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ICICI Term Insurance
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ICICI Term Insurance Plans June, 2023

ICICI Prudential offers effective term plans that provide financial support to the family members of the insured in case of his/her untimely death. When compared to other types of life insurance, ICICI term insurance plans offer wider coverage at lower premiums.

ICICI Prudential term plans give financial protection to the beneficiary in the event of death, disability, and disease. It provides coverage for a certain period, and if the policyholder dies during a policy tenure the nominee will get the death benefit.

ICICI Pru iProtect Smart Term Plan

A comprehensive coverage plan for you and your family including death, terminal illness and disability.

Unique Features

  • Coverage for female organ cancers.
  • 4 payout options to choose from.
  • MWP Act available

ICICI Pru iProtect Return of Premium

ICICI Pru iProtect Return of Premium helps you to secure your family as well as guarantee a survival/maturity benefit. Additionally, the plan safeguards against 64 critical illnesses.

Unique Features

  • 4 plan options
  • Live-stage coverage
  • Enhanced protection with riders.

ICICI Pru iCare II

ICICI Pru iCare II is a term plan that lets you secure your family’s future, and allows you to choose the number of years for which you wish to pay the premiums.

Unique Features

  • Flexibility to choose protection cover.
  • Death by accident coverage
  • Unlimited sum assured options.

ICICI Pru Saral Jeevan Bima

ICICI Pru Saral Jeevan Bima is a standard term plan that comes with simple features and is ideal for people who are looking for a term insurance plan with pocket-friendly premiums.

Unique Features

  • Choose premium payment term
  • Death by accident cover
  • Tax benefits available.

ICICI Pru Precious Life

A life cover for people with existing health problems or have undergone critical surgeries.

Unique Features

  • Flexibility to pay the premium.
  • Option to choose payout benefit.
  • Accidental benefit

ICICI Pru Life Raksha

ICICI Pru Life Raksha is a pure-term insurance plan specially designed for those who are looking for an affordable and lower coverage. The plan comes with a sum assured of Rs. 5 Lakhs only.

Unique Features

  • A 5-year regular pay policy.
  • Immediate payout.
  • Flexible premium payment options.

ICICI Pru Loan Protect Plan

ICICI Pru Loan Protect protects your family from the outstanding home and car loans in your absence.

Unique Features

  • Flexible premium payment term.
  • Fixed/Reducing cover option
  • Avail tax benefit.

Key Features of ICICI Prudential Term Insurance

ICICI Pru Term Insurance has been a major player in the insurance industry impacting millions of lives with their services and insurance products. Let's take a look at its key features:

  • Annual Premium:Annual Premium determines the business reputation and growth of the insurance provider. The annual premium of ICICI Prudential peaked at up to Rs. 37,457.99 Crores in 2021-22.
  • Claim Settlement Ratio:'Claim Settlement Ratio' (CSR) shows the percentage of claims settled by an insurance company in comparison to the total number of claims filed by the customers. As per IRDAI, the CSR of ICICI Pru touched 97.82 for the financial year 2021-22.
  • Solvency Ratio:Solvency ratio helps an individual to assess the company's ability to manage its short-term and long-term liabilities. As per IRDAI, it is now mandatory for every life insurance company to maintain a solvency ratio of 1.5. The solvency ratio of ICICI Prudential Term Insurance for 2021-22 is 2.
Prudential Term Insurance Key Features

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Benefits of ICICI Prudential Term Insurance

  • Affordable Premiums: Term insurance is an affordable way of securing your family’s future. You can get a high-value life cover from a term insurance plan by paying a minimal amount. The earlier you buy a term insurance plan, the lower the premium amount you have to pay.
  • Whole Life Cover: ICICI Term insurance plans offer substantially longer coverage with their whole life insurance plans offer coverage till the age of 99 years.
  • Critical Illness Coverage: ICICI Term insurance allows you to enhance your coverage by providing Critical Illness Coverage, wherein the policyholder will get a lump-sum payout upon diagnosis of any critical illness that is covered in the plan.
  • Tax Benefits: One can avail of tax benefits on premiums paid under Section 80C subject to the Income Tax Act, 1961.
  • Comprehensive coverage: ICICI Prudential Term Insurance provides comprehensive coverage to policyholders, protecting them and their loved ones against various life risks.
  • Flexibility: ICICI Term Insurance Plan offers flexible terms and conditions, which allows policyholders to choose the policy period and sum assured that suits their requirements.
  • High-sum assured: The policy offers a high-sum assured, which ensures that policyholders can provide financial security to their loved ones in case of an unforeseen event.
  • Tax Benefits: One can avail of tax benefits on premiums paid under Section 80C subject to the Income Tax Act, 1961.
  • Riders: ICICI Prudential Term Insurance also offers riders that can be added to the policy for additional benefits, such as accidental death, critical illness, and waiver of premium.
  • Easy online purchase: ICICI Term Insurance Policy can be easily purchased online, making the process quick and hassle-free.
  • Claim settlement: ICICI Prudential life term insurance has a high claim settlement ratio of 97.82% (FY 2021-22), 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.

ICICI Prudential Life Term Insurance Plans - Important Terms & Conditions

  • The Free Look Period: ICICI Term Plan offers a free look period of 30 days from the date of receipt for plans purchased through distance marketing. And for policies that are bought online, the company provides a free look period of 15 days from the date of receipt for policies.The policy can be returned via voice mode, SMS, electronic mode, or physical mode. In the event of cancellation during the free look period, the premium paid will be returned with deductions made for expenses borne by the company, proportionate risk premium, and stamp duty paid.
  • Accidental Death Benefit: ICICI Term Insurance pays a death benefit if the death of the Life Assured is caused by violent, external, and visible means due to an accident resulting in bodily injury, independently of any other means. Death must occur within 180 days of the accident and the ICICI term insurance policy must be in force at the time of the accident. Suicide or self-inflicted injuries, engaging in aerial flights or hazardous sports, and death due to war or civil commotion are excluded from the Accidental Death Benefit.
  • Suicidal Terms: If a policyholder commits suicide within one year of the policy's commencement, the company will refund the premium paid, but no benefits will be paid out. This means that if someone takes out a policy and commits suicide within a year, their family will not receive any death benefits. However, if the policy is reinstated and the policyholder commits suicide within a year of the reinstatement, the company will refund 80% of the premiums paid post-revival until the date of death.
  • Tax Benefits Terms: The ICICI term insurance policy offers tax benefits subject to conditions under sections 80C and 80D of the Income Tax Act, 1961. The suicide clause states that if the Life Assured commits suicide within one year from the date of the ICICI term insurance policy's commencement or reinstatement, the policy will be deemed void and terminated.
  • Grace Period: The grace period for premium payment is 15 days for the monthly premium payment mode and 30 days for other modes. If the premium is not paid within the grace period, the ICICI term insurance policy will lapse and the cover will cease.
  • Policy Revival: Here are some key points to know about Policy Revival:
    1. Policy Revival is a process to renew a lapsed insurance policy that has not been paid within the grace period.
    2. ICICI term insurance policy can be revived within 2 years from the due date of the first unpaid premium and before the termination date of the policy.
    3. Revival must be approved by the company and the policyholder/applicant must provide satisfactory evidence of their health at their own expense.
    4. The arrears of premiums/dues, together with interest must be paid to revive the policy.
    5. The terms of the revived policy may differ from those of the original policy, and the company may charge extra mortality premiums or charges.
    6. The company has the right to refuse to restore the policy, in which case only the premiums paid for restoring the policy shall be refunded without any interest.
  • The Premium Discontinuity : In the case of ICICI Term Insurance premium discontinuity, and if the premium is not paid on the due date or within the grace period, the policy may lapse, which means that all benefits under the policy will cease. This is particularly concerning in case of the death of the life assured, as no benefit shall become payable if the ICICI term insurance policy is in a lapsed condition.

Who should buy an ICICI Term Insurance Plans

Here are some points on who should buy a term insurance policy:

  • Individuals with dependents: If you have dependents who rely on your income to meet their expenses, you should consider buying an ICICI term insurance plan. In case of your untimely demise, the policy payout can help your family members continue their lifestyle without facing any financial hardships.
  • Breadwinners of the family: If you are the primary breadwinner of your family, the term insurance policy can provide financial security to your family members in your absence. The policy payout can help your family pay off any outstanding debts or loans, meet their monthly expenses, and take care of other financial obligations.
  • Self-employed individuals: Self-employed individuals may not have the safety net of an employer-provided life insurance policy. In such cases, an ICICI term insurance plan can provide the necessary coverage and financial protection for the individual and their family.
  • Young parents: If you have young children, you should consider buying an ICICI Prudential life insurance term plan, that can secure their future in case of your untimely demise. The policy payout can help your children pursue their dreams and ambitions even in their absence.
  • Individuals with high-risk jobs: Individuals working in high-risk professions, such as mining, construction, or aviation, may want to consider buying an ICICI term plan that can provide financial security to their loved ones in case of an unwanted event.
  • Individuals with a history of medical conditions: If you have a history of medical conditions, such as heart disease, diabetes, or cancer, you may have a higher risk of premature death. In such cases, the ICICI Prudential life insurance term plan can provide the necessary financial security to your loved ones.
  • Individuals with outstanding debts: If you have outstanding debts, such as a mortgage, car loan, or personal loan, you should consider buying a term insurance plan to ensure that your loved ones are not burdened with these debts in case of your untimely demise.

ICICI Prudential Term Insurance Add-on Riders

In addition to the basic plan benefits, ICICI Insurance company also offers a variety of add-on benefits that allow customers to increase the coverage of their plan. Given below is a list of these riders. Let's take a look at them.

  • 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.

  • Accidental Death Rider

    ICICI Pru term insurance plans come out with another rider called accidental death rider. Under this rider, the beneficiary of the insured person gets an additional payout in case the insured dies due to an accident. The maximum cover provided is up to Rs. 2 crores.

  • Permanent & Partial Disability

    This rider 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.

ICICI Prudential Term Insurance Premium Calculator

To calculate ICICI Prudential Term Insurance Premiums, policyholders can turn to ICICI Prudential Term Insurance Premium Calculator. It is an online tool that allows the policyholder to calculate their term plan premiums in advance.

Take a look below at some of the sample premiums of ICICI Term plans:

ICICI Pru iProtect Smart Term Plan

Premium Sample Illustration for a Sum Assured 50 Lakhs, with a Policy Term: 30 years; Premium payament: Monthly payment

Age 30 Years 40 Years 50 Years
Premium (in Rs.) 685 1,378 3,030

ICICI Pru Saral Jeevan Bima

Premium Sample Illustration for a Sum Assured 25 Lakhs, with a Policy Term of 20 years.

Age 30 Years 40 Years 50 Years
Premium (in Rs.) 589 1,293 3,056

How to Buy ICICI Prudential Term Insurance Plans?

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

Steps to buy from ICICI Prudential Life Insurance company

  • Visit the official website of ICICI Prudential 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 of them.
  • Analyze the premium and click on the tab 'Proceed'.
  • Make the payment using available payment modes.

Steps to buy from PolicyX.com

  • Scroll up to the 'Get ICICI Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Fill in the required details, and click on the tab on 'Continue'.
  • Enter your Income, City, and then click on 'Proceed'.
  • 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.
  • Click on the tab 'Save & Continue'.
  • Click on the tab 'Pay Now'. You will land at the chosen ICICI's Prudential website.
  • Fill in the details and make the payment using available payment options. Once done, the company will share the policy documents to the registered email ID.

The company will share the policy documents on your registered mail ID. It will also send a hard copy to your address.

Some 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.

Claim Settlement of ICICI Prudential Term Insurance

The claim settlement process for ICICI Prudential Term Plans is simple and hassle-free. The insurance provider gives you the option of settling a claim both online and offline. Below we have explained both the process by which you can easily submit & settle your claim:

1. Online Process

  • Report your ICICI Pru Term plan claim by visiting the claim section of the ICICI Term Life Insurance website.
  • ICICI Term Insurance's customer support staff will review your claim form and will assist you at every step. Their staff will next evaluate your claim and notify you if any papers are still pending.
  • Your claim will be resolved once you have informed the insurance of your claim and the insurer has received all of the necessary documents.

2. Offline Process

The ICICI Prudential Term plan claim settlement procedure can be reported by visiting the local ICICI Term Insurance Branch Office, sending an email to claimsupport@iciciprulife.com, or sending an SMS to 56767 with ICLAIMSpace> Policy Number.

Contact Details of ICICI Prudential

ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025

lifeline@iciciprulife.com

1860 266 7766

ICICI Prudential Term Insurance: FAQs

1. What is the ideal term for the ICICI Term policy?

The term of the policy should depend upon the retirement age. In India, the maximum number of individuals get retired at the age of 60 years. You should invest in a term plan to retirement age as you have no dependents and salary to submit premiums after retirement. For instance- If you purchase a policy at 35 years where you anticipate the retirement age to be 60 years. The policy term should be for 25 years.

2. How can I intimate the company about my claim?

Customers can report the company about their claim in the following ways-

  • Filling online claim intimation form available at the company website
  • Sending an SMS ICLAIM Policy number to 56767
  • Writing an email at lifeline@iciciprulife.com
  • Calling at the company's helpline number- 18602667766.

3. What are the important documents for claim intimation?

Given here is a list of mandatory documents that must be submitted to the company at the time of initiating the claim-

  • Claim intimation form duly filled and attested.
  • Death certificate with photocopies issued by Local Municipal Corporation.
  • Identity proof and address proof of the nominee who is claiming.
  • Canceled cheque or the photocopy of passbook (of the nominee).

4. What list of documents for non-accidental death?

Photocopy as well as original proofs of:

  • Medical records like diagnosis results, admission reports, death summary, etc.
  • Medico-legal cause of Death Certificate.
  • Medical attendant/ hospital certificate filled by the doctor.
  • Certificate from employer (if salaried).

5. What list of documents for accidental death?

Photocopy as well as original proofs of:

  • FIR/Punchnama/ Post Mortem report/ Inquest reports
  • Driving license of the life insured ( if he/she is riding the vehicle when the accident took place). This requirement is valid if you have selected ‘Accident and Disability Benefit Rider'.

6. What list of documents for disability/ critical illness claim/incurable illness?

  • Original policy certificates
  • Claim intimation form present on the company website
  • Attending Doctor's certificate
  • Medical records (original as well as photocopies)

7. Does the ICICI Term plan provide maturity benefits?

No. There is no maturity, paid-up value, or survival benefits offered under the ICICI Term plan.

8. Does the ICICI Term Insurance plan provide cover in case of death due to suicide?

Yes, death due to suicide is covered in this plan. If the death of the policyholder happens due to suicide within a year, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid till the death, provided the policy is in force.

9. How many critical Illnesses are covered under ICICI Term Plan?

The plan covers 34 critical illnesses, namely

  • Cancer of specified severity
  • Angioplasty*
  • First Heart Attack - of Specified Severity
  • Open Heart Replacement or Repair of Heart Valves
  • Surgery to aorta Heart and Artery Benefit
  • Cardiomyopathy
  • Primary Pulmonary hypertension
  • Open Chest CABG
  • Blindness
  • 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
  • Deafness
  • Loss of Speech Others
  • Medullary Cystic Disease
  • Systematic lupus Eryth with Renal Involvement
  • Major Burns
  • Aplastic Anaemia

10. Am I allowed to make changes in my ICIC Pru term insurance policies at any time throughout the policy's term?

Yes, at any moment throughout the policy's lifetime, the policyholder can make changes in their ICICI Pru Term Incurance.

11. Is there any way wherein I can calculate my ICICI Term Insurance Premium?

Yes, you can. By using ICICI Term Insurance Premium Calculator, you can calculate how much you need to pay for your ICICI Term Policy. ICICI Term Insurance Calculator

12. What is the minimum and the maximum age to buy ICICI Term Insurance?

Minimum 18 years & maximum 65 years is the age limit to buy ICICI Term Insurance.

13. What are the possible payout options for ICICI Term Plan?

There are four flexible payout options for ICICI Term Plan:

  • Lumpsum
  • Monthly income
  • Increasing income (installments increase by 10% every year)
  • Lump Sum + income

14. Does the ICICI Term Plan offer any tax benefits?

ICICI Term Plan offers tax benefits under section 80C, 80D and 10(10D) on premium paid.

15. Why to choose ICICI Lombard Term Plan?

Buying ICICI Lombard Term Plan has certain benefits:

  • Dependable - stood by the customer even in times of calamities.
  • Approachable - a professional team to guide in every course of action which is just a tap away.
  • Transparent - it gives power of clarity by providing better pre-claim support.

16. Can we buy more than one ICICI Term Insurance plan?

Yes, you can buy more than one ICICI Term Insurance Plan .

17. What is the Minimum and Maximum amount of sum that can be assured under ICICI Lombard Term Insurance Plan?

Minimum: Rs.25,00,000 Maximum: Rs.1,00,00,000.

18. Can we change the sum insured in between the plan period in ICICI Term Insurance Plan?

Sum Assured cannot be changed in ICICI Term Insurance Plan.

19. What is ae the payment payout options of ICICI Term Insurance policy?

Payout options of the premium of ICICI Term Insurance policy are; yearly, half-yearly, quarterly and monthly.

20. What is the free-look period of ICICI Lombard Trem Insurance Policy?

If the policyholder wants to discontinue the policy, he or she can cancel the policy within 15 days from the receipt of the policy document.

21. Can we surrender ICICI Term Insurance policies with regular premium payment option.

Policies with regular premium payment option cannot be surrendered. However, single premium policies can be surrendered after a year.

22. How can we calculate the surrender value in ICICI Term Insurance policies?

The surrender value=70% x single premium x (policy years outstanding/ policy term). Minimum Sum Assured: Rs. 50,000; Maximum Sum Assured: Equal to Sum assured up to Rs. 50 lakh.

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ICICI Term Insurance Reviews

Read what our customers have to say about ICICI term insurance company

Customer Review Image

Kalpana Gupta

Hyderabad

February 10, 2022

It is one of the best companies as they explained the benefits of the term insurance then suggested me the best suitable plan as per my needs. I am happy to be associated with this company.

Customer Review Image

Dinesh Chopra

Delhi

November 22, 2021

Amazing life insurance plans at very cheap prices. sales team is also very good. they explained the plan to me very well. I am very impressed.

Customer Review Image

Shreya Sharma

Delhi

October 5, 2021

Just got my claims settled. Thank god my husban chose ICICI term plan who understand how important the hassle-free claim is a blessing at this point when you have lost your everything. Thankyou...

Customer Review Image

Anshuman Dami

Bhopal

September 13, 2021

bought a term plan from icici pru after carefully considereing that covid like situation is imminent. my fam needed protection financially and now they have it

Customer Review Image

Vasundhara

Chandigarh

September 13, 2021

will be foreever grateful to policyx for helping me settle the claim...really needed all the support in this time

Customer Review Image

Ishan Khatri

Madurai

September 9, 2021

went to get the death benefits after my husband s recent death...support staff was very nice and helped fasten the process

Customer Review Image

Rohan Kumar

Bengaluru

June 18, 2021

Thanks to policyx. I called them to compare plans and I get a good guidance about ICICI Pru. This plan helped me a lot in my crisis

Customer Review Image

Umang Singh

Kolkata

May 24, 2021

I purcharsed iProtect Smart policy from ICICI a year ago and am really satistfied with this one. Policy provides gives many benefits and i have also suggested this policy to my other family me...

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