ICICI Pru term insurance was made with the intention of securing the lives and future of the Indian population by conglomerating with Prudential Corporation Holdings Limited.
ICICI term insurance remained the choice of millions due to ICICI loyalty to customers and the claim settlement ratio of the company. The term plan formulated under ICICI term insurance not only provides lifelong financial protection but also pledges to give timely coverage on the investigation of a terminal illness.
ICICI Prudential was established two decades ago and till now has earned more than 5 million valuable customers around the country. Let’s see how ICICI term insurance assists in fulfilling the protection goals of the respective individual.
Claim Settlement Ratio
ICICI term insurance claim settlement ratio for the current financial year is 97.88%. This is the reason why most of the customers drive toward the ICICI term insurance plan. ICICI Prudential work strenuously towards each term insurance claim by thoroughly examining it and providing tailored solutions.
ICICI term insurance handles every query and claims with utmost responsibility and always strives to provide pure satisfaction to its policy buyers. Also, in the year financial year 2016-17, ICICI Prudential has been rated a No. 1 in terms of customer loyalty.
ICICI Prudential has constructed cheap and highly affordable term plans by keeping the money factor in mind which is a major concern for every policyholder
ICICI term plan contains the online facility which enables a policyholder to scrutinize their policy terms and conditions, register a claim, intimate a claim, know the claim status and can raise any other query online.
Quick Claim Settlement
Through 24/7 round the clock service of ICICI Prudential customer care has made the settlement process easy and effortless. The introduction of electronic modes of transfer in ICICI term insurance, the payment of coverage amount has saved a lot of time, money and efforts of the policyholder.
Special Benefits For Women
While buying ICICI term plan through an online portal, the premiums rates for female policyholder are relatively low as compared to the male counterparts. ICICI Prudential also includes protection against critical illnesses like breast cancer and cervical cancer commonly found in women.
When you buy an ICICI term insurance plan, you will be a gifted tax benefit for the premiums paid in favor of the term plan. The benefits will be calculated with respect to Section 80C in all plan options and 80D under Income Tax Act. Tax benefits are basically the tax exemptions a person get on the annual tax payment for the annual salary.
Awards and Accolades
ICICI Prudential term insurance has been honored with ‘Best Term Insurance Provider' at Money Today Financial Awards 2017-18 and "Best Insurance Firm of the Year 2018. Also, ICICI Prudential is given the title of ‘Life Insurance Provider of the Year” by Outlook Money Awards 2018.
This ICICI term plan smartly protects the family of assured whenever the death occurs of the life assured and also give coverage for terminal illness including AIDS.
This ICICI term plan offers different variants or plan options to receive coverage-
1. Life Options
The family of life assured under this ICICI term plan options will get death benefit in lump sum or regular income as per the payout option is chosen. The assured is also supplied the basic sum assured on terminal illness. In addition, all the premiums will be waived off, if the assured is reported as permanently disabled.
2. Life Plus
This ICICI term plan option bestows you guaranteed death benefit and terminal illness benefits on death or terminal illness whichever happens first. However, if your death occurs due to road accidents, then the sum assured taken under accidental death benefit will be paid along with basic coverage. After payment of all these benefits, the policy shall be terminated.
Life plus health term plan options ensure the safety of family after the death of assured and safety of life assured from the critical illnesses during the term of the policy.
The beneficiaries will receive the entire sum assured on death or terminal illness to pay the immediate liabilities. In addition, if the assured show any traces of critical illness and treatment of the following diseases is recommended by the treating doctor, then an additional sum assured will be paid to successfully carry out the hospitalization.
4. All in One Option
This ICICI term plan option is an amalgamation of all three plans deliberated above. It includes a death benefit, terminal illness benefit, accidental benefit, critical Illness benefits and waiver of premium in case of permanent disability due to an accident.
|Sum insured||Based on the income of the policyholder|
|Age of entry||18 years to 60 years|
|Term of policy||5 to 67 years|
|Maturity Age||Up to 85 years|
|Premium Payment Mode||Single, Yearly, Half-Yearly and Monthly|
|Minimum Premium paid||Rs 3,600 per year including all the taxes like GST and Cess.|
|Accidental Death Rider sum insured||Rs 1,00,000 to Rs 75,00,000|
|Critical Illness Rider sum insured||Rs 1,00,000 to Rs 75,00,000|
Life Assured is considered as permanently disabled under following conditions laid down under ICICI term plan-
Accidents can happen without any advance notice and can doom the personal savings of the family in one go. ICICI Prudential Accidental Death benefit was constructed to provide extra coverage which will not affect hard earned saving and income of the family.
On the payment additional premium, the life assured can avail extra coverage against 34 critical illnesses.
|Cancer of specified severity||Angioplasty||First Heart Attack – of Specified Severity||Chronic Lung Disease||Chronic liver disease Major Organ Benefit|
|Kidney Failure Requiring Regular Dialysis||Major Organ/ Bone Marrow Transplant||Apallic Syndrome||Benign Brain Tumour||Brain Surgery|
|Coma of specified Severity||Major Head Trauma||Permanent Paralysis of Limbs||Stroke resulting in permanent symptoms Brain and Nervous System Benefit||Alzheimer’s disease|
|Motor Neurone Disease with Permanent Symptoms||Multiple Sclerosis with Persisting Symptoms||Muscular Dystrophy||Parkinson’s disease||Poliomyelitis|
|Loss of Independent Existence||Loss of Limbs||Open Heart Replacement or Repair of Heart Valves||Loss of Speech Others||Medullary Cystic Disease|
|Blindness||Deafness||Open Chest CABG||Primary Pulmonary Hypertension||Cardiomyopathy|
|Surgery to aorta Heart and Artery Benefit||Major Burns||Aplastic Anaemia||Systemic lupus Eryth with Renal Involvement|
Suicides are excluded from getting any coverage. However, a return of premium will happen if-
By reading all the above plans, benefits, riders options and payout option under ICICI Term Insurance plans, you must have got the idea ‘How beneficial it is to invest in ICICI Term Plan?’
For reviewing a company before buying a term insurance plan, two factors are kept in consideration. The first one is the claim settlement ratio and the second one is the solvency ratio.
As discussed in the upper section, ICICI Term Insurance claim settlement ratio stood at 97.88%. Whereas, ICICI Prudential solvency ratio for the current financial year rest at 3.20 which is more than the standard minimum limit (1.5) as dictated by IRDA.
Furthermore, ICICI Term plan has a very unique feature of flexibility that protects and prioritize the freedom and choice of the policyholders. Flexibility to choose the sum assured, premium paying term, premium paying frequency, riders options, death benefit payout options and much more to flaunt out.
To Photocopy as well as original evidence of
Photocopy as well as original proofs of
Rest all the documents required are the same as pointed above in the death claim of ICICI Term Insurance.
The nominee/ claimant has to follow a three-step convenient process to file a claim for the ICICI Term plan.
1. Inform the claim immediately
Give information about the claim as soon as it happens. This will help the claimant to get fast claim processing. Claimant or nominee is required to submit claim intimation in addition to needed documents to the nearest branch of ICICI Prudential.
2. Processing of claim
The customer care unit of ICICI Prudential will start working over the claim by studying the documents provided and will deliver the decision of claim acceptance or rejection within 15 days.
3. Settlement of claim
After the claim has been approved by ICICI Prudential, the claim will be settled within 30 days after the investigation has been completed. The payment will be made in an electronic form for further convenience of the nominee.
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Last updated on 13-11-2019