ICICI Term Plans
ICICI Term Plans
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ICICI Term Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The company started its operations in the financial year 2001 and since then, it has ranked among the top players of the life insurance industry. The company operates on the core philosophy of customer-centricity. The company offers long-term savings and protection products to meet different requirements of customers. The company has developed and implemented several initiatives to provide affordable insurance solutions, quality services, better fund performance, and a hassle-free claim settlement experience.

To offer comprehensive protection, the company offers best term insurance plans to secure the future of your family.

Types of ICICI Term Insurance Plans

ICICI is the number one choice for millions of people due to its loyalty and claim settlement ratio. ICICI term insurance not only provides lifelong financial protection but also pledges to give timely coverage in case of a terminal illness. Let's explore the plans in detail.

1. ICICI Pru iProtect Smart

ICICI Pru iProtect Smart is one of the top-selling products online. It offers comprehensive protection and critical illness cover (optional) to your family. This plan also comes out with an option to provide accidental death cover up to 2 crores.

  • Affordable Plan : It is a pocket-friendly term insurance plan. For e.g, a person of 30 years will pay Rs.12, 970 per annum (policy term- 45 years) as a premium for a cover of Rs.1 crore.

  • Longer Cover : The plan allows you to get covered till the age of 85 years and you also have the option to get whole life cover till the age of 99 years.

  • Cover 34 Critical Illnesses (optional): The best thing about this optional cover is that it provides claim payout on the first diagnosis of any of the listed 34 Critical Illnesses. 

  • Four Pay-out Options: The plan provides four payout options such as lump sum, monthly income, increasing income, and lump sum plus income. The plan allows you to choose the desired option as per your needs.

  • Tax Benefits: The plan provides tax benefits up to Rs. 54,600 under Section 80C and 80D of the Income Tax Act.

Eligibility Criteria

Sum insured

Subject to the minimum premium

Age of entry

18 years to 65 years

Term of policy

5 to 99 years

Premium Payment Mode

Single, Yearly, Half-Yearly and Monthly

Minimum Premium paid

Rs. 2400 excluding applicable taxes such as Goods and Services Tax and/or cesses.

**Last Updated on 02-07-2020

2. ICICI Pru iCare II

ICICI Pru iCare II offers financial protection to your family. This plan makes sure that your family lives comfortably without any financial worries in your absence. In case of your unfortunate death during the policy tenure, your family will receive a lump sum amount. This plan provides extra protection in case of death due to an accident.

Key Features

  • Flexibility: The plan allows you to choose the protection cover as per your needs. It offers two options which are mentioned below.

    • Option I: Death benefit equal to Sum Assured chosen by the policyholder.
    • Option II: An additional death benefit equal to Sum Assured chosen by the policyholder or Rs. 2 Crore.
  • Death Benefit: In the unfortunate event of the death of the Life Assured during the term of the policy, the nominee shall receive the following death benefit: 

    • iCare II Option I - Sum Assured chosen by the policyholder (absolute amount assured to be paid on death).
    • iCare II Option II (applicable only for Regular Pay option) - Sum Assured chosen by the policyholder plus Accidental Death Benefit (absolute amount assured to be paid on death).
  • Surrender- In the case of Regular Pay, your policy does not have a surrender value. 

    In the case of One Pay, the Surrender Value will be calculated as given below:

    Surrender Value=Surrender Value Factor*Single Premium

  • Tax Benefits: Tax benefits under the policy are subject to conditions u/s 80C and 10 (10D) of the Income Tax Act, 1961. 

Eligibility Criteria

Entry age

18 years to 65 years

Maturity age

85 years

Premium payment 

Regular pay, one pay

Policy term

Regular Pay: 5 years to 67 years

 One pay: 5/10 years

Maximum Sum Assured that can be chosen 

Unlimited

Accidental Death Benefit (Only with iCare II Option II) 

Equal to Sum Assured chosen by you, subject to a maximum of Rs. 2 Crore

**Last Updated on 02-07-2020

3. ICICI Pru Precious Life

ICICI Pru Precious Life is specially designed to provide life cover to individuals who have existing health problems which include diabetes, cholesterol, high blood pressure, or those who have undergone critical surgeries such as angioplasty or open-heart surgery.

Key Features

  • Flexibility: The plan offers the flexibility to pay the premium once for a limited period or throughout the policy term.

  • Payout: You can choose to receive the benefit amount as a lump sum or as monthly.

  • Enhanced Protection: The plan offers the option to enhance the safety net with an accidental benefit.

  • Loyalty Discount: The plan offers a discount on the first year's premium. The discount will be 5% for Regular Pay policies and 2% for Limited Pay policies. 

  • Maturity or Paid-up or Survival Benefit: There is no maturity, paid-up value, or survival benefit available under this product.

  • Tax Benefits:  The premium paid and benefits received are eligible for tax benefits U/S. 80C and 10(10D) of Income Tax Act, 1961.

Eligibility criteria

Entry age

18 to 65 years

Maturity age

23 to 70 years

Premium payment options

Single pay, limited pay, regular pay

Minimum premium

Rs. 2,400 excluding applicable taxes such as Goods and Services tax and cesses, if any

Minimum Sum Assured

Rs.2,00,000

**Last Updated on 02-07-2020

4. ICICI Pru Life Raksha

ICICI Pru Life Raksha is a pure term insurance plan that protects your family and provides them with a lump sum to meet immediate liabilities that may arise in your absence.

Key Features

  • Death Benefit: In case of an unfortunate event like the death of the life covered (Life Assured) during the policy tenure, the nominee shall receive the death benefit.

  • Five-year Regular Pay: It is a five-year regular pay plan. You have to pay a premium throughout the tenure to avail benefits of this plan.

  • Maturity Benefit: There is no maturity benefit or survival benefit payable under this plan. 

  • Surrender Benefit: There is no surrender benefit under this plan.

  • Tax Benefits: The plan will provide tax benefits under section 80C of the Income Tax Act, 1961. Goods & Services Tax and Cess (if any) will be charged extra as per prevailing rates. The tax laws are subject to amendments from time to time.

Eligibility

Entry age

18 to 60 years

Premium payment term

5 years

Sum assured

50,000 to 5,00,000

Modes of premium payment

Yearly, Half-yearly, and Monthly. Under monthly frequency, there is a premium loading of 5% unless the payment is made by direct debit

Minimum and maximum premium

Depends on the age of the life assured and chosen sum assured

**Last Updated on 02-07-2020

5. ICICI Pru POS iProtect Smart

ICICI Pru POS - iProtect Smart term insurance plan provides the flexibility to design your safety cover so that you can secure your family's future to make sure that they lead their lives comfortably without any worries in case of your demise. This plan also provides the option to enhance your coverage against accidental death.

Key Features

  • Affordable Premium: The plan allows you to secure your family at affordable prices.

  • Invest Without Medical Screening: You can buy this plan without a medical examination.

  • Flexibility: The plan offers the flexibility to pay premiums once for a limited period or throughout the policy term.

  • Additional Accidental Death Benefit: With this plan, you can boost your protection cover with an accidental death benefit.

  • Life Option: In case of unfortunate death of the insured, the plan will pay a death benefit to the nominee.

  • Life Plus Option: In case of death due to an accident, the plan will pay an accidental death benefit to the nominee. 

  • Tax Benefits: You will receive tax benefits on premiums paid and benefits received as per the prevailing tax laws.

Eligibility

Entry age

18 to 60 years

Maturity age

23 to 65 years

Policy term

5 to 65 years

Minimum premium

Rs.2400 excluding applicable taxes such as Goods and Services Tax and/or cesses

Maximum Sum assured

Unlimited (subject to board approved underwriting Policy)

Premium payment options

Single pay, regular pay, limited pay

**Last Updated on 02-07-2020

6. ICICI Pru POS Life Raksha

ICICI Pru POS - Life Raksha provides your family with a lump sum to meet immediate liabilities that may arise in your absence. 

Key Features

  • Death benefit: In the unfortunate event of the death of the Life Assured during the policy tenure, the nominee will get the death benefit. The death benefit is equal to the sum assured chosen by the policyholder.

  • Five-year Regular Pay: For life cover to continue throughout the policy term, you must pay premiums throughout the policy term. 

  • Five-year Regular Pay: For life cover to continue throughout the policy term, you must pay premiums throughout the policy term. 

  • Maturity Benefit: There is no maturity benefit or survival benefit payable under this plan. 

  • Surrender Benefit: There is no surrender benefit under this plan.

Eligibility

Entry age

18 to 60 years

Premium payment term

Policy term

Policy term

5 years

Sum assured

50,000-5,00,000

Modes of payment

Yearly, half-yearly and monthly

**Last Updated on 02-07-2020

ICICI Term Insurance Riders

  • Waiver of Premium: This rider makes sure that your term insurance plan stays active even if you are unable to pay premiums. It will waive off all future premiums and the benefits of the policy will remain the same. 
  • Critical Illness: In case you are being diagnosed with any of the critical ailments mentioned in the policy document, this rider will provide the needful financial cover to deal with the cost of treatment. Though the critical illnesses covered under the policy may vary from one insurer to another, some ailments like cancer, heart attack, brain tumour, etc.; are covered under the rider.
  • Accidental Death Rider: ICICI term insurance plans come out with a rider called accidental death rider. Under the same, the insurer pays double the sum assured to the nominee in case the policyholder dies in an accident.
  • Permanent & Partial Disability: It is helpful in case you become temporarily or permanently disabled due to an accident. Under the same, the insurance company pays a certain sum assured for the next five or ten years. Also, all future premiums on the main insurance policy are waived off by the insurance company.
  • Income Benefit Rider: It offers a regular source of income to the family in case of the demise or disability of the policyholder.

How To Buy ICICI Term Insurance Plans?

There are two ways to invest in the ICICI Term insurance plan -through the official website of the company or through PolicyX.com. Let's discuss the process in detail.

Buying through ICICI Prudential Life Insurance Company

  • Visit the official website of the 'ICICI Prudential Life Insurance Company'.
  • Click on the tab 'Plans'.
  • Take your cursor to the tab 'Term Insurance'.
  • Click on 'ICICI Pru iProtect Smart'.
  • Click on the tab 'Check Premium'.
  • Fill in the required details under 'Term Insurance Calculator'.
  • Click on the tab 'Check Premium'.
  • Verify the details.
  • Check for riders if you want to add any of them. 
  • Analyze the premium and click on the tab 'Proceed'.
  • Make the payment using available payment modes.
  • The company will share the policy documents on your registered mail Id. It will also send a hard copy on your address.

Rest of the ICICI term insurance plans are not available online. You have to visit the nearest ICICI prudential life insurance branch to invest in the same.

Buy Via PolicyX.com

  • Scroll up to the 'Get ICICI Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Fill the required details like phone number, name, and D.O.B. Click on the tab on 'Continue'.
  • Enter your Income, City and then click on 'Proceed'.
  • Please submit your education details and occupation type.
  • Analyze quotes and choose the ICICI term insurance plan.
  • Click on 'Buy this plan' under the chosen term insurance plan.
  • Check the details. Add relevant riders if needed.
  • Click on the tab 'Save & Continue'.
  • Your proposal is ready now. Click on the tab 'Pay Now'. You will land at the chosen ICICI's Prudential website.
  • Fill the details and make the payment using available payment options.
  • The company will share the policy documents over the registered email ID. 

What Is The Claim Process of ICICI Term Insurance?

  • Visit the official website of the ICICI Prudential Life Insurance Company.
  • Click on the tab 'Claims'.
  • Click on the tab 'Search Policy & Intimate Claim' present at the top right corner of the page.
  • To report a claim, enter the required details such as policy number, phone number, etc. (You can also register a claim by visiting the nearest branch of ICICI Prudential Life Insurance Company and connect to a representative who will guide you throughout the process).
  • Click on the tab 'Submit'.
  • Submit the required documents. You can do the same online (through email), courier, or by visiting the branch of the company.
  • The company will analyze the claim.
  • On receipt of the required documents, the company will convey the decision within 12 days.
  • The payment will be made to the registered bank account number.

Documents Required To Register The ICICI Term Insurance Claim

  • Claimant Statement/Claim intimation form duly filled and attested by the claimant.
  • Death certificate original as well as photocopies issued by Local Municipal bodies located in your area.
  • Identity proof and address proof of the nominee/claimant.
  • Cancelled cheque or the photocopy of passbook (of the nominee).

ICICI Term Insurance : FAQs

1. How do habits like smoking matter while investing in a term insurance plan?

The premium of term insurance plans generally is generally higher for a smoker as he/she comes in a high-risk category.

2. Can the premiums change after a period of time?

It depends on various factors such as the addition of riders or declaration of habits like smoking, drinking etc. or the declaration pertaining to a hazardous employment nature.

3. What are the tax benefits under a term insurance plan?

By investing in term insurance plans, you qualify for tax benefits under Section 80C of the Income Tax Act,1961. Under the same, you can claim a deduction of up to Rs. 1.5 lakh in a financial year.

4. Is the death of the insured person considered if she/he dies outside the Indian Territory?

Yes. Term insurance, once in effect, entitles the nominee(s) of the person even if she/he has died outside India.

5. Can I change the tenure of the cover after the policy is issued to me?

The duration of life cover cannot be changed once the policy is issued.

Last updated on 02-07-2020