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ICICI Prudential Life Insurance |
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Traditional Plans
These are the oldest types of plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are:
1. Steady Investment
• Major chunk of ingestible funds are in debt instruments.
• Steady and almost assured returns over the long term.
2. Features
• Death benefit is Sum Assured + guaranteed & vested bonus.
• Helps in asset creation as they are for a long tenure.
• Premium to Sum Assured ratios are fixed for each plan and age.
• Generally withdrawals are not allowed before maturity.
Life Insurance Plans
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided.
ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child´s education will be secure. These plans ensure that money is made available at the crucial junctures in a child´s education - Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child´s future. Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child´s education continues unhampered.
Under the education insurance plans platform, ICICI Prudential brings the following products to you.
• SmartKid New Unit-Linked Regular Premium.
• SmartKid New Unit-Linked Single Premium.
• SmartKid Unit-Linked Regular Premium.
Wealth Creation Plans
Wealth Creation Plans give the customer the dual benefit of protection along with the potentially higher returns of market-linked instruments. Wealth creation plans offer the customer more liquidity options as compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover to be allied to the returns of market-linked instrument - giving them an unmatched combination of benefits.
Under the wealth creation platform, ICICI Prudential brings the following:
• LifeTime Super.
• LifeLink Super.
• PremiumLife Gold.
• LifeTiem plus.
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the Premium Guarantee plan - InvestShield Life New. Premium Guarantee plans are the ideal insurance-cum-investment option for customers who want to enjoy the potentially higher returns of a market-linked instrument, but without taking any market risk.
Under the Premium Guarantee Plans platform, ICICI Prudential brings to you the following products:
• InvestShield Life New
• InvestShield CashBak.
Protection Plans
The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard one´s family from the financial implications of unfortunate circumstances than one cannot foresee.
Under the Protection Plans platform, ICICI Prudential brings to you the following products:
• Lifeguard
• Save & Protect
• CashBack
• Home Assure
Retirement
Ques: Why is retirement planning important?
Ans: A retirement plan is an assurance that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working. To understand why an increasing number of individuals have already started planning for their retirement, and why you should too, read on.
Independence is the new way of life: An increasing number of young Indian professionals are moving away from the traditional joint family structure. Since support no longer comes easily, parents have realized the need to provide for themselves during their retirement years.
Costs set to soar: Skyrocketing costs throw even a well-salaried person off balance. With rates rising everyday, you can imagine how high they will be when you are ready to retire. A retirement plan provides you with a steady income every month, to arm you in the face of rising costs.
Non-earning retirement phase is now longer: Only 4% of India working population- mostly government employees - are covered by pensions. The remaining 96% comprises self-employed and salaried professionals who do not have a formal, mandated provision for pensions.
Ques: Why start planning for retirement right away?
Ans: Both Ramesh and Vikram want to retire at the age of 60 years. To take care of his post-retirement requirements, Ramesh invests a total amount of Rs. 35 lakhs towards his retirement corpus. On the other hand, Vikram invests a total of Rs 50 lakh towards his retirement. Despite investing less, Ramesh accumulates Rs 298 lakh, compared to Vikram´s accumulation of Rs 216 lakh!. Read on to find out how..
What Ramesh had in his favour been TIME? He began investing a sum of Rs 1 lakh p.a. earlier, at the age of 25 years, up to the age of 60. Ramesh, to compensate for lost time, saved twice the amount invested by Ramesh i.e. Rs. 2 lakhs every year from the age of 35, till the age of 59 years.
It is for this precise reason you should plan for your retirement now-and not later; so you get the advantage of investments that multiply quickly each year, giving you the added advantage!
The graph above shows the retirement amount both Ramesh and Vikram accumulate by the age of 60 years.
Please note: The assumption is that both investments appreciate at the rate of 10% per annum.
Ques: How to plan for retirement?
Ans: 5 simple steps to arrive at an ideal retirement plan:
Step 1: Decide how much income you require to live comfortably in your post-retirement years. Remember to take into account aspects like increased medical costs, vacations and gifts for family, but reduce costs like children´s education and rent, if you own your home. Use our easy Inflation Index Calculator to calculate the impact of inflation.
Step 2: Determine how much you need to save regularly, starting today. Use our Retirement Calculator to determine how large a kitty you will need and how much you need to save each year.
Step 3: Select the right retirement plan that enables you to meet your post-retirement requirements. Preferably invest in market-linked plans, which can provide you with potentially higher returns in the long run. Our Life Stage Profiler will help you select the plan that meets your criteria.
Step 4: Start saving now so you have time on your side and can enjoy the power of compounding. Use our simple Power of Compounding Calculator.
Step 5: Systematically invest a fixed amount every month for your post-retirement years.
ULIP Vs Traditional
Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief detail of both segments:
Unit Linked Insurance Product
ULIPs have gained high acceptance due to attractive features they offer. These include:
1. Flexibility
• Flexibility to choose Sum Assured.
• Flexibility to choose premium amount.
• Option to change level of Premium / Sum Assured even after the plan has started.
• Flexibility to change asset allocation by switching between funds.
2. Transparency
• Charges in the plan & net amount invested are known to the customer.
• Convenience of tracking one's investment performance on a daily basis.
3. Liquidity
• Option to withdraw money after few years (comfort required in case of exigency).
• Low minimum tenure.
• Partial / Systematic withdrawal allowed.
4. Fund Options
• A choice of funds (ranging from equity, debt, cash or a combination).
• Option to choose your fund mix based on desired asset allocation.
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ICICI Prudential Life |
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