Broadly insurance can be classified in two categories: First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types: Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans. Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan . |
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Various Types of Insurance Plans
Life Insurance Plan-(Protection Plan, Premium Guarantee plan, Education Plan & Wealth Creation Plan) Protection Plans: Currently available products to purchase
1) ICICI Pru iCare: It is a protect your family’s future and ensure that they lead their lives comfortably without any financial worries, even in your absence. Protection Plan – Old products not available for fresh purchase
1) ICICI Pru iprotect: It is a term insurance plan which you can buy online at your convenience in just 3 easy steps. Premium Guarantee Plans – Old products not available for fresh purchase 1. InvestShield CashBak: It provides a premium guarantee and also balancing the returns, safety & liquidity. It is a unit linked plan. 2. InvestShield Life New: A plan where the customer is guaranteed that he will at least get back his premiums. It is a unit linked plan which also provides premium guarantee and the customer gets the benefits of high returns. The policy also offers a protection to the family with a life insurance cover. Education Insurance Plans: Currently available products to purchase 1) SmartKid Regular Premium: It is a traditional plan where funds are provided for the needs of the child in the future. Education Insurance Plan - Old products not available for fresh purchase
1. SmartKid New Unit-linked Regular & Single Premium: The policy is made in such a way that the child receives money at a stage, for his educational needs.Wealth Creation Plan: Currently available products to purchase
1) ICICI Pru Elite Life – It is a unit linked insurance plan, planned exclusively for preferred customers like you. This plan offers you multiple choices on how to invest your savings along with an insurance cover. 2) ICICI Pru Elite Wealth - you get rewarded with Loyalty Additions from the sixth year onwards to maximize the return on your investments. |
1) PremierLife Gold: Premier Life Gold helps with long-term wealth creation. It is a limited premium paying plan. And from the second year onwards it also provides flexibility of premium reduction.
2) LifeStage RP: The LifeStage RP is unit linked plan that provides you with a portfolio strategy and keeps distributing your funds across the different asset classes depending on your profile.
3) Wealth Advantage: It’s an exclusive whole life single premium unit linked plan that provides long term coverage up to the age of 70 years. And you have the option of withdrawing your funds systematically.
4) Lifetime Gold: This plan is a unit linked plan from which you can get high returns over a long term with easy investment options. It offers 8 fund options - Preserver, Protector, Return Guarantee Fund, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth.
5) LifeStage Assure : A unit linked insurance plan that provides Guaranteed Maturity Addition of 100%- 450% of first year premium based on the term and number of premiums paid. Also your funds are allocated across several asset class based on your profile.
6) LifeLink Super: It’s a single premium unit linked insurance which offers premium allocation along with a chance to get high returns over the long term, and your family is also protected by this plan.
1) ICICI Pru Health Saver – It is a comprehensive whole of life health insurance plan that takes care of hospitalization costs as well as all your health care needs.
2) ICICI Pru Hospital Care II: It is a family floater plan covering your spouse and children.
3) ICICI Pru Crisis Cover – It is a comprehensive critcal illness insurance policy that provides coverage against 35 critical illnesses, total and permanent disability, and also death.
1) ICICI Pru MediAssure: A Health Insurance Plan with AAA guarantee for the family
Assured cover till age 75 years
Assured coverage for accepted pre-existing illnesses after 2 years
Assured price for 3 years
Moreover, this policy covers all your hospitalisation needs with the flexibility to choose your location and quality of treatment.
2) Diabetes Plans: It is a long term insurance policy created for individuals with Type II diabetes and pre-diabetes. It offers long term (upto 20 years) control over diabetes through a specially designed Wellness Programme including regular health checkups and a Diabetes Coach to facilitate diabetes management. It also provides you coverage against seven major critical illnesses.
3) Cancer Plans: It provide a regular premium plan that helps you with a cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions.
4) Comprehensive Health coverage: provides comprehensive hospitalization cover and reimburses all other medical expenses by building a health fund.
5) Critical Illness Plan: It is a 360-degree product that will provide long-term coverage against 35 critical illnesses, total and permanent disability, and death.
6) Hospitalisation Plan: A health insurance policy that provides assured insurability till age 75 years, assured coverage for accepted pre-existing illnesses after 2 years and an assured price for 3 years. Also there is another hospital care plan where there is a fixed benefit plan covering various stages of treatment – hospitalisation, ICU, procedures & recuperating allowance. It covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years.
7) Lifetime Super Pension: It is a regular premium unit linked pension plan that helps one accumulate over the long term and offers 5 annuity options (life annuity, life annuity with return of purchase price, joint life last survivor annuity with return of purchase price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity without return of purchase pric5 at the time of retirement.
8) LifeLink Super Pension: A single premium unit linked pension plan