ICICI Prudential Life Insurance Company

The insurance company offers a variety of life insurance products to cater to the needs of its customers. These include savings plans, retirement plans and many more.

With Pazcare employers can provide their employees with a group term plus life insurance policy from ICICI Prudential Life Insurance company. 

Get the best quotes for the ICICI Prudential group term plus life insurance policy for employees and manage the policy using Pazcare’s tech-enabled dashboard. 

How to buy ICICI Prudential group term plus life insurance from Pazcare?

These simple steps allow you to purchase the ICICI Prudential group term plus life insurance policy online from Pazcare.

Step 1: Visit Pazcare and click on the products drop down and choose group term life insurance.

Step 2: After going through all the necessary information regarding a group term life insurance policy for employees, fill in the form containing your name, phone number, work email address and the number of employees you wish to purchase ICICI Prudential group term plus life insurance for.

Step 3: Submit this form and our insurance consultants will get back to you to know more about your requirements regarding the GTL policy. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you the best quotes.

Step 4: Once all the above data are submitted, we will get back to you with the best quotes for the GTL policy from the ICICI Prudential Life Insurance company.

Step 5: Please accept the terms and conditions of the policy and pay the premium quoted for that financial year. The policy is activated immediately after the purchase.

Step 6: Our team will help you with the process and take you through the Pazcare dashboard where you can manage the ICICI Prudential group term plus life insurance policy.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596 

ICICI Prudential group term plus life insurance plan

ICICI Prudential group term plus insurance for employees is a tailor-made term life insurance plan for employees. The premium paid towards the group term plus life insurance policy for employees is much lower than any retail plan.

Customise your GTL policy can be customized by adding riders like

• Critical illness riders
• Accidental death riders
• Disability riders

The premium varies according to the type of riders you choose for your group term insurance plan.

ICICI Prudential group term plus life insurance renewal

The ICICI Prudential group term plus life insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our insurance consultants will get in touch with you and request you to submit the following documents.

• Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
• Claim history of the last 3 years along with the reason for the death of the employees (if any)
• Policy copy

Step 3: After submitting these details you can choose additional riders to the policy at your convenience. Once you decide, we will get back to you with the best quotes for your ICICI Prudential group term life insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your ICICI Prudential group term life insurance policy. 

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too. 

We make sure that your GTL policy experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

ICICI Prudential Life Insurance claim settlement ratio

The claim settlement ratio is the percentage of the claims settled by the ICICI Prudential Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled. 

In the financial year, 2019-20, the claim settlement ratio of ICICI Prudential Life Insurance Company is 99.90%.

ICICI Prudential group term plus life insurance premium

The ICICI Prudential Life group term insurance premium depends on various factors like

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the ICICI Prudential group term plus insurance plan.

Sum assured

Depending on the amount of sum assured the employer wish to offer the premiums towards the GTL policy may increase.

Job risks

The nature of the job and the risks involved for the employees also determine the group term plus life insurance premium. For instance, jobs that involve a lot of risks like employees working in a manufacturing industry may have higher premiums when compared to employees with desk jobs.

Claim history

For renewals, the claims history for the last 3 years, and the reason for the death of the employee also determine the premium of the ICICI Prudential Life group term plus insurance policy.

CTC of the employee

The grade and CTC of the employees determine the premiums of the GTL policy as some employers wish to offer a CTC-based sum assured. This means the higher the CTC, the higher the sum assured.

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