Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Here, at ICICI Prudential Life Insurance, you pay premiums for a specific term and in return, we provide you with a Life Cover. This Life Cover secures your loved ones’ future by paying a lump sum amount in case of an unfortunate event. In some policies, you are paid an amount called Maturity Benefit at the end of the policy term.

There are two basic types of Life Insurance plans -

1. Pure Protection
2. Protection and Savings

What is Pure Protection Plan?

A Pure Protection plan is designed to secure your family’s future by providing a lump sum amount, in your absence.

What is Protection and Savings Plan?

A Protection and Savings plan is a financial tool that helps you plan for your long-term goals like purchasing a home, funding your children’s education, and more, while offering the benefits of a Life Cover.

Let us understand some commonly used terms in Life Insurance:

• Life Assured: It is the person who is covered under the insurance policy
• Proposer: It is the person who pays the premiums of the policy. For example: If you have bought the policy for yourself, then you are both the Life Assured as well as the Proposer. Similarly, if you purchase an insurance policy for a family member, then you are the proposer and the family member is the Life Assured.
• Nominee or Beneficiary: It is the person you appoint at the time of buying the policy to receive the benefits of your insurance policy, in your absence.
• Insurer: The insurance company that sells the life insurance policy is called the Insurer (for example, ICICI Prudential Life Insurance).
• Life Cover: It is the amount that the Insurer will pay to your Nominee in case of an unfortunate event.
• Maturity Benefit: For Protection + Savings policies, the Insurer pays a certain lump sum of money on completion of the policy term. This amount is known as the Maturity Amount.
• Premium: A premium is the amount you pay to the insurer for receiving the benefits of the insurance policy. These payments can be made on a regular basis throughout the policy duration, for a limited number of years or just once, as per the options available under the policy you choose.
• Premium Payment Term: The number of years for which you pay the premiums is known as the Premium Payment Term.
• Policy Term: The number of years for which the Life Cover continues.

FAQ's

1. Is life insurance worth buying?

Yes, life insurance is a worthy purchase. Anybody with financial dependents will find the benefits of buying life insurance attractive. In case of the demise of the only income earner, a life insurance policy becomes a financial safety net that helps your loved ones pay for expenses such as a loan, childcare, education, health, and many other everyday bills. Life insurance is an affordable way to financially protect the people you love most.

2. How to claim life insurance after death?

It is a simple process. You can report your claims online, at Insurance company’s branches, central office, via SMS, e-mail or through their call center as per your convenience. Physical documents will be required to be sent to the nearest branch to start the process. The documents needed are:

• Claimant's statement form -
• For Lender Borrower Group (only for Credit Life policies) - claimant's statement / claim intimation form -
• For Affinity / Employer-Employee Group - claimant's statement / claim intimation form -
• Original Policy Document
• Copy of death certificate issued by Local Municipal Authority
• Copy of claimant's photo identification proof and current address proof
• Cancelled cheque/ Copy of bank passbook
• Copy of medico legal cause of death certificate
• Medical records (admission notes, discharge/ death summary, indoor case papers, test reports, etc.)
• Prior medical records of insured/ Life assured
• Medical attendant's/ hospital certificate issued by doctor -
• Certificate from employer (for salaried individuals) -In addition, below Documents required for Accidental/ Suicidal Death
• Post Mortem Report and chemical viscera report
• FIR/ Panchnama/ Inquest Report and final investigation report
• Copy of driving license if Life Assured was driving the vehicle at the time of accident (applicable if 'Accident and Disability Benefit Rider' is opted)

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Next, claims department/team will assess the claim and inform in case any further documents need to be submitted. Once your claim is intimated and the life insurance company receives all the relevant approvals and then settle all the valid claims through cheque or Electronic Clearance System (ECS)

3. How many beneficiaries can be on a life insurance policy?

There is no limit on the number of beneficiaries you can add to your policy. However, if the insured has a will and it specifies who the amount of the insurance benefit should go to after he/she passes away, then the benefit will go to the person mentioned in the will irrespective of the mentioned nominee.