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ICICI Prudential Group Plans

Insurance is not important just for individuals, it also plays a key role in keeping groups together. Gone are the days when employees looked at their employers just for salary, for today, an employer is expected to provide additional incentives to retain talent. One incentive which can go a long way is a good insurance cover, helping employees feel protected, giving them a sense of belonging. ICICI Prudential offers group plans for formal (employer-employee) groups as well as informal (non-employer-employee) groups.

Investing in these plans is affordable, helping organisations boost productivity and improve overall quality of life of everyone involved.

Benefits of ICICI Prudential Group Plans

Some of the benefits of purchasing ICICI Prudential Group Plans are highlighted below:

  • Tax savings – An employer/group head can save money on taxes when he/she purchases group plans for his/her employees.
  • Safety – These plans provide life cover to the members of a group, helping them focus on work without having to worry about unforeseen events.
  • Incentives – An employer can use these plans as an additional incentive to retain talent, helping the organisation grow as a whole.
  • Returns – Some of the plans offer decent returns on investment, thereby serving a dual purpose of savings plus investment.
  • Customisation – An employee can choose to customise a plan based on current needs.
  • Renewal – It is possible to renew these plans annually. An employer can utilise resources accordingly.
  • Affordable – Compared to individual plans, group plans are affordable, offering protection at reasonable prices.

Types of Group Plans offered by ICICI Prudential

ICICI Prudential currently offers 7 different group plans, as listed below:

ICICI Pru Loan Protect:

This is a non-linked group insurance scheme designed to protect financial institutions and their borrowers. It is ideal for financial organisations which offer lending services, wherein the scheme offers life cover to borrowers, ensuring that any unforeseen event does not result in financial strain. A death benefit is paid to the nominee if the policyholder passes away while the plan is in force. There is no maturity benefit under this scheme. One has the option to choose between a fixed cover or reducing cover, based on their needs.

Plan Name Entry Age Maturity Age Group Size Premium
ICICI Pru Loan Protect Minimum: 18 years Maximum: 65 years Minimum: 23 years Maximum: 70 years NA Based on sum assured chosen

ICICI Pru Loan Protect Plus:

This is an enhanced version of the Loan Protect scheme, wherein a borrower is protected against critical illnesses and disability as well. It ensures that any unfortunate incident does not put the onus of repaying the loan on the family of the borrower. A policyholder can choose the term which suits his/her needs. The scheme protects against accidental death as well, wherein an accidental death benefit is paid to the nominee (over and above the normal death benefit). There is no maturity benefit under this scheme.

Plan Name Entry Age Maturity Age Group Size Premium
ICICI Pru Loan Protect Plus Minimum: 18 years Maximum: 65 years Minimum: 23 years Maximum: 70 years NA Based on sum assured chosen

ICICI Pru Group Term Plus:

This plan is designed for employers/organisations who wish to provide protection to their members. Under this scheme, a master policyholder pays the premiums, with the policy term being one year. In the event of demise of any member of the group, a sum assured is paid to his/her nominee. There is no maturity benefit under this scheme.

Plan Name Entry Age Maturity Age Group Size Premium
ICICI Pru Group Term Plus Minimum: 15 years Maximum: 79 years NA Minimum:
  • Formal group – 10 members
  • Informal group – 50 members
Minimum: Rs.10,000 per annum

ICICI Pru Group Gratuity Plan:

This is a plan designed to provide gratuity solutions to employers. One can choose from two products, a unit linked plan or an endowment plan to meet their gratuity requirements. A relationship manager is appointed to help in the administration process. The amount invested by an employer is further invested in debt and equity funds, with the returns helping the employer meet his/her gratuity commitments.

Plan Name Entry Age Maturity Age Group Size Premium
ICICI Pru Group Gratuity Plan Minimum: 17 Maximum: 85 NA Minimum: 10 Based on sum assured chosen

ICICI Pru Group Superannuation Plan:

As the name implies, this scheme is designed to provide superannuation solutions to the employer and employee. An employer can choose from two schemes, Defined Benefit and Defined Contribution. Under the Defined Benefit scheme, it is the employer who pays the premiums, with this amount invested in different funds. On exit, an employer can utilise the amount in these funds to pay the employer. In the Defined Contribution scheme, a certain portion of the employee’s salary is used to pay the premium. An employer can choose from three superannuation products, Group Unit Linked Superannuation, Group Superannuation Suraksha, or Group Suraksha Plus Superannuation.

Plan Name Entry Age Maturity Age Group Size Premium
ICICI Pru Group Superannuation Plan Minimum: 20 years Maximum: 85 years NA NA Based on sum assured chosen

ICICI Pru Group Leave Encashment Plan:

This scheme helps employers fulfil their leave encashment obligations. Most organisations have policies wherein employees are paid an amount for their unutilised leaves when they leave the company. Under this scheme, the employer invests a certain amount which is invested by the insurer. The employer can use the proceeds from this investment to pay an employee his/her leave encashment amount. There are two options one can choose from, a non-participating endowment plan or a unit linked policy. The policy has a validity of one year, post which an employer can choose to renew it.

Plan Name Entry Age Maturity Age Group Size Premium
ICICI Pru Group Leave Encashment Plan Minimum: 15 years Maximum: 85 years NA NA Based on sum assured

ICICI Pru Group Immediate Annuity Plan:

This is a non-linked group scheme designed to provide annuity solutions to employers. An employer pays a single premium to purchase this scheme, post which an employee is eligible to earn annuity for life. The scheme comes with five payout options, ensuring that an employer can choose one which best suits the needs of his/her employees.

Plan Name Entry Age Maturity Age Group Size Premium
ICICI Pru Group Immediate Annuity Plan NA NA NA Based on sum assured

Why do you need ICICI Prudential Group Plans?

It is important for an organisation to protect the interests of its members. With increased competition, employees can choose to move to a rival organisation if they are unhappy with the benefits they are currently entitled to. ICICI Prudential Group Plans enable employers to provide incentives to employees. These plans invest in the wellbeing of members, making them feel wanted, helping retention.

Additionally, ICICI Prudential offers group solutions to both, formal and informal groups, ensuring that more entities are covered. With a host of plans on offer, it is possible to meet multiple requirements. An employer can also customise a policy based on current financial needs.

These plans can be renewed annually, providing employers an opportunity to assess the performance before they choose to renew them. Affordability is another key factor which one can consider, with these schemes offering attractive returns on investment. Not only do these plans provide benefits to employees, they also limit an employer’s burden. A dedicated relationship manager helps plan resources accordingly, ensuring that an employer can concentrate on running the organisation, with the plans looking after additional requirements. An employer can avail gratuity, superannuation, and leave encashment solutions under these plans.

ICICI Prudential’s attention to customers is another strong point. The company has a high claim settlement ratio of 96.20% (as of 2015-2016). It also had a grievances solved ratio of 99.87%, making it one of the best private insurers in the country.