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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.
Some of the key benefits of ICICI Prudential Rural Plans are:
ICICI Prudential currently offers two rural plans, as highlighted below:
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:
|
NA |
Minimum:
|
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 |
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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