significant lobbying by foreign insurance
companies for a change in regulations to increase the FDI limit to 49% of equity
issued. Recently, In the Fiscal Budget of Modi Government of 2014-15 it has
introduced 49.0% FDI which will bring in more investments in Insurance Sector.
The Indian government has supported an increase in the FDI limit, which requires
a change in the Insurance Act. The Union Budget for fiscal 2005 had recommended
that the ceiling on foreign holding be increased to 49.0%.
A change in the Insurance Act requires a passage of the bill in both houses of
Parliament. The Indian government has tabled the bill in the Upper House of
Parliament in August 2010.
Initial Public Offer rules for Indian Life Insurance Companies
A key piece of legislation impacting on the Life Insurance industries capital raising
abilities is the lock-in period of 10 years for investment to be limited to promoter
group equity investments. Under the Insurance Guidelines, Indian Life Insurance
companies can opt for a public issue of equity through an Initial Public Offer after
10 years of operations.
In October 2010, the securities market regulator, Securities and Exchange Board of
India, issued disclosure norms for Indian Life Insurance Companies seeking to
make an initial public offer for sale of equity shares to the public.
Indian Life Insurance Industry

All life insurance companies in India have to comply with the strict regulations laid
out by Insurance Regulatory and Development Authority of India.
The private companies have come out with products called ULIPs which offer both
life cover as well as scope for savings or investment options as the customer
desires. This type of plans are subject to a minimum lock-in period of three years
to prevent misuse of the significant tax benefits offered to such plans under the
Income Tax Act. Comparison of such products with mutual funds would be
erroneous.
Commission / Intermediation fees
The maximum commission limits as per statutory provisions are:-
Agency commission for retail life insurance business:
 7- 25% for 1st year premium if the premium paying term is more than 20
years.
 7- 10% for 1st year premium if the premium paying term is more than 15
years.
 7- 10% for 1st year premium if the premium paying term is less than 10
years.
 7% - year 2 and 3rd year and 3.5% - thereafter for all premium paying terms.
In case of Mutual fund related - Unit linked policies it varies between 1.5% to 6%
on the premium paid.
Agency commission for retail pension
 7.5% for 1st year premium and 2.5% thereafter
 Maximum broker commission - 30%

 Referral fees to banks – Max 55% for regular premium and 10% for single
premium. However, in any case this fee cannot be more than the agency
commission as filed under the product.
 However, the above commission may be further subject to the product wise
limits specified by IRDA while approving the product.
Insurance Regulatory and Development Authority

Insurance Regulatory and Development Authority of India is an autonomous apex
statutory body tasked with the regulation and promotion of the insurance and Re-
insurance industries in India. It was constituted by an Act of Parliament called
the Insurance Regulatory and Development Authority Act, 1999, duly passed by
the Government of India.
The agency operates from its headquarters at Hyderabad, Telangana where it
shifted from Delhi in 2001.
IRDA sought to raise the Foreign Direct Investment limit to 49% in the insurance
sector from the current 26%.The FDI limit in insurance sector was later raised to
100% in June 2016.
History of Insurance in India

Insurance has a long history. It finds mention in the writings of Manu
(Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The
writings talk in terms of pooling of resources that could be re-distributed in times
of calamities such as fire, floods, epidemics and famine. This was probably a
precursor to modern day insurance. Ancient Indian history has preserved the
earliest traces of insurance in the form of marine trade loans and carriers’
contracts. Insurance in India has evolved over time heavily drawing from other
countries, England in particular.
1818 saw the advent of life insurance business in India, with the establishment of
the Oriental Life Insurance Company in Calcutta. This company, however, failed
in 1834. In 1829, the Madras Equitable had begun transacting life insurance
business in the Madras Presidency. 1870 saw the enactment of the British
Insurance Act and in the last three decades of the nineteenth century, the Bombay
Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the
Bombay Residency. This era, however, was dominated by foreign insurance
offices which did good business in India, namely Albert Life Assurance, Royal
Insurance, Liverpool and London Globe Insurance and the Indian offices were up
for hard competition from the foreign companies.
In 1914, the Government of India started publishing returns of Insurance
Companies in India. The Indian Life Assurance Companies Act, 1912 was the first
statutory measure to regulate life business. In 1928, the Indian Insurance
Companies Act was enacted to enable the Government to collect statistical
information about both life and non-life business transacted in India by Indian and
foreign insurers including provident insurance societies. In 1938, with a view to
protecting the interest of the Insurance public, the earlier legislation was
consolidated and amended by the Insurance Act, 1938 with comprehensive
provisions for effective control over the activities of insurers.
The Insurance Amendment Act of 1950 abolished Principal Agencies. However,
there were a large number of insurance companies and the level of competition
was high. There were also allegations of unfair trade practices. The Government of
India, therefore, decided to nationalize insurance business.
An Ordinance was issued on 19 January 1956 Nationalising the Life Insurance
sector and Life Insurance Corporation came into existence in the same year. The
LIC absorbed 154 Indian, 16 non-Indian insurers, and 75 provident societies —245
Indian and foreign insurers in all. The LIC had a monopoly until the late 90s, when
the Insurance sector was reopened to the private sector.
General insurance in India began during the Industrial Revolution in the west and
the consequent growth of sea-faring trade and commerce in the 17th century. It
came to India as a legacy of British occupation. General Insurance in India has its
roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in
Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd., was set up.
This was the first company to transact all classes of general insurance business.
1957 saw the formation of the General Insurance Council, a wing of the Insurance
Association of India. The General Insurance Council framed a code of conduct for
ensuring fair conduct and sound business practices.
In 1968, the Insurance Act was amended to regulate investments and set minimum
solvency margins. The Tariff Advisory Committee was also set up then.
In 1972 with the passing of the General Insurance Business Act, general insurance
business was nationalized with effect from 1 January 1973. 107 insurers were
amalgamated and grouped into four companies, namely National Insurance
Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance
Company Ltd and the United India Insurance Company Ltd. The General
Insurance Corporation of India was incorporated as a company in 1971 and it
commence business on January 1sst 1973.
This millennium has seen insurance come a full circle in a journey extending to
nearly 200 years. The process of re-opening of the sector had begun in the early
1990s and the last decade and more has seen it been opened up substantially. In
1993, the Government set up a committee under the chairmanship of RN Malhotra,
former Governor of RBI, to propose recommendations for reforms in the insurance
sector. The objective was to complement the reforms initiated in the financial
sector. The committee submitted its report in 1994 wherein, among other things, it
recommended that the private sector be permitted to enter the insurance industry.
They stated that foreign companies be allowed to enter by floating Indian
companies, preferably a joint venture with Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999, the
Insurance Regulatory and Development Authority was constituted as an
autonomous body to regulate and develop the insurance industry. The IRDA was
incorporated as a statutory body in April, 2000. The key objectives of the IRDA
include promotion of competition so as to enhance customer satisfaction through
increased consumer choice and lower premiums, while ensuring the financial
security of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for application
for registrations. Foreign companies were allowed ownership of up to 26%. The
Authority has the power to frame regulations under Section 114A of the Insurance
Act, 1938 and has from 2000 onwards framed various regulations ranging from
registration of companies for carrying on insurance business to protection of
policyholders’ interests.
In December, 2000, the subsidiaries of the General Insurance Corporation of India
were restructured as independent companies and at the same time GIC was
converted into a national re-insurer. Parliament passed a bill de-linking the four
subsidiaries from GIC in July, 2002.
Today there are 28 general insurance companies including the ECGC and
Agriculture Insurance Corporation of India and 24 life insurance companies
operating in the country.
The Insurance sector is a colossal one and is growing at a speedy rate of 15-20%.
Together with banking services, insurance services add about 7% to the country’s
GDP. A well-developed and evolved insurance sector is a boon for economic
development as it provides long- term funds for infrastructure development at the
same time strengthening the risk taking ability of the country.
Organizational structure
Section 4 of IRDAI Act' 1999, specifies the composition of the Authority. It is a
ten-member body consisting of a chairman, five The members of the IRDA as of
September 2016 are:-
Whole-time members and four part-time members, which are all appointed by
the Government of India.
 Chairman: T.S. Vijayan.
 Whole-time members: P.J. Joseph, Nilesh Sathe, V.R. Iyer, Pournima

Gupte, D.D. Singh
Powers and Functions

The powers and functions of the IRDAI are defined under Section 14 of the IRDAI
Act, 1999. They include:-
 Issuing, renewal, modification, withdrawal, suspension or cancellation of

registrations.
 Protection of the interests of the policy holders in matters concerning

assigning of policy, nomination by policy holders, insurable interest, settlement
of insurance claim, surrender value of policy and other terms and conditions of
contracts of insurance.
 Specifying requisite qualifications, code of conduct and practical training

for intermediary or insurance intermediaries and agents.
 Specifying the code of conduct for surveyors and loss assessors.
 Promoting efficiency in the conduct of insurance business.
 Promoting and regulating professional organisations connected with the

insurance and re-insurance business.
 Levying fees and other charges for carrying out the purposes of this Act.
 Calling for information from, undertaking inspection of, conducting

enquiries and investigations including audit of the insurers, intermediaries,
insurance intermediaries and other organisations connected with the insurance
business.
 Control and regulation of the rates, advantages, terms and conditions that
may be offered by insurers in respect of general insurance business not so
controlled and regulated by the Tariff Advisory Committee under section 64U
of the Insurance Act, 1938.
 Specifying the form and manner in which books of account shall be

maintained and statement of accounts shall be rendered by insurers and other
insurance intermediaries.
 Regulating investment of funds by insurance companies.
 Regulating maintenance of margin of solvency.
 Adjudication of disputes between insurers and intermediaries or insurance

intermediaries.
 Supervising the functioning of the Tariff Advisory Committee.
 Specifying the percentage of premium income of the insurer to finance

schemes for promoting and regulating professional organisations referred to in
clause.
 Specifying the percentage of life insurance business and general insurance

business to be undertaken by the insurer in the rural or social sector.
Insurance Repository
Recently the Finance Minister of India announced the setting of insurance
repository system. An Insurance Repository is a facility to help policy holders buy
and keep insurance policies in electronic form, rather than as a paper
document. Insurance Repositories, like Share Depositories or Mutual
Fund Transfer Agencies, will hold electronic records of insurance policies issued
to individuals and such policies are called "electronic policies" or "e Policies".
Company Overview
ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI
Bank Ltd., one of India's largest private sector banks, and Prudential Corporation
Holdings Limited.
ICICI Prudential Life began its operations in fiscal year 2001 and has consistently
been the market leader amongst private players in the Indian life insurance sector.
Our Assets under Management (AUM) as on 30 th June 2016 were Rs.1092.82
billion.
We offer an array of products across savings, investments and protection categories
that matches the different life stage requirements of our customers and enables
them to achieve their long term financial goals. At ICICI Prudential Life, we
operate on the core philosophy of customer centricity. We have developed and
implemented various initiatives to provide cost-effective products, superior quality
services, consistent fund performance and a hassle-free claim settlement
experience to our customers.
ICICI Prudential Life is the first private life insurer to attain assets under
management of Rs.1 trillion and In-force sum assured of over Rs.3 trillion. ICICI
Prudential Life is also the first insurance company in India to be listed on NSE and
BSE.
200
Our Company started operations
1
200
Crossed the mark of 100,000 policies
2
200
Crossed the mark of 1 million policies
5
Crossed the mark of 5 million policies

200 Crossed receipt of 100 billion of total premium
8
Crossed 250 billion of assets under management
Established Subsidiary for the purposes of undertaking pension funds

related business
201
0 Our Company turned profitable - registered profit of 2.58 billion
Crossed 500 billion of assets under management
201
Started paying dividends
2
201
Crossed 1 trillion of assets under management
5
Values
The success of the company will be founded in its unflinching commitment to 5
core values - Integrity, Customer First, Boundary Less, Humility and Passion. Each
of the values describes what the company stands for, the qualities of our people and
the way we work. Every member of the ICICI Prudential team is committed to the
5 core values and these values shine forth in all that we do.
 Boundary Less: I will treat organisation agenda as paramount.

 Integrity: What I do when nobody is watching me.
 Humility: Openness to learn a change.
 Customer First: Service excellence towards Internal and External

Customers.
 Passion: Demonstrates infectious energy and enthusiasm.
Promoters
About ICICI Bank
ICICI Bank is India's largest private sector bank with total assets of Rs.7,206.95
billion (US$ 109 billion) at March 31, 2016 and profit after tax Rs.97.26 billion
(US$ 1,468 million) for the year ended March 31, 2016. ICICI Bank currently has
a network of 4,450 Branches and 14,295 ATM's across India. ICICI Bank was
originally promoted in 1994 by ICICI Limited, an Indian financial institution, and
was its wholly-owned subsidiary.
About Prudential Corporation Holdings Limited
Prudential Corporation Holdings Limited is a part of Prudential which was founded

in London in 1848. Prudential is an international financial services group with
significant operations in Asia, the US and the UK. Prudential serves around 24
million insurance customers and has £562 billion of assets under management.
Board of Directors
Ms. Chanda D. Kochhar

Chairperson
Director Mr. N. S. Kannan
Mr. Adrian O'Connor

Director
Prof. Marti G. Subrahmanyam

Independent Director
Ms. Rama Bijapurkar

Mr. Vinod Kumar Dhall

Mr. V. Sridar
Mr. M. S. Ramachandran
Mr. Dilip Karnik

Mr. Sandeep Bakhshi

Managing Director and CEO
Mr. Puneet Nanda

Executive Director
Mr. Sandeep Batra

Executive Director
Board Committies
Board Audit Committee Board Customer Service &

Policyholders’ Protection
Committee
Mr. V. Sridar (Chairman) Mr. Vinod Kumar Dhall (Chairman)
Prof. Marti G. Subrahmanyam Mr. N. S. Kannan
Mr. Vinod Kumar Dhall Mr. Adrian O’Connor
Mr. M. S. Ramachandran
Mr. N. S. Kannan
Mr. Adrian O’Connor
Board Corporate Social

Responsibility Committeee Board Investment Committee
Mr. Vinod Kumar Dhall (Chairman) Prof. Marti G. Subrahmanyam (Chairman)
Mr. N. S. Kannan Mr. N. S. Kannan

Mr. Adrian O’Connor Mr. Adrian O’Connor
Mr. Sandeep Bakhshi
Mr. Sandeep Batra
Mr. Satyan Jambunathan, Chief Financial Officer
Mr. Manish Kumar, Chief Investment Officer
Mr. Deepak Kinger, Chief Risk & Compliance Offer
Ms. Asha Murali, Appointed Actuary
Board Nomination & Board Risk Management

Remuneration Committee Committee
Ms. Rama Bijapurkar (Chairperson) Prof. Marti G. Subrahmanyam (Chairman)
Prof. Marti G. Subrahmanyam Ms. Rama Bijapurkar
Mr. Vinod Kumar Dhall Mr. N. S. Kannan
Mr. N. S. Kannan Mr. Adrian O’Connor
Mr. Adrian O’Connor
Stakeholders Relationship With Profits Committee

Committee
Mr. Vinod Kumar Dhall (Chairman) Mr. V. Sridar (Chairman)

Mr. Sandeep Bakhshi Mr. N. S. Kannan
Mr. Sandeep Batra Mr. Adrian O’Connor
Mr. Sandeep Bakhshi
Mr. N. M. Govardhan, Independent Actuary
Ms. Asha Murali, Appointed Actuary
Key Persons
 Mr. Sandeep Bakhshi

Managing Director & Chief Executive Officer
 Mr. Puneet Nanda
Executive Director & Chief Marketing Officer
 Mr. Sandeep Batra
Executive Director
 Mr. Judhajit Das
Chief - Human Resources
 Mr. Manish Kumar
Chief Investment Officer
 Mr. Satyan Jambunathan
Chief Financial Officer
 Mr. Deepak Kinger
Chief Risk & Compliance Officer
 Ms. Asha Murali
Appointed Actuary
 Ms. Vyoma Manek
Company Secretary
Corporate Social Responsibility

CSR has been a long-standing commitment at the ICICI
Group and forms an integral part of the Company’s
activities. The Group’s Contribution to social sector
development includes several pioneering interventions,
and is implemented through the involvement of
stakeholders within the Company, the Group and the
broader community. ICICI Prudential Life’s CSR objective
is to pro-actively support meaningful socio-economic
development in India and enable a larger number of
people to participate in and benefit from India’s economic
progress. This is based on the belief that growth and
development are effective only when they result in wider
access to opportunities and benefit a broader section of
society.
The Company’s CSR activities are largely focused in the
areas of education, health, skill development and
sustainable livelihood, financial inclusion, capacity
building for CSR and other activities as the Company may
choose to support in fulfiling its CSR objectives. The
Company supports programs and initiatives keeping
“protection” as the core proposition and cornerstone of all
its CSR initiatives since “protection” is core to the
Company’s business.
The CSR policy of the Company sets the framework
guiding the Company’s CSR activities, while the CSR
committee is the governing body that articulates the
scope of CSR activities and ensures compliance with the
CSR policy.
 TERM INSURANCE PLANS

Term Life Insurance provides coverage at a fixed rate of payments for a limited
period of time, the relevant term. After that period expires, coverage at the
previous rate of premiums is no longer guaranteed and the client must either forgo
coverage or potentially obtain further coverage with different payments or
conditions. If the life insured dies during the term, the death benefit will be paid to
the beneficiary. Term insurance is the least expensive way to purchase a substantial
death benefit on a coverage amount per premium dollar basis over a specific period
of time.
Term Life Insurance can be contrasted to permanent life insurance such as whole
life, universal life, and variable universal life, which guarantee coverage at fixed
premiums for the lifetime of the covered individual unless the policy owner allows
the policy to lapse. Term insurance is not generally used for estate planning needs
or charitable giving strategies but is used for pure income replacement needs for an
individual. Term insurance functions in a manner similar to most other types of
insurance in that it satisfies claims against what is insured if the premiums are up
to date and the contract has not expired and does not provide for a return of
premium dollars if no claims are filed. Auto insurance will satisfy claims against
the insured in the event of an accident and a homeowner policy will satisfy claims
against the home if it is damaged or destroyed by, for example, a fire. Whether or
not these events will occur is uncertain. If the policyholder discontinues coverage
because he has sold the insured car or home, the insurance company will not
refund the full premium. This is purely risk protection.
Pure Protection or Term plans are the most basic form of life insurance plans. They
enable you to secure your family financially, by offering a high life insurance cover
amount for a relatively low premium payment. You can pay these premiums
regularly, or at one go, depending on the life insurance policy you choose.
These insurance plans let you keep your family secure and financially independent,
in your absence. If you are the Life Assured, you pay a specific premium amount at
fixed intervals during your policy. In the eventuality of death during the policy
tenure, your family gets a pre-decided amount, called ‘Sum Assured’ as per the
provisions of your protection plan.
 ICICI Pru iProtect Smart

Secure your loved ones even in your absence
ICICI Pru iProtect smart provide a lump sum pay-out to your nominee in case of an
unfortunate event. This amount can be used to help meet regular expenses and
repay any loans that you may have.
Assuming that you take a home loan of ₹25 lakh at the age of 30 and a Life Cover
of ₹1 crore under this plan. In case of an unfortunate event during the policy term,
your nominee will receive the entire lump sum amount i.e. ₹1 crore to pay off the
outstanding loan and take care of day to day expenses.
With this plan, you can decide how your nominee receives the Life Cover amount
in your absence. The company provides pay-out options on the basic Life Cover
amount to protect the future of your family. Additionally, the Accident Cover and
Critical Illness amount will always be paid-out as a lump sum under this plan.
Choice of Protection
Depending on the needs of your family, you can choose their events against which
you want to secure your loves ones. ICICI iProtect Smart offers complete
protection against various unforeseen events such as death, permanent disability,
terminal illness, critical illness and accidental death.
 Death and Terminal Illness: Your nominee receives the Life Cover amount
in case of an unfortunate event such as death. Moreover, on the first diagnosis of
a terminal illness, you will receive the entire lump sum. Terminal Illness refers
to the high likeliness of death within the next six months as diagnosed by
medical practitioners that specialized in the same.
 Permanent Disability: The company pays all due premiums on your behalf
in case of permanent disability caused due to an accident. Permanent
Disability~ will be triggered if you are unable to perform 3 out of the 6 following
activities permanently and consistently for 6 consecutive months:
o Mobility: The ability to walk a distance of 200 meters on flat ground.
o Bending: The ability to bend or kneel to touch the floor and straighten
up again and the ability to get into a standard car, and out again.
o Climbing: The ability to climb up a flight of 12 stairs and down again,
using a handrail if needed.
o Lifting: The ability to pick up an object weighing 2 kg at table height
and hold it for 60 seconds before replacing the object on the table.
o Writing: The ability to write using a pen or pencil, or type using a
computer's keyboard.
o Blindness (permanent and irreversible): Permanent and irreversible
loss of sight to the extent that even when tested with the use of visual aids,
vision is measured at 3/60 or worse, using a Snellen eye chart.
 Accidental Death: In case of death due to an accident, your nominee
receives a lump sum amount called the Accident Cover*.
 Critical Illness: On the first occurrence of any of the covered 34 critical
illnesses, you receive a lump sum pay-out.
Pay out to you in case of 34 Illness
We understood that if you are recognized with a life threating disease, the burden
of medical costs and liabilities falls upon you and your loves ones. The company
pays you critical illness benefit as a lump sum amount.
This will help you meet the cost of medical care and manage regular expenses
during difficult times. This pay is made irrespective of immediate hospitalization
or medical costs due to the illness.
This benefit is payable when you are diagnosed for the first time with any of the 34
critical illnesses covered by ICICI Pru iProtect Smart.
The Life Cover will reduce by the value of the Critical Illness Benefit paid to you.
As a result, the future premiums you have to pay will reduce as well.
Assuming you take Life Cover of ₹1 crore with lump sum pay-out option for your
32 year old wife, who is a healthy, non-smoking individual. Along with this, you
opt for ₹25 lakh as CI Benefit in the Life & Health Benefit Option. There is need
to pay yearly premium of ₹15,458, including all taxes, for a policy term of 25
years under Regular Pay option. If your wife is diagnosed with one of the 34
critical illnesses covered at age 40, she will be paid ₹25 lakh.
The Life Cover will reduce to ₹75 lakh and the future premium will reduce to
₹6,502 p.a., excluding service tax and cesses. So, if you have a CI benefit of ₹1
crore and a Life Cover of ₹1 crore, after the CI Benefit is paid to you, the policy
will end.
Accidental Pay out in Case of an Accident

In case of death due to an accident, the company offers a pay-out that is double the
life cover opted by you.
This pay-out is subject to a maximum of Rs.2 crore.
Waiver of Premium in Case of Permanent Disability

In case of permanent disability due to an accident, the company waives all future
premiums and your policy continues uninterrupted.
Increase your Life Cover at Important Milestones of Life

To ensure your family is always covered, ICICI Pru iProtect Smart offers you the
flexibility to increase the level of protection of your family at key life events such
as marriage and birth of a child.
You can opt for an additional cover that pays your nominee a percentage of the
Life Cover amount for marriage, childbirth, or adoption.
Additional premium will be calculated according to the increased Life Cover and
the remaining policy period. This feature is only available under the Life Benefit
option.
Pay Premiums as per Your Comfort

You can select a payment term that you are most comfortable with. You can pay the
premium once, throughout the policy duration or for a limited period of 5 years.
You also have the option to choose the payments to be made yearly, half-yearly or
monthly.
Get Double Tax Benefits

With this plan, you can reduce your taxable income by paying up to Rs.1.5 Lakh
under section 80C towards life cover. Additionally, you will get tax benefit of
Rs.25000 under section 80D towards Critical illness benefit. This will help you
save tax. What’s more, the life cover amount your family receives is also
completely tax-free.
 ICICI Prudential Smart Health Cover

Protection against 34 critical Illness
ICICI Prudential Smart Health Cover, you get critical illness benefit in 34 major
illnesses. This means that if you are diagnosed with any of the covered illnesses, on
the first diagnosis, you will get the full sum assured as a lump sum payout.
The Critial Illness Benefit for Angioplasty is subject to a maximum of Rs.5,00,000.

On payment of the benefit for Angioplasty, if the Critical Illness Benefit is more
than Rs.5,00,000 the policy will continue for other Critical Illnesses with Critical
Illness Benefit reduced by the Angioplasty payout and correspondingly Life cover
reduced by the same amount. The future premiums payable for the residual CI
Benefit and correspondingly reduced Life Cover will reduce proportionately.
Premium Rate is Fixed for the Entire Term
There will no increase in premium as you grow older. So buy the plan early and
choose the longest possible term, so that your premium is lower and stays the same
for the entire term.
Protection Against Untimely Death

The plan provides a lump sum payout to you if you are diagnosed with a terminal
illness. In case of death of the life assured, the nominee will receive a lump sum
payout.
Guard against disability due to an Accident

In case of permanent disability caused due to an accident, the policy will continue
will all benefits for the entire term selected by you and you will not have to pay
any more premium.
Receive lump sum Critical Illness Benefit amount irrespective of the

actual billing
With the CI Benefit, you can get cash payout without submitting any hospital bills.
Only medical documents confirming diagnosis need to be submitted.
 ICICI PRU iCARE II

Secure your loved ones future even in your absence
ICICI Pru iCare II provides protection to your family. It ensures that they will lead
their lives comfortably without any financial worries, eve in your absence. In the
unfortunate event of death during the policy term, your family will receive a lump
sum amount called life cover. Your loved ones will receive a lump sum amount in
your absence according to the benefit option.
Get tax benefits

With this plan, you can reduce your taxable income by paying up to Rs.1.5 Lakh
under section 80C. This will help you save tax. The amount received on death is
also tax free.
 ICICI PRU LIFE RAKSHA
You care for your family and wish to fulfill their needs. But life is uncertain. You
would want that needs of your loved ones are provided in your absence. Presenting
ICICI Pru Life Raksha, a plan that provides you and your family complete
protection. Under this plan, in case of any unfortunate event during the policy
term, your family receives a lump sum that will take care of their financial needs.
Get Tax Benefits

With this plan you can reduce your taxable income by paying up to Rs.1.5 Lakh as
premium under section 80C. This will help you save tax. What’s more, the amount
received in advance on death is also tax free.
 UNIT INSURANCE INSURANCE PLANS

Unit Link Insurance Plan is basically a combination of insurance as well as
investment. A part of the premium paid is utilized to provide insurance cover to the
policy holder while the remaining portion is invested in various equity and debt
schemes. The money collected by the insurance provider is utilized to form a pool
of fund that is used to invest in various markets instruments (debt and equity) in
varying proportions just the way it is done for mutual funds. Policy holders have
the option of selecting the type of funds (debt or equity) or a mix of both based on
their investment need and appetite. Just the way it is for mutual funds, ULIP policy
holders are also allotted units and each unit has a net asset value (NAV) that is
declared on a daily basis. The NAV is the value based on which the net rate of
returns on ULIPs are determined. The NAV varies from one ULIP to another based
on market conditions and the fund’s performance.
 ICICI Pru Wealth Builder II
Growth of your money
You can enjoy the opportunity to get the potentially better results and grow your
money by investing in equity and debt funds for the long term. This combination
helps you beat inflation while protecting your investments.
Inflation is the rate at which the price of goods and services increases over a period
of time. The average price of petrol has increased from ₹40 in 2005 to ₹62 in 2015
as a result of inflation over the same period.
On the other hand, savings rate is the rate at which your savings grow. To gain
from your investments, your savings rate should be higher than the inflation rate.
In order to get better returns in the long run, it is advisable to have exposure to
equity. Although equity markets are subjected to short term market volatility, the
impact of this short term volatility on long term investments made to equity funds
in ULIPs is negligible.
Below is an example of how investing in a mix of equity and debt can help in
building your savings, while protecting your investment over the long run.
If 60% your money was invested in the equity market and 40% in debt market in
the last 10 years, your investment would have grown by around 12% on an
annualized basis. This growth would have helped you stay ahead of the inflation
rate of about 6%# in the same period.
Choose an investment strategy that suits your needs
You may want to manage your investment yourself, or want an expert to

do it for you. ICICI Pru Wealth Builder II brings the best for both
worlds. With fixed portfolio strategy, you can manage your money by
investing in according to your risk appetite in equity and debt funds. On
the other hand, with the lifer cycle based portfolio strategy, we carefully
manage your money to create an ideal balance between equity and debt
funds depending on your age.
 Fixed Portfolio Strategy: In this option, you can invest your money in
equity and debt funds of your choice. You can also move your money from one
fund to another to suit your investment needs.
 Lifecycle-based Portfolio Strategy: With this option, your money is
automatically allocated to debt and equity funds based on your age. As you grow
older, your money is systematically transferred from equity to debt to secure it
when the policy matures.
Easy access to your money
Starting for the sixth policy year, you can withdraw a part of your money as per
your need.
This ensures that you have easy access to your money and at the same time, the rest
of you invested money keeps growing.
You can withdraw up to 20% of your Fund Value at any time after the fifth policy
year.
Partial withdrawals are completely free of cost.
Pay premiums as per your comfort
You can choose the number of years for which you wish to pay premiums. You can
opt for either the one pay option, the limited option or the regular pay option. While
multiple premium payment options are available, it is advisable for invest for at
least 10years in order to enjoy the maximum benefits offered by policy.
Get rewarded for staying invested for longer duration
For reward you for being a loyal customer, the company further adds to your
savings with loyalty additions which help you wealth grow.
Loyalty Additions will be added as extra units at the end of each policy year,
starting from the sixth policy year. Each Loyalty Addition will be equal to 0.25%
of the Fund Value average. It includes Top-up Fund Value, if any.
An extra Loyalty Addition of 0.25% will be paid every year from the 6th policy
year if all due premiums for that year have been paid. These Loyalty Additions will
be allocated to your fund in the form of units.
Wealth Boosters increase your savings further
The company also adds wealth boosters to your savings. This helps you grow for
your money without having to make any extra investments.
For One Pay option, Wealth Booster addition will be equal to 1.5% of the average
Fund Value. This will be 3.25% for Limited Pay and Regular Pay options. It will
also include additional Fund Value from Top-ups, if any. Wealth Boosters will be
added once in every 5 years starting from the end of the 10th policy year.
The allocation of Wealth Booster units is guaranteed subject to regular premium
payment to be made by you.
ICICI Wealth builder II provides you and your family all-round protection. In case
of any unfortunate event during the policy term, your family receives a lump sum
amount. This amount will help you ensure that you loved ones are able to live the
life you planned for them.
 In case of the One Pay option, your loved ones will receive the lump sum
amount, higher of A or B or C.
 In case of Limited Pay and Regular Pay policy:-
a. For entry age less than 50 years, Life Cover amount is the higher of (A+B) or C.
b. For entry age greater than or equal to 50 years, Life Cover amount is the higher
of A or B or C
Where,
A = A fixed minimum amount called the Sum Assured, including Top-up Sum
Assured, if any and reduced by any partial withdrawals you have made
B = Fund Value including Top-up Fund Value.
C = Minimum Life Cover
Get tax benefits
With this plan, you can reduce your taxable income by investing up to Rs.1.5 Lakh
under section 80C. This will help you save tax. What’s more, even shifting your
money from equity to debt or debt to equity is completely tax free. The money get
at the end of your policy is also tax free.
 ICICI Pru Guaranteed Wealth Protector

You can enjoy the opportunity to get partially better returns and grow your money
by investing in mix of equity and debt. This combination helps you beat inflation
while protecting your investments.
Investing in a mix of equity and debt can help in building your savings, while
protecting your investment over the long run.
If 60% of your money was invested in the equity market and 40% in debt market in
rate of about 6% in the same period.
Guarantee on the money you invest

Along with the potential to give you better returns, the plan has been designed to
protect your money. It does this by offering you capital guarantee on the money
you invest. The company guarantees that it will return a minimum amount called
assured benefit. At the time of maturity, the company offers you higher if assured
benefit or fund value amount.
The Fund Value at maturity is less than the sum of premiums paid by you, the
Assured Benefit feature ensures that you receive 101% of all the premiums paid at
the time of maturity. As a result, your money is protected as the company returns
your invested money regardless of market ups and downs.
If you invest ₹1,00,000 every year for 5 years, the company guarantees to return a
minimum sum of ₹5,05,000.
Get rewarded for staying invested for a longer duration

To reward for your being a loyal customer, the company further adds to your
savings with loyalty additions, which helps you wealth grow.
Each Loyalty Addition is equivalent to 0.25% of the average Fund Value. Loyalty
Additions will be added as extra units at the end of every policy year, 6th policy
year onwards.

The company also adds a wealth booster to your savings. This helps you grow your
money without having to make any additions investments.
At the end of the tenth policy year, Wealth Booster addition will be equal to 3.25%
of the Fund Value average for the Five Pay option and 1.5% for the One Pay
option.
The allocation of Wealth Booster units is guaranteed.

ICICI Pru Guaranteed Wealth Protector provides you and your family all-round
protection. In case of an unfortunate event occurs during the policy term, your
family receives a lump sum amount. This amount ensures that even in your
absence, your loves ones are able to live the life you have planned for them.
 A fixed amount, also called the Sum Assured.
 Minimum Life Cover equal to 105% of the total premiums paid.
 Fund Value that is the total value of the money that is invested in a fund of
your choice.
Get tax benefits
money from equity to debt or debt to equity completely tax free. The money you
get on maturity is also tax free.
 ICICI Prudential Smart Kid Solution
You can enjoy the opportunity to get potentially better returns and grow your
money by investing it in equity and debts funds for the long term. The combination
Choose an investment strategy as per your child’s needs

You may want to manage your investments yourself, or want an expert to do it for
you. This plan brings you the best of both worlds. With the fixed portfolio strategy,
you can manage your money by investing it as per your risk appetite in equity and
debts fund. Whereas with the life cycle-based portfolio strategy, we carefully
manage your money to create an ideal balance of equity and debt funds, depending
on your age.
Fixed Portfolio Strategy: With this option, you can invest your money in the
Lifecycle-based Portfolio Strategy: With this option, your money is

automatically allocated to equity and debt funds based on your age. As you grow

This plan provides your child an all-round protection. In case of an unfortunate
event during the policy term, your child receives a lump sum amount. This amount
will help cover the cost of regular expenses and help fund your child’s education.
a) Lump Sum Benefit - A lump sum amount is paid out, to take care of any
immediate liabilities of the family. The Lump Sum benefit is higher of the two
amounts:
 A fixed minimum amount called the Sum Assured including top-up Sum
Assured if any
 Minimum Life Cover amount that is equal to 105% of the total premiums
paid including top-up premiums.
b) Smart Benefit -This benefit ensures that your money continues to grow for your
children’s higher education. In case of an unfortunate event, the company pays all
future premiums on your behalf and the policy continues uninterrupted. In addition,
a Maturity benefit is paid at the end of the policy to make sure that your long term
goals are fulfilled.
Get rewarded for staying invested for a longer duration
For reward you for being a loyal customer, the company adds to your savings
further with loyalty additions, which helps you wealth grow.
Loyalty Additions will be added as extra units at the end of each policy year,
starting from the sixth policy year. Each Loyalty Addition will be equal to 0.25% of
the average Fund Value. It includes Top-up Fund Value, if any, if all premiums until
that year have been paid.
An extra Loyalty Addition of 0.25% will be paid every year after the 6th year if all
premiums due until that year have been paid. These Loyalty Additions will be
allocated to your fund in the form of units.
The company also adds wealth boosters to your savings. This helps you grow your
money without making any additional investments.
Each Wealth Booster addition will be equal to 3.25% of the average Fund Value in
the Regular Pay option and 1.5% in the One Pay option. This will also include
additional Fund Value from Top-up Fund Value, if any. The additions are made
once in 5 years starting from the end of the 10th policy year, which means for a
policy term of 25 years, you will receive Wealth Boosters four times.
Loyalty Additions and Wealth Boosters will be equal to the above percentage of the
average Fund Values on the last business day of the last eight policy quarters.
Easy access to your money
Starting from the sixth policy year, you can withdraw a part of your money as per
you need. This ensures that you have easy access to your money while at the same
time allowing the rest of you invested money to grow.
You can withdraw up to 20% of your Fund Value at any time after the fifth policy
year.
Partial withdrawals are completely free of cost.
Partial withdrawals will not reduce the lump sum amount that your nominee
receives in your absence.
Get tax benefits
under section 80C.
This will help you save tax. What’s more, even shifting your money from equity to
debt or debt to equity is completely tax free. The money you get on maturity/death
is also tax free.
 ICICI Pru Elite Life II

You can enjoy the opportunity to get the potential better returns and grow your
you. ICICI Pru Elite Life II brings the best of both worlds. With the portfolio
strategy, you can manage your money by investing it according to your risk
appetite in equity and debt funds. On the other hand, with the lifecycle based
portfolio strategy, we carefully manage your investments to create an ideal balance
of equity and debt funds depending on your age.
 Fixed Portfolio Strategy: With this option, you can invest your money in
the equity and debt funds of your choice. You can also move your money from
one fund to another to suit your investment needs.
automatically allocated to debt and equity funds based on your age. As you grow
You can choose the number of years for which you wish to pay premiums.
You can opt for either the one pay option, the five pay option or the regular pay
option.
Get rewarded for staying invested for a longer period
To reward for being a loyal customer, the company further adds to your savings
with loyalty additions, which help you wealth grow.
Loyalty Additions will be a percentage of the average of your daily Fund Value
including Top-up Fund Value, if any, in that same policy year and will help reduce
the Fund Management Charge.
An extra Loyalty Addition of 0.25% will be paid 6th policy year onwards, if all due
premiums until that year have been paid. Additional Loyalty Additions will also be
calculated as described above. These Loyalty Additions will be added to your fund
in the form of units.
Wealth Boosters further increase your savings
The company also adds wealth boosters to your savings. This helps grow your
money without having to make extra investments.
Each addition will be equal to 1.50% of the percentage of the average of the Fund
Values including Top-up Fund Value, if any, on the last business day of the last
eight policy quarters. This will be added once in every 5 years starting from the
end of the 10th policy year.
The allocation of Wealth Booster units is guaranteed and is subject to regular
premium payment.
Move your money between equity and debt funds conveniently
You can choose to invest your money in equity or debt fund of your choice. You
also have the option to transfer your money from one fund to another using the
switch option without any additional charges.
You can transfer your money from one fund to another as many times as you like
as ICICI Pru Elite Life II gives you the freedom to switch without any limitations.
ICICI Pru Elite Life II provides you and your family all round protection. In case
of any unfortunate event during the policy term, your family receives a lump sum
amount. This amount will help to ensure your loves ones are able to live the life
you planned for them.
 A fixed Sum Assured, including Top-up Sum Assured, if any and reduced by
partial withdrawals made by you.
 Minimum Life Cover.
 Fund Value including Top-up Fund Value.
Get tax benefits
money from equity to debt or debt to equity is completely tax free. The money you
get on maturity/death is also tax free.
 ICICI PRU ELITE WEALTH II
you. ICICI Pru Elite Wealth II brings you the best of both worlds. With the fixed
portfolio strategy, you can manage your money by investing it as per your risk
appetite in equity and debt funds. Whereas with the life cycle based portfolio
strategy, we carefully manage your money to create an ideal balance of equity and
debt funds depending on your age.
 Fixed Portfolio Strategy: With this option, you can invest your money in
automatically allocated to equity and debt funds based on your age. As you grow
older, your money is steadily transferred from equity to debt to secure it when
the policy matures.
You can choose the number of years for which you wish to pay premiums. You can
opt for either the one pay option, limited pay option or regular pay option.
While multiple premium payment options are available, it is advisable to invest for
at least 10 years to enjoy the maximum benefits offered by the policy.
Increase your savings with Loyalty Additions
To reward for you being a loyal customer, the company further adds to your
savings with loyalty Additions which helps you wealth grow.
Loyalty Additions will be a percentage of the average of your daily Fund Value,
including Top-up Fund Value if any. These Loyalty Additions help lower the Fund
Management Charge.
You will also get an additional Loyalty Addition of 0.25% from the end of the sixth
year, if all premiums for that year have been paid. The additional Loyalty Addition
will also be calculated.
The company also adds wealth boosters to your savings. This helps you grow your
money without making any additional investments.
Each Wealth Booster addition will be equal to 1% of the percentage of the
average of the Fund Values including Top-up Fund Value, if any, on the last
business day of the last eight policy quarters. This will be added once in every 5
years starting from the end of the 10th policy year.
Move your money between equity and debt funds conveniently
You can choose to invest you money in equity or debt funds of your choice. You
also have the option to transfer your money from one fund to another using the
switch option without any additional charges.
You can transfer your money from one fund to another as many times as you
like. ICICI Pru Elite Wealth II gives you the freedom to switch without any
limitations.
ICICI Pru Elite II Provides you and your family all round protection. In case of any
unfortunate event during the policy term, your family receives a lump sum amount.
The amount will help to ensure that your family loved ones are able to live the life
you planned for them.
 A fixed amount called the Sum Assured, including Top-up Sum Assured, if
any, reduced by any partial withdrawals+ you have made.
 Minimum Life Cover that is equal to 105% of the sum of all premiums paid.
 Fund Value including Top-up Fund Value.
Get tax benefits
money from equity to debt or debt to equity is completely tax free. The money you
get on commutation is also tax free.
 MONEY BACK INSURANCE PLAN

Money Back Insurane provides life coverage during the term of the policy and the
maturity benefits are paid in installments by way of survival benefits in every 5
years. The plan is available with 20 years and 25 years term. In the event of death
within the policy term, the death claim is made up of full sum assured without
deducting any of the survival benefit amounts already paid. The bonus is also
calculated on the full sum assured. The premium paid is tax deductible under
section 80C of Income Tax Act 1961.
 ICICI Pru Cash Advantage

Adds to your regular income
With ICICI Pru Cash Advantage, as soon as your premium payment term ends, you
start receiving money at regular intervals. This regular pay out is called Guaranteed
Cash Benefit.
The regular Guaranteed Cash Benefit starts from the year when your premium
payment term ends. It is paid every year post that till the end of your policy. You
can choose to receive this benefit either monthly or yearly
Gives you a lump sum pay out to secure your future

At the end of the policy you will term, you will receive a lump sum pay out called
Guaranteed Maturity Benefit, which helps you fulfill your family’s dreams.
At the end of the entire duration of the policy, you receive a lump sum pay-out
called Maturity Benefit, provided all premiums until that year are paid. It will be
the higher of:
 Guaranteed Maturity Benefit plus Bonuses declared by the company.
 100.1% of total premiums paid.
ICICI Pru Cash Advantage provides you and your family all round protection. In
case of an unfortunate event during the policy term, your family receives a lump
sum amount. This amount ensures that even in your family absence, you loved
ones are able to live the life you planned for them.
 Sum Assured plus Bonuses.
 Guaranteed Maturity Benefits plus Bonuses.
 Minimum Life Cover amount that is equal to 105% of sum of all premiums
paid till date.
This plan allows you to choose the number of years for which you wish to pay
premiums. You can opt for either the Five pay option, the Seven pay option or the
Ten pay option.
While multiple premium payment options are available, it is advisable to stay
invested for at least 10 years to enjoy the maximum benefits offered by the policy.
Get tax benefits
under section 80C. This will help you save tax. What’s more, the money you get on
maturity or death is also completely tax free.
 ICICI Pru Savings Suraksha
Savings with the comfort of guarantee
ICICI Pru Savings grows your wealth with the promise of protecting your money.
This is done through two guaranteed features in plan called guaranteed additions
and guaranteed maturity benefit. At the end of the policy term, you receive a sum
that includes maturity benefit, guaranteed additions and additional bonuses
declared by the company.
Guaranteed Additions are equal to 5% of Guaranteed Maturity Benefits. These
benefits will be added each year for the first five policy years, if all premiums due
till that year are paid.
Guaranteed Maturity Benefit is the guaranteed lump sum payable at the end of the
policy term.
ICICI Pru Savings Suraksha provides you and your family all round protection. In
case of an unfortunate event during the policy term, your family receives a lump
sum amount. This amount ensures that even in your absence, your loved ones are
able to live the life you planned for them.
 A fixed Sum Assured including Guaranteed Additions and Bonuses.
 Guaranteed Maturity Benefit including Guaranteed Additions and Bonuses.
 Minimum Life Cover that is equal to 105% of sum of premiums paid till
date.
Consists of vested reversionary bonuses, interim bonus and terminal bonus.
Reversionary Bonus is declared every year as a percentage of GMB/ Sum Assured
plus earlier reversionary bonuses, and is payable on death of the life assured or
maturity of the policy.
After declaring reversionary bonuses, if there are still residual profits available in
the policy, they are declared as Terminal Bonus. Terminal Bonus or Final additional
bonus is paid at maturity or at the time of death claim.
Excluding extra Mortality Premiums, service tax and cesses. The cost of providing
a Life Cover under the policy is called Mortality Premium.
Tax benefits
under section 80C. This will help you save tax. The money you get on maturity or
death is also completely tax free.
 ICICI Pru Assured Savings Insurance Plan

Gives you a lump sum pay out to secure your future
At the end of the policy period, you will receive a lump sum pay out called maturity
benefit, which helps you fulfill your family’s dreams.
At the end of the policy term, provided all due premiums have been paid, Maturity
Benefit would be payable. It will be a sum of Accrued Guaranteed Additions and
Guaranteed Maturity Benefit.
The GMB depends on several factors such as policy term, premium payment term,
age and gender. Please read further for more details on GAs.
Every year an amount called the Guaranteed Addition is added to the policy.
Guaranteed Addition is equal to the predetermined Guaranteed Addition rate
multiplied by the sum of all premiums paid till date.
Grow your wealth with Guaranteed Additions

Every year, either 9% or 10% of the total premiums paid will be added to your
policy benefits depending on your policy term.
Guaranteed Addition is equal to a fixed Guaranteed Addition Rate multiplied by
the sum of all premiums paid.
If you choose a policy term of 12 years, the GA rate will be 10% per year. If your
annual premium is ₹50,000.
The GA rate depends upon the policy term you have chosen.

ICICI Pru Assured Savings insurance plan provides your loved ones a lump sum
pay out. This amount ensures that even in your absence your family members are
able to live the life you have planned for them.
 A fixed amount called the Sum Assured^ including Guaranteed Additions.
Here, Sum assured is 10 times of the annual premium.
 Guaranteed Maturity Benefits including Guaranteed Additions
 Minimum Life Cover that is the higher of the following:
- 105% of sum of premiums paid till date.
- 10 times the annual base premium.
- Chosen Sum Assured.
Excluding extra mortality premiums, service tax and cesses. The cost of providing
a Life Cover under the policy is called Mortality Premium.
Sum Assured is the fixed minimum amount guaranteed on maturity.

You have the option to choosing the number of years for which you wish to pay
premiums. You can opt for either the seven pay option or the ten pay option.
Get tax benefits

under section 80C. This will help you save tax. What’s more, the money you get on
maturity or death is also completely tax free.
 ICICI Pru Future Perfect

Savings with the comfort of guarantee
ICICI Pru Future Perfect grows your wealth with the promising of protecting your
money. This is done through two guaranteed features in the plan called guaranteed
additions and guaranteed maturity benefit. At the end of the policy term, you
receive a sum that includes guaranteed maturity benefit, guaranteed additions and
additional bonuses declared by the company. Guaranteed benefits are payable
subject to all due premiums being paid and the policy begin in force on the date of
maturity.
Guaranteed Additions are additional benefit that will be added throughout the
policy term, if all premiums due till that year are paid.
During Premium Paying Term GA will accrue on premium payment and after PPT,
GA will accrue at the beginning of policy year.
In case of monthly premium frequency, 1/12 th times GA will be accrued every
month on premium payment. For half yearly premium frequency, 0.5 times GA
will be accrued on premium payment.
Guaranteed Maturity Benefit is the guaranteed lump sum payable at the end of the
policy term. Your GMB will be set at policy inception and will depend on age,
policy term, premium amount, premium payment term and gender. Your GMB may
be lower than your Sum Assured on death.
Secure your loved one seven in your absence
ICICI Pru Future Perfect provides you and your family all round protection. In
case of unfortunate event during the policy term, your family receives a lump sum
amount. This amount ensures that in our absence, your loves ones are able to live
the life you planed for them.
 A fixed Sum Assured including Guaranteed Additions and Bonuses.
 Guaranteed Maturity Benefit including Guaranteed Additions and Bonuses.
 Minimum Life Cover that is equal to 105% of sum of premiums paid till
date.
Consists of vested reversionary bonuses, interim bonus and terminal bonus.
Including extra Mortality Premiums and excluding service tax and cesses. The cost
of providing a Life Cover under the policy is called Mortality Premium.
Tax benefits
under section 80C. This will help you save tax. The money you get on maturity or
death is completely tax free.
 Retirement Insurance Plan

Retirement Insurance Plan or old-age insurance benefits are a form of social
insurance payments made by the U.S. Social Security Administration paid based
upon the attainment of old age. Benefit payments are made on the month,
quarterly, semi-annually or annually based upon the date of birth and entitlement to
other benefits.
 ICICI Pru Easy Retirement

money by investing in a mix of equity and debt. This combination helps you beat
inflation while protecting your investments.
On the other hand, savings rate, is the rate at which your savings grow. To gain
In order to get better returns in the long run, it is advisable to have equity exposure.
Equity markets are subject to short-term market volatility. However, the long-
term impact of this short-term volatility in ULIP equity funds is negligible.
Guarantee on the money you invest
Along with the potential to give your higher returns, this plan also protects your
money. It does this by offering capital guarantee on the money that you invest. On
vesting maturity, you will be entitled to the assured benefit or fund value,
whichever is higher.
In case your Fund Value at maturity is less than the sum of premiums paid by you,
the Assured Benefit ensures that you receive 101% of all the sum of premiums paid
by you and top ups, if any.
You can utilise this benefit amount only as per the available options. Alternatively,
you can choose to postpone your vesting date. As a result, your money is protected
as the company returns your invested money regardless of market ups and downs.
If you invest ₹1,00,000 every year for 5 years, the company guarantees to return a
minimum sum of ₹5,05,000.
The Assured Benefit amount shown assumes all due premiums as per the premium
payment term shown above are paid. On maturity, you will receive higher of
Assured Benefit or fund value. Assured Benefit will be 101% of total premium
paid which is applicable only on maturity of the policy and does not apply on death
or surrender.
Fund Value is the total value of the money that is invested in a fund of your choice.
Move your money between funds conveniently
You can choose to invest your money in equity or debt funds of your choice. You
also have the option to transfer your money from one fund to another using switch
option.
 Easy Retirement Balanced Fund– Here, your money is invested in a mix of
equity and debt to ensure balanced returns.
 Easy Retirement Secure Fund– Your money is invested in a mix of debt,
money market and cash investments to achieve a balance between protection
and returns, to guard it from any unforeseen market falls, thereby adding to your
savings.
Four free switches are allowed every policy year. Subsequent switches would be
charged ₹100 per switch.
Increase your retirement savings with Pension Boosters
The company adds pension boosters to your retirement savings. Thus, your savings
continue to grow smoothly without the need for you to invest more money.
On completion of the tenth policy year, the Pension Boosters will be added every
fifth policy year provided at least five years’ premiums have been paid. It will be
equal to 5% of the average daily total Fund Value of the previous 12 months.
Multiple options to receive your money
 Regular Income option – Portions of your Fund Value are given to you as
regular income either monthly, quarterly or yearly
 Lump sum + Regular Income – Flexibility to withdraw 1/3rd of your Fund
Value as a lump sum and use the remaining to receive regular income
 Postpone your retirement date – Convenience to postpone your pay-outs
and schedule them after a few years
 Single Premium Deferred Pension Product – Choice to invest your Fund
Value in a new pension plan to get regular pay-outs at a later stage
Fund Value is the total value of the money that is invested in a fund of your choice.
 Regular Income: This option lets you receive your money regularly. You
can choose from five annuity options to receive your regular income.
 Lump sum + Regular Income: You receive up to 1/3rd commutation of
your premium amount as a lump sum completely tax-free subject to conditions
as per section 10(10A). The remaining amount can be used to purchase an
annuity plan to get regular income. Also, you can avail tax benefit on your
retirement income as the amount received at the policy maturity is completely
tax-free. You can choose from five annuity options to receive your regular
income.
 Postpone your retirement date: If your age is 55 years, you can delay your
retirement date and allow your hard-earned money some more time to grow.
 Invest in a Single Premium deferred pension plan: A Single Premium
deferred pension plan invests your money further to give you an opportunity to
get potentially higher returns. This option is ideal in case you don’t the need the
money immediately.
Through a lump sum investment, you start getting a regular income, also called the
annuity. The actual amount of annuity chosen by you will depend upon the annuity
rate applicable at the time of purchase and pay-out option. These rates are
guaranteed throughout your life.
 Life Annuity: You will receive pay-outs for life under this option.
 Life Annuity with Return of Purchase Price: You will receive pay-outs for
life in this option. In your absence, the purchase price of this plan will be
returned to your nominee.
 Joint Life, Last Survivor without Return of Purchase Price: Similar to
the Life Annuity option, the company gives you the pay-outs for life first. In
your absence, your spouse will continue to receive the same pay-out amount as
pension.
 Joint Life, Last Survivor with Return of Purchase Price: In this option,
you will receive the pay-out amount. In case of an unfortunate event, your
spouse will continue to receive the same amount as pension. In the absence of
both you and your spouse, the purchase price of this plan will be returned to the
nominee chosen by you.
 Life Annuity guaranteed for 5/10/15 years and thereafter: In this pay-out
option, you will receive a pay-out for a term of your choice, that is, either for 5,
10 or 15 years. After this term, your pay-outs will continue for the rest of your
life.
Guaranteed money for your family in your absence
In case of an unfortunate event during the policy term, your nominee receives a
guaranteed death benefit or the fund value, whichever is higher.
Your family will receive the Guaranteed Death Benefit or the Fund Value,
whichever is higher, in your absence. The Guaranteed Death Benefit is equal to
105% of the total premiums paid and Top-ups.
Get tax benefits
With this plan, you can reduce your taxable income by investing up to Rs.1.5
Lakh under section 80C. This will help you save tax. What’s more, even
shifting your money from equity to debt or debt to equity is completely tax free.
The money you get on commutation is also tax free.
 ICICI Pru Immediate Annuity

Increase your retirement savings
You can use your lump sum savings to purchase on ICICI Pru Immediate Annuity
plan. This payment has to be made only once at the beginning. So by paying once,
you have the opportunity to get the pay outs for the rest of your time
After you purchase this plan by making a one-time payment, you have to choose
the number of times you will get your pay-outs, also called the pay-out mode. You
can receive your pay-outs either monthly, quarterly, half-yearly or yearly as per
your need.
Receive regular income for life
Once you choose the mode of receive your pay outs, you have to choose a pay-out
option. This allows you to choose a nominee you will receive the pay out in your
absence.
Through a lump sum investment, you start getting a regular income, also called the
annuity. The actual amount of annuity chosen by you will depend upon the annuity
rate applicable at the time of purchasing the plan. These rates are guaranteed
throughout your life.
1. Life Annuity: You will receive pay-outs for life under this option.
2. Life Annuity with Return of Purchase Price: You will receive pay-outs for
life in this option. In your absence, the purchase price of this plan will be returned
to your nominee.
3. Joint Life, Last Survivor without Return of Purchase Price: Similar to the
Life annuity option, the company gives you the pay-outs for life first. In your
absence, your spouse will continue to receive the same pay-out amount as pension
for life.
4. Joint Life, Last Survivor with Return of Purchase Price: In this option, you
will receive the pay-out amount for life. In case of an unfortunate event, your
spouse will continue to receive the same amount as pension for life. In the absence
of both you and your spouse, the purchase price of this plan will be returned to the
nominee chosen by you.
5. Life Annuity guaranteed for 5/10/15 years and thereafter: In this pay-out
option, the regular pay-outs will be provided for a chosen term in both, your
presence and absence. If you complete this term, the pay-outs will still continue for
the rest of your life. However, your spouse will not receive pay-outs in your
absence after the completion of the chosen term.
Nominee is the person you appoint at the time of purchase for receiving the
benefits of your insurance policy in your absence.
Premium discount for higher annuity
You would be further eligible for a discount on the purchase price, depending upon
the annual payout amount under the plan chosen by you.
Add to your payout amount
You can chose to increase the amount you receive by purchasing an annuity plan
over your existing one. What’s more, your new annuity plan can have a different
pay out mode and pay out option to suit your changing needs.
Group Insurance Plans
Group insurance is an insurance that covers a defined group of people, for example
the members of a society or professional association, or the employees of a
particular employer. Group coverage can help reduce the problem of adverse
selection by creating a pool of people eligible to purchase insurance who belong to
the group for reasons other than the wish to buy insurance, which might be because
they are a worse than average risk group insurance may offer life insurance, health
insurance, and/or some other types of personal insurance.
 ICICI Pru Loan Protect

The plan allows you to choose the number of years for which you wish to pay
premiums.
 One Pay option (pay premium only once)
 Limited Pay option (payment of premiums for 5 years)
ICICI Pru Loan Protect provides protection to your family against mortgage and
auto loan taken by you. In case of an unfortunate event during the policy term, your
family receives a lump sum amount. This amount will be ensure that your loved
ones are able to live the life you have planned for them.
 Fixed cover: The Life Cover chosen at the beginning of the policy remains
fixed throughout the policy term. In case of an unfortunate event during the
policy term, this lump sum amount will be paid out.
 Reducing cover: The Life Cover chosen at the beginning of the policy
reduces from the second month onwards, on a monthly basis. In case of an
unfortunate event during the policy term, the Life Cover applicable at the time
of death will be paid out.
Life Cover is the amount your family receives in your absence.
Get tax benefits
under section 80C. This will help you save tax. What’s more, the amount received
on death is also tax free.
 ICICI Pru Loan Protect Plus

This plan allows you to choose the number of years for which you wish to pay
premiums. You can opt for either the one pay option or the limited pay option.

ICICI Pru Protect Plus provides your family complete protection from the burden
of paying any loan. In case of an unfortunate event during the policy term, your
family receives a lump sum amount. This amount will help you ensure that your
loan is repaid.
You can choose your family to receive the lump sum amount with the Reducing
cover. Under this option, the value of the lump sum will be equal to the Sum
Assured when the policy begins, i.e., in the first month. From the second month, its
value will reduce on a monthly basis. In case of an unfortunate event during the
policy term, your family will receive the total lump sum applicable after monthly
reductions depending on the chosen reducing cover option
Sum Assured is the amount your family receives in your absence.
Receive additional pay-outs in case of an unfortunate event
In order to protect you against any major illness, disability or accident, ICICI Pru
Loan Protect Plus offers you additional pay-outs. This is extremely helpful, as you
may need money to repay any loan and pay other daily expenses if your regular
income discontinues due to an unforeseen event.
In case of an accident, ICICI Prudential Life Insurance will pay your loved ones an
additional lump sum amount called Accident Cover. The amount of this benefit will
be equal to the lump sum amount. The value of Accident Cover declines for the
reducing cover option. This benefit will take care of your family’s future and
financial well-being in difficult times.
The CI and TPD benefit paid to you are equal to the lump sum amount. This benefit
is paid to you when you are diagnosed with a critical illness for the first time or
declared as ‘Total and Permanently Disabled’.
The CI and TDP Benefit is an ‘accelerated’ benefit which means the policy will end
once the value of the benefit is paid out to you.
Get tax benefits
With this plan, you can reduce your taxable income by investing up to Rs.1.5 lakh
under section 80C. This will help you save tax. What’s more, the amount received
on death is also tax-free.
 ICICI Pru Group Term Plus

Security for the members of your group
ICICI Pru Group Term Plus offers life cover to the members of your group. In case
of an unfortunate event, the member’s loved ones will receive a lump sum amount
to ensure their financial security.
This plan is offered through a Master Policy that is issued to you. As the Master
Policyholder or the group administrator, you pay premiums that cover the members
of your group. The members of your group are covered for a period of one year.
As the Master Policyholder, you can choose the lump sum amount that will be
provided to the member’s nominee*. It can either be a flat or graded cover amount.
When all members of the group have the same Life Cover, it is called the flat
cover. On the other hand, when different individuals are offered different Life
Cover on the basis of pre-decided grades, it is known as a graded cover.
In case of formal groups, this lump sum amount can also be linked to loan
amounts, other financial liabilities or even the employee’s salary. When linked to
the salary, the Life Cover amount is equal to a multiple of the annual salary. For
example, if a member has an annual salary of ₹10,00,000 and the multiple
considered is 2, then his Life Cover amount will be ₹20,00,000.
Nominee is the person who will receive the Life Cover amount in the absence of
the member.
Multiple benefits for employers
 Your members can enjoy a Life Cover at a low cost.
 A Life Cover is a strong retention tool and loyalty building measure for
employers.
 You can avail tax deductions on the premium paid, as per prevailing tax
laws.
 The administration process for addition and deletion of members is simple.
Multiple benefits for employees
This plan is ideal for employees as it offers them a Life Cover to secure the future
of their loved ones. Apart from this, it provides the employees the following
benefits:-
 Coverage without the need for a medical examination for Life Cover up to
the free cover limit.
 Coverage to your employees in case of an unfortunate event.
Free cover limit is the maximum amount of Life Cover that can be offered without
any medical tests. This limit varies from group to group.
Multiple Benefits for an Informal group
ICICI Pru Group Term Plus provides distinct benefits to the members and group
administrator of an informal group. In addition, this plan has a simple
administration process for your convenience.
With this plan you can choose to offer the members of your group a Life Cover by
paying their premiums. Alternatively, the members of your group can pay the
premiums themselves while enjoying the low premium rates of a group plan.
The person paying the premiums can also avail tax benefits as per the existing
Income Tax rules.
The members of the group availing this plan get the benefit of a Life Cover at a
nominal cost. In case of an unfortunate event, this plan provides a lump sum
amount to the member’s nominee. This amount can provide protection against
liabilities such as loans taken by the members.
 ICICI Pru Group Gratuity Plan

Fulfill your gratuity responsibility
This plan helps you save money and built a kitty that helps you pay the amount of
gratuity to your employees. At the same time, you can get returns earned on this
kitty.
Gratuity is a compulsory benefit to be provided to employees as per the Gratuity

Act, 1972. It is a lump sum amount paid out to employees, once they are no longer
a part of the company. An employee is eligible for payment of gratuity only if he or
she fulfills the conditions specified under the Gratuity Act.
As an employer, you can choose to invest a certain amount of money in order to

meet your future gratuity liability. The amount set aside by you is invested in a
range of equity and debt funds to provide returns over a long term. The kitty
created under this plan is then used to make claim payments for gratuity when
employees exit.
Easy administration process

ICICI Prudential Life Insurance understand that service is of utmost importance to
maintain a long-term relationship with you. As a result, we aim to ensure your
convenience and ease while managing your policy.
We have a dedicated service team that provides services under this plan. This team
will appoint a Relationship Manager for your policy. Your Relationship Manager
will help you with all your policy related requirements.
Choose an investment product as per your need

We offer a complete and competitive rage of investment product options. These
include both unit linked insurance plans and non-linked plans thereby, allowing
you to choose a plan as per your needs.
Group Unit Linked Employee Benefit Plan – This is a Unit Linked investment plan
that offers various fund options of equity and debt.
Group Suraksha Plus – This is a Non-participating Endowment plan which
provides a minimum floor rate and additional interest rate every quarter.
Minimum floor rate is the minimum percentage of premium that is guaranteed to

the employee on their retirement savings at the time of purchase.
Tax benefits
As an Employer, annual contribution is allowed as expenditure/deduction in
computing taxable income. However, maximum contribution cannot exceed 8.33%
of an employee’s salary each year. Gratuity received by the employee is tax-free up
to the limit specified and subject to conditions under Section10.
The tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962.
Please consult your Legal/ Tax expert for details. ICICI Prudential Life Insurance
Company Limited shall not be held responsible in any manner in case you do not
get the above stated tax benefits. Please note that the prevailing and applicable tax
laws shall be final, conclusive and binding on both the parties.
 ICICI Pru Group Superannuation Plan

Meet Superannuation requirements
With this plan, you can offer the superannuation benefit to your employees. This
benefit would help them with their long-term savings for retirement.
Superannuation is one of the most important retirement benefits for your
employees. It allows them to save a portion of their income during their
employment at your organization. These savings help them take care of their
financial requirements post-retirement, be it their medical needs or other expenses.
Defined Benefit Superannuation scheme, the benefits payable to the employee on
retirement are decided upfront. Here, you as an employer pay the premiums for
superannuation. The premiums are then invested by us and the wealth pool created
under the plan is used to make claim payments on employee exits. The
accumulated wealth can also be used to purchase an Annuity plan that would
provide periodic pay-outs to the employee for life.
Defined Contribution Superannuation scheme, a fixed amount or a pre-decided
percentage of every employee's salary is periodically paid as premiums towards
their superannuation kitty. The premiums are then invested by us and accumulate
up to the employee’s exit. The accumulated wealth is then used to purchase an
Annuity plan that would provide periodic pay-outs to the employee for life.
ICICI Prudential Life Insurance understand that service is of utmost importance to
Choose an investment product as per your needs
We offer a complete and competitive range investment product options. These
include both unit linked insurance plans and non-linked plans thereby, allowing
you to choose a plan as per your needs.
 Group Unit Linked Superannuation – This is a Unit Linked Insurance Plan
 Group Suraksha Plus Superannuation – This is a Non-participating
Endowment Plan which provides a minimum floor rate and an additional
interest rate every quarter.
 Group Superannuation Suraksha – This is a Participating Endowment Plan
which grows your wealth with minimum floor rate and bonus additions.
Annuity options available
ICICI Prudential offers you a complete solution with a Group Immediate Annuity
plan. In addition, if your employees already have the ICICI Group Superannuation
Plan, they are awarded discounts for the group immediate annuity plan.
Tax benefits
Under this plan, both you and your employees can enjoy tax benefits.
As an employer, annual contribution is allowed as expenditure subject to
conditions under Section 36.
In addition, any income received by the trustees on behalf of an approved

superannuation fund is exempt under Section 10.
Employees’ contribution towards an approved superannuation fund is eligible for
deduction under Section 80C. The payment received from the superannuation fund
is tax-free subject to conditions under Section 10(13).
Please note that employer's contribution in excess of limit specified under Section
17 will be taxed as a perquisite in the hands of the employee.
The pension/ annuity received from superannuation fund is taxable as salary
income.
Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962.
Please consult your Legal/ Tax expert for details. ICICI Prudential Life Insurance
 ICICI Pru Leave Encashment Plan

Meets Leave Encashment requirement
This plan helps you save money and build a pool that will pay the leave
encashment amount to your employees.
Leave encashment is a benefit offered by you to your employees, in which an
employee can accumulate his or her leaves over a period of time. The accumulated
leaves are paid in lump sum to your employees once they are no longer a part of
your organization. In the absence of the employee, this amount is given to his or
her loved ones. This payment is made as per the guidelines set by you.
Once you choose to set aside money for the ICICI Pru Group Leave Encashment
plan, we invest this amount in various instruments of debt and equity. This plan
gives you the opportunity to earn potentially better returns and helps you build a
leave encashment pool. The wealth created by the plan can be used to make leave
encashment payment claimed by the employees on exit.
ICICI Prudential Life Insurance understand that service is utmost importance to
Choose an investment product as per your needs
We offer a complete and competitive range of investment product options. These
include both unit linked insurance plans and non-unit linked plans thereby,
allowing you to choose a plan as per your needs.
Group Unit Linked Employee Benefit Plan – This is a Unit Linked Insurance Plan
Group Suraksha Plus – This is a Non-participating Endowment Plan which
provides a minimum floor rate and an additional interest rate every quarter.
Tax benefits
As an employer, annual contribution can be allowed as business expenditure and
can be tax-free. Leave encashment received by the employee is tax-free up to the
limit specified and subject to conditions under section10.
Tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please
consult your Legal/ Tax expert for details. ICICI Prudential Life Insurance
 ICICI Pru Group Immediate Annuity

Meet Annuity requirements
This plan helps you offer pension to your employees to take care of their post-
retirement needs.
Annuity is one of the most important retirement benefits for your employees. It is
the regular income that your employees receive in return for a one-time payment
made by you. This regular income starts at the time of your employee’s retirement.
As an employer, you can purchase an ICICI Pru Immediate Annuity plan by
making a one-time payment. Through this payment, your employees will get
regular pay-outs for the rest of their lives.
The annuity amount your employee will receive depends on the annuity rate
applicable at the time of purchase and the pay-out option selected by you. These
pay-outs will remain constant throughout the life of your employees.
At the time of purchase, you choose the frequency of the pay-outs. This is called
the pay-out mode.
Multiple payout options
You can select the pay-out option according to which your employees will get the
pension, post-retirement. You can also choose for the pension to continue for the
employee’s nominee.
 Life Annuity: Regular payments are made throughout the life of your
employee after his or her retirement.
 Life Annuity with Return of Purchase Price: Your employee will receive
the pay-outs for life in this option. In the absence of the employee, the purchase
price^ of this plan will be returned to the nominee.
 Joint Life, Last Survivor without Return of Purchase Price: Similar to
the Life Annuity option, the pay-out amount is first given to the employee for
life. In the absence of the employee, the employee’s spouse will continue to
receive the same pay-out amount as pension for life.
 Joint Life, Last Survivor with Return of Purchase Price: In this option,
the employee receives the pay-out amount for life. In case of an unfortunate
event, the employee’s spouse will continue to receive the same amount as
pension for life. In the absence of both the employee and the spouse, the
purchase price of this plan will be returned to the nominee.
 Life Annuity guaranteed for 5/10/15 years and thereafter: In this pay-out
option, the regular pay-outs will be provided (to your employee or their spouse)
for a chosen term (i.e. 5, 10 or 15 years), in both, the employee's presence and
absence. If your employee completes this term, the pay-outs will still continue
for life. However, the employee's spouse will not receive pay-outs in the
employee's absence after the completion of the chosen term.
Nominee is the person appointed at the time of purchase for receiving the benefits
of the insurance policy in the absence of a member.
Purchase Price is the one-time lump sum payment made to buy the annuity.
Protection from Longevity Risk
Paying pension to employees requires extensive planning to manage Longevity
risk. This risk increases your liability over time if not protected with an adequate
insurance cover.
ICICI Pru Group Immediate Annuity Plan helps employers manage the Longevity
risk. This ensures that your employees receives pension through their lifetime.
Rural Insurance Plans
Rural Insurance Plan is highly susceptible to risks like droughts and floods. It is
necessary to protect the farmers from natural calamities and ensure their credit
eligibility for the next season. For this purpose, the Government of India and
Insurance Company introduced many agricultural schemes throughout the country.
 ICICI Pru Sarv Jana Suraksha

You wish to provide every comfort to your family. But life is uncertain. Presenting
ICICI Pru Sarv Jana Suraksha, a micro insurance term plan that provides financial
security to you and your family at an affordable cost. Under this plan, in case of the
unfortunate event, of your death during the policy term, your family receives a
lump sum amount to take care of their immediate financial needs.
Your family will receive a fixed amount called Life Cover, which has been chosen
by you in your absence.
If you are 35 years old and your yearly premium is ₹500, then in case of an
unfortunate event, your loved ones will get ₹50,000 as the Life Cover amount.
Protection at an affordable cost
Under this plan, you get a life cover at a very low cost. You can pay a premium of
Rs.50 per year and a maximum premium of Rs. 2000 per year to ensure your loves
ones stay secure.
 ICICI Pru Anmol Bachat

You have the freedom to choose the number of years you want to pay premium for.
The Regular/Limited Pay option even allows you the convenience to select the
frequency of premiums in a policy year.
Choice of frequency of premiums
Adding to your comfort of choosing the number of premium paying years, you can
handpick the times you want to pay such as once a year, twice a year or every
month.
Moreover, the Company offers you flexible premium payment options viz.. 5 pay ,
7 pay and 10 pay.
Secure your future dreams and goals
Planning for the life events of your loved ones just got easier. With Anmol Bachat,
you receive a guaranteed pay out along with accured bonuses.when the policy
matures. This corpus can be utised at important milestones like your child’s
education, their marriage or that much awaited vacation.
If you have paid regular premiums and survived the end of the policy term, you
will receive:
Maturity Benefit, which is higher of A or B, where:
 A = Guaranteed Maturity Benefit (plus vested Reversionary Bonuses and
Terminal Bonuses, if any)
 B = 100.1% of total premiums paid (excluding any extra Mortality Premium,
service tax and cesses)
Your Guaranteed Maturity Benefit will be set at policy inception and will depend
on age at entry, policy term, premium payment term and gender and maybe lower
than your Sum Assured on death. All policy benefits cease on payment of the
maturity benefit. Reversionary bonus, if any, will be declared each year during the
term of the policy starting from the first policy year.
Protect your family from unforeseen events
In case of an unfortunate event of your death, ICICI Anmol Bachat supports your
family. Your loved ones receives a pay-out called the death benefit that helps them
to fulfill their financial needs.
Death Benefit = Higher of
 Sum Assured on Death, plus subsisting bonuses already accrued.
 105% of all the premiums paid as on date of death.
Sum Assured on Death for Single Pay policy is defined as, highest of
 Sum assured multiples Single Premium.
 Minimum guaranteed sum assured on maturity.
 Absolute amount assured to be paid on death.
Sum Assured on Death for Limited / Regular Pay policy is defined as, highest
of
 Sum assured multiples Annualized Premium.
 Minimum guaranteed sum assured on maturity.
 Absolute amount assured to be paid on death.
In case of death due to an accident, additional lump sum equal to the absolute
amount assured to be paid on death as chosen by the policyholder will be payable.
Bonuses consist of subsisting reversionary bonuses, interim bonus and terminal
bonus.
Tax benefits
Enjoy tax benefits avail exemptions of up to Rs.1.5 Lakh on the premium paid.
Also, on maturity you get tax free lump sum pay out in the form of maturity
amount.
You can claim deduction of life insurance premium paid from your taxable income
as per the provisions under section 80C. The overall limit of exemption under
section 80C is 1, 50,000/-.
Payout received on maturity may be taxable as per prevailing tax laws.
Choice of protection level
Enjoy the safety of a life cover based on your desired level of protection.
Research methodology
RESEARCH DESIGN
Research design is the arrangement of condition for collection and analysis of data
in a manner that aims to combine relevance to the research purpose with the
economy in procedure. It is the blueprints for collection, measurement and analysis
of data.
Type of Research: Analytical Research
Under the analytical research, the researcher has to use facts or information already
available and analyze the facts and information to make a critical evaluation of the
material. The research is designed to study the performance of insurance
companies in the post-liberalization era.
The methodology followed for research is as following:
1. Survey of concerned literature
2. Collecting data:
 Quantitative
 Qualitative
3. After the collection of data the raw data is processed through editing, loading,
classification and tabulation to make analysis of the data of information
After the analysis the finding are drawn and recommendations/conclusion are
made.
The research design which help to answer the following questions:
 Why the study is being made?
 From where the data needed can be collected?
DATA COLLECTION
1. PRIMARY DATA
These include the survey or questionnaire method, telephonic interview as well as

the personal interview methods of data collection
2. SECONDARY DATA
The secondary data as it has always been important for the completion of any
report provides a reliable, suitable, adequate and specific knowledge. The standard
cost reports, working sheets provide the knowledge and information regarding the
relevant subjects.
Secondary data is a data, which is collected from various sources. Secondary data
is not a fresh data so it has its own limitations like: Time Constraints, Accuracy and
Applicability.
UNIVERSE AND SURVEY POPULATION SAMPLE

The process of collecting observation from the elements of a large population may
be expensive, time consuming and difficult. It will be cheaper and quicker to
collect the information from a sample of the population.
A sample is a fraction or a subset of population through a valid statistical

procedure so that it can be regarded as representative of the entire population. The
valid statistical procedure of drawing sample from the population is called
sampling.
Nature of sampling
Random sampling has been used here. Random sampling is a type of sampling
technique where each element of population has a chance of getting selected.
Nature of this sampling is random sampling because each insurance company has
an equal chance of being selected is its category.
Sample units:
One of the units which an aggregate is divided or regarded as divided for the
purpose of sampling, each unit being regarded as individual and invisible when the
selection is made. The definition of unit may be made on some natural basis or on
some arbitrary basis. In the case of multistage sampling the units are different at
different stages of sampling, being “large” at the first stage and growing smaller
with each stage in the process of sampling.
SWOT Analysis
Strengths
The strength must be unique. If most competitors offer quality service, then that is
a necessity not a strength. One of the strengths that a business owner may take for
granted might be something that customers would value and that the competition
doesn’t have or do. Brainstorm first and edit later. Write down words that
characterize the business.
Weakness
The firm does not have, cannot do at all or does poorly. This is the time for brutal
honesty, but also a time for realism. Consider this from an internal and external
basis. Do outsiders perceive weaknesses that the firm does not see? Are
competitors doing anything better? It is best to be realistic now, and face any
unpleasant truths as soon as possible.
Opportunities
Look at the strengths and weakness, and evaluate if they can be leveraged into
opportunities. List what the marketplace is not doing. Add items that the
marketplace seems to need, and which the business could perhaps provide. Think
in terms of what would benefit clients—cheaper, easier, more convenient, faster.
Threats
No organization is immune to threats. These could be internal, such as falling
productivity. Or they could be external, such as changes in the direction of the
insurance companies. What obstacles currently exist? Is changing technology
threatening the firm’s position? Carrying out this analysis will often be
illuminating—both in terms of pointing out what needs to be done, and in putting
problems into perspective. List the items that could make the business obsolete, or
wipe it out, in the lower right box.
Questionnare
Name _____________
Age _______________
Family member _____________
Q1. Your Occupation ?

a. Service
b. Business
c. Retired
d. Others
Q2. Your Income ?

a. 10000-15000
b. 15001-25000
c. Above 25000
Q3. Reasons for investing in Insurance Plans of ICICI Life Insurance?
a. Returns b. Schemes are good
c. Recommended by Family & Friends
d. Needs to save tax
e. Offers Multiple benefits like investment+insurance +Tax Saving
Q4. What do you feel after investing in Insurance Plans of ICICI Life Insurance?
a. Good
b. Averagely Satisfied with the investment decision
c. Cheated
Q5. Does the Insurance Agent / Marketing Executives Recommend ICICI Life
Insurance?
a. Yes
b. No
Q6. Do you think the recommendation for ICICI Life Insurance is authentic and
the agents / Marketing Executives of ICICI Life insurance are giving correct
information related to the products and charges?
a. Yes
b. No
Q7. Do you invest in Insurance Plans of ICICI Life because of Tax Benefits?
a. Yes
b. No
Q8. How is the Premium Amount to be paid in Insurance Plans of ICICI Life
Insurance Company ?
a. Highly Satisfactory
b. Satisfactory
c. Average
d. Dissatisfactory
e. Highly Dissatisfactory
Q9. How are the Insurance Policies of ICICI Life Insurance ?

b. Satisfactory
c. Average
d. Dissatisfactory
Q10. How are the Returns in Insurance Policies of ICICI Life Insurance?
b. Satisfactory
c. Average
d. Dissatisfactory
Q11. How are the Charges in Insurance Policies of ICICI Life Insurance
a. High
b. Average
c. Low
Q12. What would you like more in Insurance Policies of ICICI Life Insurance?
a. More benefits
b. More security
c. Others
Q13. Rate your overall satisfaction with Insurance Policies of ICICI Life
Insurance?
b. Satisfactory
c. Average
d. Dissatisfactory

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PROJECT REPORT

PROJECT REPORT SUBMITTED IN PARTIAL FULFILLMENT

Under the guidance of

SRI GURU TEGH BAHADUR INSTITUTE OF MANAGEMENT

“Plans and Policies of

Signature of the scholar

Place: Delhi ROHIT KUMAR

Date: Enrollment no. 02790201815

This is to certify that ROHIT KUMAR student of Sri Guru Tegh

Signature of Project Incharge

With profound sense of gratitude and regard, I express my sincere thanks

I am also greatly thankful to the faculty members of our institute who

Signature of the scholar

Place: Delhi ROHIT KUMAR

Date: Enrollment no. 02790201815

Types of Life Insurance in India

Term Insurance Policies

Foreign Direct Investment Policy in Insurance Sector

Indian Life Insurance Industry

 Maximum broker commission - 30%

Insurance Regulatory and Development Authority

History of Insurance in India

 Chairman: T.S. Vijayan.

 Whole-time members: P.J. Joseph, Nilesh Sathe, V.R. Iyer, Pournima

Powers and Functions

 Issuing, renewal, modification, withdrawal, suspension or cancellation of

 Protection of the interests of the policy holders in matters concerning

 Specifying requisite qualifications, code of conduct and practical training

 Specifying the code of conduct for surveyors and loss assessors.

 Promoting efficiency in the conduct of insurance business.

 Promoting and regulating professional organisations connected with the

 Calling for information from, undertaking inspection of, conducting

 Specifying the form and manner in which books of account shall be

 Regulating investment of funds by insurance companies.

 Regulating maintenance of margin of solvency.

 Adjudication of disputes between insurers and intermediaries or insurance

 Supervising the functioning of the Tariff Advisory Committee.

 Specifying the percentage of premium income of the insurer to finance

 Specifying the percentage of life insurance business and general insurance

Crossed the mark of 5 million policies

Established Subsidiary for the purposes of undertaking pension funds

 Boundary Less: I will treat organisation agenda as paramount.

 Humility: Openness to learn a change.

 Customer First: Service excellence towards Internal and External

 Passion: Demonstrates infectious energy and enthusiasm.

About ICICI Bank

About Prudential Corporation Holdings Limited

Prudential Corporation Holdings Limited is a part of Prudential which was founded

Ms. Chanda D. Kochhar

Director Mr. N. S. Kannan

Mr. Adrian O'Connor

Prof. Marti G. Subrahmanyam

Ms. Rama Bijapurkar

Mr. Vinod Kumar Dhall

Mr. Dilip Karnik

Mr. Sandeep Bakhshi

Mr. Puneet Nanda

Mr. Sandeep Batra

Board Audit Committee Board Customer Service &

Mr. V. Sridar (Chairman) Mr. Vinod Kumar Dhall (Chairman)

Prof. Marti G. Subrahmanyam Mr. N. S. Kannan

Mr. Vinod Kumar Dhall Mr. Adrian O’Connor

Mr. Adrian O’Connor

Board Corporate Social