ICICI Term Insurance
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ICICI Term Insurance Plans

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.

Key Features of ICICI Prudential Life 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. 35,732.82 Crores in 2020-21.
  • 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 97.93% for the financial year 2020-21.
  • 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 2020-21 is 2.13.
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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.

ICICI Term Insurance Plans

ICICI Life Insurance offers 10-term plans that allow you to choose the best-suited plan as per your needs:

ICICI Pru iProtect Smart Term Plan is an ideal term plan for people who want to provide financial protection to their families with comprehensive coverage against death, terminal illness and disability.

Unique Features

  • Coverage for female organ cancers.
  • 4 payout options to choose from.
  • Married Women’s Property 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

  • Customize your plans with the 4 plan options.
  • Avail smart protection with a life-stage cover.
  • 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 covered up to Rs. 2 crores.
  • 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

  • Flexibility to choose a premium payment term.
  • Covers death by accident in waiting period.
  • Tax benefits available.

ICICI Pru Precious Life

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

Unique Features

  • Flexibility to pay the premium.
  • Option to choose payout benefit.
  • Enhanced protection with an 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.
  • Choose between fixed and reducing cover.
  • Avail tax benefit.

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

Age30 Years40 Years50 Years
Premium (in Rs.)6851,3783,030

ICICI Pru Saral Jeevan Bima

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

Age30 Years40 Years50 Years
Premium (in Rs.)5891,2933,056

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 ICLAIMPolicy 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

ICICI Term Insurance Reviews

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

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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.

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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.

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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...

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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

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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

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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

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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

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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...