Sum Assured: Icici Prudential Life Insurance Simplified

ICICI Prudential Life Insurance offers a range of plans to protect people against uncertainties in life. The company provides a guaranteed Sum Assured amount, which is a lump sum payout to the policyholder's family in the event of their death. This amount can be up to 125 times the premium and is designed to ensure financial stability for loved ones. The Sum Assured amount also comes with bonuses, ensuring returns irrespective of market fluctuations. In addition to this, ICICI Prudential Life Insurance offers rider options for additional coverage, such as payouts for critical illnesses or disability.

Sum Assured in Force

ICICI Pru Assured Savings Insurance Plan provides your loved ones with a lump sum pay-out. This amount ensures that even in your absence, your family members are able to live the life you planned for them. Your family will receive a lump sum amount, which will be the higher of: a fixed amount called the Sum Assured, including Guaranteed Additions. Here, the sum assured is 10 times the annualised premium. The highest available sum assured multiple is 125 in the product.

ICICI Prudential Life Insurance Plans offer rider options to enhance your coverage. These include an additional payout in case the insured dies due to an accident, a lump sum if the policyholder is diagnosed with any of the critical illnesses mentioned in the policy document, and a certain sum assured for the next five or ten years in case of permanent or partial disability.

Retirement and pension plans are designed to provide financial stability during retirement years. These plans offer regular income or a lump sum payout post-retirement and ensure that policyholders can maintain their standard of living without depending solely on their savings.

Lump Sum Payouts

ICICI Prudential Life Insurance offers a range of plans that provide lump sum payouts to policyholders and their loved ones. One such plan is the ICICI Pru Assured Savings Insurance Plan, which guarantees a lump sum payout to your family in the event of your absence. The amount received will be the higher figure of either a fixed sum assured or guaranteed additions, with the sum assured being 10 times the annualised premium.

Retirement and pension plans from ICICI Prudential Life Insurance also offer lump sum payout options. These plans are designed to provide financial stability during retirement, allowing policyholders to maintain their standard of living without solely relying on their savings. The lump sum payout is offered post-retirement, ensuring a comfortable retirement for policyholders.

Additionally, ICICI Prudential Life Insurance provides rider options that enhance the coverage of their life insurance plans. One such rider offers a lump sum payout if the policyholder is diagnosed with any of the critical illnesses mentioned in the policy document. This provides financial support during challenging times, helping to cover medical expenses and maintain financial stability.

The highest available sum assured multiple offered by ICICI Prudential Life Insurance is 125. This means that for a premium of ₹7,694 per month, a 30-year-old healthy male can obtain a life cover of ₹1 crore. It is important to note that the mentioned benefit is payable only if all premiums are paid as per the premium-paying term, and the policy remains in force until the completion of the entire policy term.

Retirement and Pension Plans

ICICI Prudential Life Insurance offers retirement and pension plans that are designed to provide financial stability during retirement years. These plans offer a guaranteed sum assured along with bonuses, ensuring a specific amount of returns irrespective of market fluctuations. The sum assured is a fixed amount that is paid out as a lump sum or regular income post-retirement, helping policyholders maintain their standard of living without solely depending on their savings.

The ICICI Pru Assured Savings Insurance Plan is one such example, providing loved ones with a lump sum payout in the event of the policyholder's absence. The sum assured under this plan is 10 times the annualised premium, ensuring a substantial financial cushion for the family.

The sum assured in force for ICICI Prudential Life Insurance stands at an impressive Rs. 14,54,072.19 crores, demonstrating the company's commitment to offering wide coverage and significant financial support to its policyholders. This comprehensive insurance coverage helps protect individuals against a range of life's uncertainties, providing peace of mind and security.

Savings/Endowment Plans

ICICI Prudential Life Insurance offers a range of savings and endowment plans that combine life insurance coverage with a savings component. These plans provide a guaranteed sum assured, which is a fixed amount that will be paid out to your loved ones in the event of your absence or death. The sum assured is typically a multiple of the annualised premium, such as 10 or 125 times the premium amount. For example, for a 30-year-old healthy male, the premium of ₹7,694 per month is calculated for a life cover of ₹1 crore.

The savings and endowment plans from ICICI Prudential Life Insurance also offer bonuses and additional benefits. These plans ensure that your family will receive a lump sum payout, which can help them maintain their standard of living and achieve the life you planned for them. The insurance company also offers rider options that provide additional coverage, such as a payout in case of accidental death or critical illness.

One of the key features of ICICI Prudential Life Insurance's savings and endowment plans is the combination of life insurance and savings. A portion of the premium paid goes towards providing life cover, while the insurer invests the remaining amount to generate returns. This allows you to build savings over time while also having the peace of mind that comes with life insurance protection.

ICICI Prudential Life Insurance has a strong presence in the market and is known for its commitment to offering significant financial support to policyholders and their families. In the fiscal year 2022-2023, the company paid out a total of Rs. 1950 crores in claim settlements, demonstrating its ability to provide financial stability during difficult times. With a comprehensive insurance coverage and a high sum assured amount, ICICI Prudential Life Insurance helps protect people against a wide range of uncertainties in life.

Rider Options

ICICI Prudential Life Insurance offers a range of rider options to enhance your coverage. These options provide additional benefits and financial protection in case of unforeseen events.

One of the key rider options is the additional payout in the event of the insured person's death due to an accident. This ensures that your loved ones receive a lump sum amount, providing them with financial stability and peace of mind during a difficult time.

Another important rider option is the lump sum payout if the policyholder is diagnosed with any of the critical illnesses mentioned in the policy document. This can help cover the high costs associated with medical treatment and provide financial support during a challenging period.

ICICI Prudential Life Insurance also offers a rider option that provides a regular source of income to the family in case of the policyholder's demise or disability. This ensures that your family's standard of living is maintained and they receive a steady income, even in your absence.

Additionally, the insurance company offers a rider that waives off all future premiums in the event of the policyholder's death or disability. This means that your family will continue to receive the benefits of the policy without having to worry about paying any further premiums.

These rider options provide flexibility and comprehensive coverage, allowing you to customise your ICICI Prudential Life Insurance plan according to your specific needs and concerns. By availing these options, you can enhance the financial security and protection offered to your loved ones in case of unexpected life events.

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