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ICICI Term Plans
  • Protection Till Age 99 years
  • Terminal Illnesses Benefit
  • Waiver of Premium
  • Critical illness Cover
  • Tax Benefit Under 80C & 10D
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ICICI Term Insurance

ICICI Prudential term insurance was made with the intention of securing the lives and future of 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 terminal illness.

ICICI Prudential was established two decades ago and till now have 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.

Why ICICI Term Insurance Is The Best Term Insurance?

  1. 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 ICICI term insurance plan. ICICI Prudential work strenuously towards each term insurance claim by thoroughly examining it and providing tailored solution.

  2. Customer Satisfaction: 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.

  3. 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.

  4. Online Facility: ICICI term plan contains the online facility which enables a policyholder to scrutinize about their policy terms and conditions, register a claim, intimate a claim, know the claim status and can raise any other query online.

  5. Tax Benefits: When you buy an ICICI term insurance plan, you will be 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.

  6. 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.

  7. Low-Cost Premiums: 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

  8. 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.

Types of ICICI Term Insurance Plan

ICICI Pru iProtect Smart

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 lumpsum 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 permanent 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 accident, 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.

3. Life Plus health

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 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 death benefit, terminal illness benefit, accidental benefit, critical Illness benefits and waiver of premium in case of permanent disability due to an accident.

Eligibility Criteria

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

Benefits of Buying ICICI Pru iProtect Smart Term Plan

  • Life taking diseases AIDS is given due coverage which is generally excluded in other term insurance.

  • Flexible premium payment options can be chosen as per the choice of life assured

  • Reasonable rates of premium of buying ICICI Term Plan at a younger age.

  • Get coverage before death if you detected with any terminal illness where your death is bound to happen in six months.

  • Lifelong coverage up to 99 years by choosing this ICICI term plan.

  • ICICI term plan covers you from 34 critical illnesses where there is no need to submit any hospital bills for obtaining covered sum assured.

  • Additional protection from accidental death by attaching accidental death rider to ICICI Pru iProtect Smart - ICICI Term Plan.

How Death Benefit is Payable?

  1. Lumpsum: This option is preferred by a large population of policyholders who wants to meet immediate liabilities may develop after the death of the assured. This will safeguard the family from becoming financially crippled.

  2. Regular income: If you desire your family to continue living the prevailing lifestyle in future even after your death, then regular monthly income payout of death benefit is the best option.

  3. Increasing income: The death benefit will keep on escalating by 10% each year for 10 perpetual years. The amount of income paid per year will be 10% of the sum assured opted which divided into 12 equal parts for monthly payment.

  4. Lumpsum plus income: The beneficiaries of the policyholder will get the benefit of both lump sum and fixed regular incomes on the sum insured.

Benefits of ICICI Term Plan

  1. Death Benefit: What is the main purpose behind purchasing ICICI term plan? The primary motive of an ICICI term insurance plan is to provide timely death benefit either in lumpsum or in regular fixed income or increasing income. The choice is up to the life assured how he/ she want to protect his/her family according to future demands. ICICI term insurance plan guarantees 100% payment of sum assured on the death circumstances either in regular income or lumpsum.

  2. Terminal Illness Benefit: ICICI term plan covers the life assured form the terminal illness where the death becomes inevitable as investigated by the treating doctor of a particular terminal disease. What if you are detected with AIDS?. Then also, ICICI term insurance will provide the full payment of coverage on supplying proper evidence in the form of reports, tests, consultation charges, etc.

  3. Waiver of Premium: This benefit is free of paying any premium and is provided in ICICI term plan when the life assured get battered with a permanent disability due to an accident. The future premiums payments will be entirely exempted to help the assured and the payment will be borne by the company.

    Conditions

    Life Assured is considered as permanently disabled under following conditions laid down under ICICI term plan-

    • Permanent Blindness: Disease which cannot be rectified or recovered throughout the lifetime of assured.

    • Writing: Cannot perform any writing task like signature using a pen/ pencil due to loss of finger or hands. Cannot even type on a keyboard of computer or laptop.

    • Bending: Inability to bend knees to pick or touch the ground and get normal again.

    • Move or walk: Cannot walk 200 meters over a plain ground due to loss of one or two foot/ leg.

    • Lifting: Unable to lift any object carrying a weight of 2 kilograms for 60 second or one minute at least placed on a table.

    • Climbing: Inability to climb up on the staircase including a minimum of 12 steps and getting down again with the help of handrail for support.

    • The life assured must accomplish 3 out of 6 disability conditions mentioned above.

    • The pure reason behind Disability must be an accident or any violent, external means.

    • The disability must sustain for a minimum of 180 days and must be detected by ICICI Prudential panel of medical practitioners.

    • The ICICI term insurance plan must be active at the hour of exercising this benefit.

ICICI Term Insurance Riders

1. ICICI Prudential Accidental Death

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.

Conditions:

  • Minimum sum assured to buy accidental death rider is Rs 1 lakh.

  • Maximum sum assured available is Rs 2 crore under this ICICI prudential rider.

  • Only applicable to life plus option or All in one plan option.

  • Paid only when the life assured death was caused because of an accident.

  • Additional premium is to be paid which is quite affordable.

  • ICICI term insurance gives you complete freedom to attach this rider either on inception or during the term of the policy.

  • The accident happen must display bodily or external injuries that are pernicious to life. Death of assured must follow within 180 days after the accident had occurred.

  • Death happened through suicide, war or engaging in adventurous activities is excluded from receiving the coverage.

  • This rider benefit can be attached at any time during the term of the policy or at the commencement of policy.

2. ICICI Prudential Critical Illness Benefit

On the payment additional premium, the life assured can avail extra coverage against 34 critical illnesses.

Conditions:

  • Minimum critical illness rider sum assured chosen can be Rs 1 lakhs.

  • Maximum sum assured available is Rs 1 crore with abidance to underwriting process of ICICI Prudential Life Insurance.

  • This options can be attached at time of buying ICICI term plan

  • Scanned copy of the diagnosis report is the only requirement for registration of the claim

  • Assured will get coverage only on diagnosis of any of 34 illnesses.

  • No hospital bills are required for acceptance of ICICI term insurance claim.

Critical illness covered-

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

Exclusion

Suicides are excluded from getting any coverage. However, a return of premium will happen if-

  • the life assured commit the suicide within the first year (or 12 months) after the inception of ICICI term insurance policy, then at least 80% of the premiums will be returned to the nominee.

  • If assured commits suicide within the first year after the policy is revived

ICICI Term Insurance Review

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. First one is claim settlement ratio and the second one is 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 which protects and prioritize the freedom and choice of the policyholders. Flexibility to choose sum assured, premium paying term, premium paying frequency, riders options, death benefit payout options and much more to flaunt out.

FAQ's

1. How can we intimate about the ICICI Term Insurance claim?

  • Submit the claim online

  • Call on customer claim care center to communicate the claim information.

  • Visit the local branch of ICICI Prudential.

  • Write an Email or SMS on the official ID and number.

2. What documents are required to register the ICICI Term Insurance death 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.

  • Canceled cheque or the photocopy of passbook (of the nominee)

3. What documents are required to register ICICI Term Insurance claim for non-accidental death?

To Photocopy as well as original evidence of

  • Claim Intimation Form

  • Death certificate original as well as photocopies issued by Local Municipal bodies

  • Identity proof and address proof of the nominee/ claimant.

  • Bank details of the claimant like canceled cheque or the photocopy of passbook with name engraved over it).

  • Medical records like diagnosis results, admission reports, death summary, consultation notes, etc

  • Medical Certification of the cause of death (stating the reason behind death)

  • Medical attendant/ hospital certificate filled by the doctor.

  • Certificate from employer (only for salaried individuals)

4. What documents are submitted for accidental death claim under ICICI term plan?

Photocopy as well as original proofs of

  • FIR/ Punchnama/ Post Mortem Report/ Inquest reports

  • Driving license of the life insured (if he/she is controlling the navigation of the vehicle when the accident happened).

Rest all the documents required are the same as pointed above in the death claim of ICICI Term Insurance.

5. Give me the list of documents required for ICICI term plan Critical illness/ terminal illness/ disability claims?

  • Claim Intimation Form/ Statement of the claimant

  • Medical records like diagnosis results, admission reports, death summary, consultation notes, etc

  • Certificate by the attending doctor for the illness/ disability.

  • Medical records like diagnosis results, admission reports, death summary, consultation notes, etc

  • Bank details of the claimant like canceled cheque or the photocopy of passbook with name engraved over it).

6. What is the process to make a claim under ICICI Term Insurance?

The nominee/ claimant has to follow a three-step convenient process to file a claim for 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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