• ICICI Prudential Rural Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    India is home to over 1.2 billion people, of whom close to 80 million reside in rural areas. While urban areas are developed and have a higher standard of living, the same cannot be said about most rural places. With life insurance penetration in India increasing each year, insurers have started targeting the rural population, with plans designed keeping their needs in mind.

    The needs of rural and urban India are poles apart, which gives rise for a need to have insurance plans for those residing in rural areas. ICICI Prudential offers insurance plans which meet the requirements of the rural populace. These are essentially cheaper to purchase and maintain, helping one enhance their overall quality of life, while imbibing the concept of savings.

    Benefits of ICICI Prudential Rural Plans

    Some of the key benefits of ICICI Prudential Rural Plans are:

    • Affordable – These plans are extremely affordable, with premiums starting as low as a few hundred rupees, ensuring that even those with meagre sources of income can purchase them.
    • Life cover – These plans provide financial security to the family of an insured in the event of his/her demise.
    • Flexible – One can choose the premium payment term, policy term, premium amount, etc. based on his/her needs.
    • Loans – There is a provision to avail loans against a rural policy, subject to it having attained the surrender value.
    • Tax benefits – The premium paid by an individual is eligible for tax benefits under Section 80C of the Income Tax Act.

    Types of Rural Plans offered by ICICI Prudential

    ICICI Prudential currently offers two rural plans, as highlighted below:

    ICICI Pru Anmol Bachat:

    This is a non-linked, micro-insurance scheme. It is designed to offer savings plus life cover. A participating endowment scheme, it provides protection at affordable prices. Policyholders are eligible for an assured maturity benefit after the policy matures. The maturity amount consists of the guaranteed minimum amount plus any reversionary and terminal bonuses accrued by the policy. In the event of demise of policyholder, a death benefit which is higher of the sum assured plus bonuses, or 105% of the premiums paid till death will be paid to the nominee.

    Plan Name Entry Age Maturity Age Premium
    ICICI Pru Anmol Bachat Minimum: 18 years Maximum:
    • 60 years for single pay policy
    • 40 years for 5 year PPT
    • 50 years for 7/10 year PPTs
    • 55 years for 15 year PPT
    NA Minimum:
    • Single pay – Rs.2,400
    • Regular pay – Rs.2,400 per annum
    • Single pay -Rs.12,000
    • Regular pay – Rs.12,000 per annum

    ICICI Pru Sarv Jana Suraksha:

    This is a non-linked, non-participating micro insurance scheme which comes with a five year term. There is no bonus provided under this policy, with it suited for those looking to secure the interest of their loved ones in the event of their death. The scheme provides a death benefit to the nominee if the policyholder passes away while the policy is active. There is no maturity benefit under this plan.

    Plan Name Entry Age Maturity Age Premium
    ICICI Pru Sarv Jana Suraksha Minimum: 18 years Maximum: 55 years NA Based on the sum assured chosen

    Why do you need ICICI Prudential Rural Plans?

    The needs of people residing in rural India are rarely met, especially when it comes to insurance. ICICI Prudential is one of the few insurers offering specialised products for those living in rural areas. Not only are these plans affordable, they also provide flexibility to policyholders. One can invest a minimal amount and stay protected through these plans.

    In addition to the individual benefits of these plans, ICICI Prudential also has a high claim settlement ratio (96.20% as of 2015-2016), meaning that the company is customer centric. It also has an excellent grievances resolved ratio of 99.87%, making these plans even more attractive.

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