ICICI Term Insurance
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
ICICI Prudential Life began its operations in the fiscal year 2001. It has consistently been amongst the top companies in the Indian life Insurance sector. ICICI Assets Under Management (AUM) on 31st March 2022 were INR 2,404.92 billion. Throughout the years, ICICI has developed and implemented various initiatives to provide cost-effective products.
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.
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ICICI Prudential Life Insurance Term Plans at a glance
To look after your family's needs in your absence, ICICI Prudential Term Plans are designed in a way that secures your family's financial future. ICICI Prudential offers term insurance plans to secure the future of its customers and their families. Let's explore ICICI term insurance plans in detail.
| S.No | ICICI Term Plans | Who Should Buy? |
| 1. | ICICI Pru iProtect Smart | This ICICI Term plan is suitable for people who want to provide financial protection to their families with comprehensive coverage at an affordable cost. |
| 2. | ICICI Pru iProtect Return of Premium | The ICICI Pru iProtect Return of Premium plan is suitable for people who want to avail a life cover that gives them a premium at maturity. |
**Last Updated on April, 2022
Given below is a brief introduction of all ICICI Term plans that are mentioned above. Take a look.
ICICI Pru iProtect Smart
ICICI Pru iProtect Smart Plan offers comprehensive protection and critical illness cover (optional) to your family. This ICICI term life insurance plan also comes out with an option to provide accidental death cover up to 2 crores.
Key features:
- Affordable Plan: It is a pocket-friendly term insurance plan. For instance, a person of 30 years will pay Rs. 9,840 per annum (policy term- 45 years) as a premium for a cover of Rs. 50 Lakh.
- Longer Cover: The plan allows you to get covered till the age of 85 years and you also have the option to get whole life cover till the age of 99 years. Depending upon your age and insurance requirements, you can select the maximum term period for this policy.
- Cover 34 Critical Illnesses (optional): provides claim payout on the first diagnosis of any of the listed 34 Critical Illnesses.
- Four Pay-out Options: The plan provides four payout options such as lump sum, monthly income, increasing income, and lump sum plus income. The plan allows you to choose the desired option as per your needs.
- This plan has added key benefits for women such as special premium rates for life cover as well as covers for cancers such as breast cancer and cervical cancer under Accelerated Critical Illness Benefit.
How does this plan protect you?
You can choose your level of protection by selecting one of the below benefit options:
| Benefit Option | Benefits |
| Life | Death Benefit + Terminal Illness + Waiver of Premium on permanent disability |
| Life Plus | Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit |
| Life & Health | Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accelerated Critical Illness Benefit |
| All in One | Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit + Accelerated Critical Illness Benefit |
Eligibility Criteria:
| Eligibility condition | Minimum | Maximum |
| Entry Age | 18 years | 55 years
65 years (Limited Pay) |
| Sum Insured | Subject to the minimum premium | Unlimited |
| Premium payment mode | Single Pay, Regular Pay, Limited Pay |
**Last Updated on April, 2022
ICICI Pru iProtect Return Of Premium
ICICI Pru iProtect Return of Premium plan offers 360-degree protection safeguarding you from 64 critical illnesses (Optional) and twice the cover against accidental death. This plan is designed in a way where you can avail survival benefits in the form of regular income, return of premiums, or easy return of premiums.
Key Features:
- Covers 64 Critical Illnesses (optional): provides claim payout on the first diagnosis of any of the listed 34 Critical Illnesses.
- Choose from 4 different plan options mentioned below:
- Return of premium where you get life coverage throughout the policy term. Also, get your premiums back on maturity
- Income Benefit: Get life coverage throughout the policy term and start getting monthly income from the policy anniversary after the Life Assured turns 60 years of age.
- Return of Premium with Life-stage cover: In this plan option you get life coverage, which changes as per your life stage throughout the policy term, and also get your premiums back on maturity.
- Early return of premium with Life-stage cover: Get your premiums back on the policy anniversary after the Life Assured turns 60 years of age or 70 years of age.
- Get up to twice the life cover in case of death due to an accident
Eligibility Criteria:
| Eligibility condition | Minimum | Maximum |
| Entry Age | 18 years | 55 years
65 years (Limited Pay) |
| Sum Insured | Subject to the minimum premium | Unlimited |
| Premium payment mode | Single Pay, Regular Pay, Limited Pay |
**Last Updated on April, 2022
How to Buy ICICI Prudential Term Insurance Plans?
There are two ways to invest in the ICICI Pru Term insurance plan - through the official website of the company or PolicyX.com. Let's discuss the process in detail.
Buying through ICICI Prudential Life Insurance Company
- Visit the 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.
The company will share the policy documents on your registered mail ID. It will also send a hard copy to your address.
The rest 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.
Buy through 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 like phone number, name, and D.O.B. 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.
- Check the details. Add relevant riders if needed.
- Click on the tab 'Save & Continue'.
- Your proposal is ready now. 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.
The company will share the policy documents to the registered email ID.
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:
Online Proces:
- Report your ICICI Prudential Term Insurance 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
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.
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.