What is ICICI 1 Crore Term Insurance?
ICICI Life Insurance is a leading private life insurance company with a claim settlement ratio of 97.80% and a market share of approximately 11.7%. ICICI 1 Crore Term Insurance is a financial plan that offers a sum assured of Rs 1 crore to your family in case of your untimely death during the policy term.
Some of the ICICI term insurance plans for 1 crore include:
- ICICI Life iProtect Super Term Plan
- ICICI Prudential iProtect Return Of Premium Plan
- ICICI Life iProtect Smart Term Plan
1 Crore Term Insurance from ICICI offers various benefits to policyholders, including high coverage, affordable premiums, tax benefits, and a choice of policy tenure.
1 Crore Term Insurance Plans by ICICI Life
Here is a list of 1 Crore Term Insurance plans by ICICI Life Insurance:
| Plan Name | Entry Age | Maturity Age | Policy Tenure | Unique Features |
|---|---|---|---|---|
| ICICI Life iProtect Super Term Plan | 18 to 55 years | 85 years | Minimum: 20 years Maximum: 85 minus entry age |
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| ICICI Life iShield Term Plan | 18 to 60 years | 85 years | Minimum: 5 years Maximum: 85 years |
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| ICICI Life Loan Protect Plus | 18 to 65 years | 70 years | Minimum: 5 years Maximum: 30 years |
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ICICI Life 1 Crore Term Insurance Plans: Overview
Here is a brief overview of 1 Crore Term Insurance plans offered by ICICI Prudential to help you make an informed choice.
ICICI Life iProtect Super Term Plan
The iProtect Super Term Plan by ICICI Life Insurance offers 1 crore coverage in case of the policyholder’s death. This plan is designed especially for self-employed individuals or business owners with two payment options: Limited Pay and Regular Pay.
Why Buy ICICI Life iProtect Super Term Plan?
- Flexibility to choose the policy tenure of your choice.
- Premium break option to skip premiums for 12 months in case of an emergency.
- 7% loyalty discounts on first-year premiums for existing policyholders.
- Provides coverage against accidental death and disability.
- Additional discounts for female policyholders.
ICICI Life iShield Term Plan
ICICI Life iShield Term Insurance is a combination of term and health insurance plans. Apart from financial coverage for your loved ones, this plan offers coverage against multiple healthcare expenses, such as doctor consultations, hospitalisation, and preventive check-ups.
Why Buy ICICI Life iShield Term Plan?
- Flexible premium payment terms (single, yearly, half-yearly, quarterly, and monthly).
- Whole life coverage up to 99 years of age.
- Waiver of premium in case of the policyholder’s untimely death.
- Terminal illness cover that protects against specified terminal illnesses.
- Covers pre and post-hospitalisation expenses.
ICICI Life Loan Protect Plus
ICICI Life Loan Protect Plus offers 1 crore coverage to protect your loved ones from the burden of your loans. It ensures that the debt taken by you doesn’t become a burden for your family members. The plan offers comprehensive benefits options that cover critical illness, accident, and disability.
Why Buy ICICI Life Loan Protect Plus?
- Choice of policy tenure as per your requirements.
- Choice of coverage options: ‘Fixed’ or ‘Reducing Cover’.
- Covers your outstanding loans to ensure your family can lead a comfortable life.
- Death benefits that protect your family financially.
- Choice of rider benefits to enhance plan coverage.
Features of ICICI Term Insurance Plan 1 Crore
Let’s understand the features of 1 Crore Term Insurance by ICICI Life Insurance:
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Choice of Policy Tenure
Every individual has different requirements and financial goals. You can choose a policy tenure with your 1 Crore Term Insurance that aligns with your needs.
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Choice of Premium Payment Option
There are multiple premium payment options available, including yearly, half-yearly, quarterly, or monthly. You have the option to choose the premium payment option that best suits you.
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Multiple Rider Options to Choose From
There are multiple rider options available with ICICI 1 Crore Term Insurance plans, including accidental death benefit rider, critical illness rider, waiver of premium rider, etc. Choose the one that you consider important.
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Whole Life Coverage
Various ICICI Prudential 1 Crore Term Insurance plans offer you the option to opt for whole life coverage up to 99 years of age.
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Grace Period
ICICI Pru 1 Crore Term Insurance plans offer a grace period to policyholders so that they can re-evaluate whether they want to continue the plan or not. A grace period of 15 days is provided for monthly payments and 30 days for half-yearly and yearly payment modes.
Benefits of ICICI Life 1 Crore Term Insurance
Buying a 1 Crore Term Insurance from ICICI Life offers several benefits. Let’s understand these benefits in detail:
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Death Benefits
A 1 Crore Term Insurance plan offers a sum assured of Rs 1 crore to the nominee in case of the policyholder’s untimely death during the policy term. This amount helps them live a comfortable life.
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Affordable Premiums
The premiums for 1 Crore Term Insurance by ICICI Life Insurance are very affordable. You can get a 1 crore life cover for premiums starting at just Rs 501/- per month.
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Debt Coverage
A 1 Crore Term Insurance ensures that any debt taken by you doesn’t become a burden for your family in your absence.
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Income Replacement
An ICICI 1 Crore Term Insurance policy acts as an income replacement for your family in case of your untimely death during the policy tenure.
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Multiple Payout Options
A 1 Crore ICICI Prudential Term Insurance offers multiple payout options to policyholders, including one-time, yearly, half-yearly, quarterly, or monthly.
Documents Required to Buy ICICI 1 Crore Term Insurance
Buying a 1 Crore Term Insurance from ICICI Life Insurance requires certain documents, including address proof, identity proof, and income proof. Here are all the documents required to purchase a 1 Crore ICICI Term Insurance:
| Types of Documents | Documents |
|---|---|
| Identity Proof (Any one) | Passport, Voter ID, Aadhaar Card, PAN Card |
| Income Proof | If salaried: Last 3 months’ salary slips and bank statements having salary credit information. If self-employed: Last 3 years with the Computation of Income (COI). |
| Address Proof (Any one) | Water Bill, Telephone Bill, Aadhaar Card, Rent Agreement, Electricity Bill |
| Medical Proof | The latest medical test reports allocated by the insurer |
How to Buy ICICI Term Insurance 1 Crore?
You can buy an ICICI 1 Crore Term Insurance plan either from PolicyX.com, ICICI’s website, or their official branch offices.
Buying From PolicyX.com
- Visit the official website of PolicyX.com.
- Select your age, gender, city, annual income, name, and mobile number.
- Choose your date of birth, education qualification, occupation, and smoking habits. Then click on ‘Continue’.
- Choose your coverage amount as 1 crore and company as ‘ICICI Prudential Life Insurance’.
- The list of 1 Crore ICICI Prudential term plans will be displayed on your screen.
- Choose a plan that best suits your needs and make the premium payment.
Once payment is made, you will shortly receive the payment receipt.
Buying from ICICI Life Insurance
You can buy a 1 Crore ICICI Term Insurance policy from their official website or one of their nearest branch offices.
Conclusion
A 1 Crore Term Insurance by ICICI Life Insurance is the most affordable investment you can make to protect your loved ones financially in your absence. It ensures your family can live a comfortable life even when you are not with them. You can buy a 1 Crore Term Plan at very affordable premiums. To calculate the premiums of 1 Crore Term Insurance, you can use the PolicyX.com term insurance calculator.
If you are confused about which 1 Crore Term Insurance by ICICI Life is best, you can visit PolicyX.com or call us at 1800-420-0269.
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