Affordable Premiums
An ICICI Term Plan is an affordable way of securing your family’s future. You can get a high-value life cover with an ICICI term life insurance plan by paying a minimal amount. For information about the ICICI term insurance premium calculator, you can use the ICICI Life Premium Calculator.
Comprehensive Coverage
ICICI Term Life Insurance provides comprehensive coverage to policyholders, protecting them and their loved ones against various life risks such as accidents and critical illnesses.
Flexibility
ICICI Term Insurance Plans offer flexible terms and conditions, allowing policyholders to choose the policy period and sum assured that suit their requirements.
Claim Settlement Ratio
The CSR of ICICI Life Insurance is 99.34% (FY 2023-24), which ensures that policyholders and their nominees receive the benefits promptly in case of a claim.
Multiple Payment Options
Policyholders can choose from multiple payment options, including monthly, quarterly, half-yearly, or yearly, making it easier to manage their premiums.
Good Solvency Ratio
ICICI Life has maintained a good solvency ratio since its inception. In the financial year 2023-2024, ICICI reported a solvency ratio of 213.2%.
Eligibility Criteria for ICICI Term Insurance Plans
To purchase an ICICI term insurance plan, certain eligibility criteria must be met. Let's understand the eligibility criteria in detail.
- Age: A person between 18 and 65 years of age is eligible to apply for a term life insurance plan. The policyholder’s age is a key factor in the term insurance plan’s premium.
- Health Condition: Since an ICICI term insurance plan insures the policyholder’s life, most insurance providers require a policyholder to undergo a health examination to determine their current health condition and the inherent risks for the insurer. Be completely honest about your health condition and medical history to avoid issues during claim settlement.
- Income: An ICICI term insurance plan has no specified minimum income requirement. However, insurers might ask for bank statement copies and salary slips to determine the coverage on your term plan.
- Smoking Habits: If you smoke or have been a smoker in the past, you must disclose this information to the insurer because smokers are exposed to severe health hazards like lung cancer.
- Citizenship: Indian citizens can buy an ICICI term insurance plan in India in their name. NRIs or PIOs can also leverage the benefits of a term insurance plan in India.
Additional Benefits Offered by ICICI Term Plans
ICICI Life Insurance term insurance plans offer various additional benefits to policyholders.
Smart Exit Benefit
Some ICICI Term Plans, such as ICICI Pru iProtect Smart, offer Smart Exit Benefits to their policyholders, allowing them to exit their plan mid-policy term.
Income Benefits
Some ICICI Term Plans, such as ICICI Pru iProtect Return Of Premium, offer income benefits to the policyholder’s loved ones in case of their demise.
Special Premiums for Women
ICICI Term Plans, such as POS iProtect Smart, offer special premium rates for women to promote insurance awareness among females.
Protection for Your Assets
ICICI Term Plans, such as ICICI Pru Loan Protect, protect your assets for your loved ones in case of your unfortunate demise.
Choice of Death Benefit Payout
ICICI Term Plans, such as ICICI Pru Precious Life, offer need-based payouts as per the requirement to the policyholder’s loved ones.
Types of ICICI Term Plans
There are various ICICI term plans based on their features, policy tenure, and benefits. You can choose the one that best suits your requirements.
Basic Term Plan
Plan Name: ICICI iProtect Smart
These plans only provide a sum assured to the nominee in case of the policyholder's death. No survival benefits are included.
Term Insurance with Critical Illness Cover
Plan Name: ICICI Pru iProtect Smart
ICICI Life Insurance term plans offer an inbuilt critical illness cover to their policyholders.
Term Insurance with Accidental Death Cover
Plan Name: ICICI Pru iProtect Smart
ICICI term plans offer an inbuilt accidental death cover to their policyholders.
Term Insurance with Limited Pay
Plan Name: ICICI Pru Saral Jeevan Bima
These plans offer you the option to pay limited premiums while enjoying longer coverage.
All-in-One Term Plan
Plan Name: ICICI Pru iProtect Smart
These plans offer all the benefits of a term plan under a single plan, including critical illness cover, accidental cover, etc.
Riders You Can Avail With ICICI Term Insurance Plans
We have provided a list of additional riders that a policyholder can choose from.
| Name of the Rider |
Benefits |
| ICICI Accidental Death Rider |
Offers an additional payout if the insured dies due to an accident during the policy tenure. |
| ICICI Critical Illness Plus Rider |
A lump sum is offered if the policyholder is diagnosed with any of the critical illnesses mentioned in the policy document. |
| ICICI Permanent & Partial Disability Rider |
The insurance company pays a certain sum assured for the next five or ten years in case of permanent or partial disability. |
| ICICI Income Benefit Rider |
Offers a regular source of income to the family in case of the policyholder’s demise or disability. |
| ICICI Waiver of Premium Rider |
This rider will waive all future premiums in case of the policyholder’s death, and the benefits of the policy will remain the same. |
Documents Required to Buy ICICI Term Insurance
Here are the documents required to buy an ICICI Term Insurance:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, Passport, Voter ID, Ration card.
- Medical Records: Medical records of the policyholder, if requested.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried).
How to Calculate Premiums
- Visit the official website of ICICI Life Insurance Company.
- Click on the 'Plans' tab and select 'Term Insurance'.
- Select the desired plan and click on 'Check Premium'.
- Fill in the required details under 'Term Insurance Calculator'.
- Opt for riders if you want to add any.
- Analyze the premium and click on the 'Proceed' tab.
- Make the payment using the available payment modes.
How to Raise a Claim With ICICI Term Insurance Plans
The claim settlement process for ICICI Term Plans is simple and hassle-free. The insurance provider gives you the option of settling a claim both online and offline. We have explained the process by which you can easily submit your claim below:
Online Process
1. Claim Reporting
Report your ICICI Term plan claim by visiting the claim section of the ICICI Life Insurance website.
2. Claim Review
ICICI Term Insurance's customer support staff will review your claim form and assist you at every step. Their staff will evaluate your claim and notify you if any papers are still pending.
3. Claim Approval and Settlement
Your claim will be resolved once you have informed the insurer of your claim and the insurer has received all of the necessary documents.
Offline Process
The ICICI Life Insurance Term Plan claim settlement procedure can be reported by visiting a local ICICI Life Insurance branch office, sending an email to [email protected], or sending an SMS to 56767 with CLAIM<Space> Policy Number.
How to Port Your Policy
- Fill out the form at the top of this page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium payment period, and riders (if required), and then proceed to make the payment.
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