ICICI Prudential Term Insurance - Overview

One of the most popular and bestseller insurance products of ICICI Prudential Life Insurance Company is its term insurance. The company offers a rich variety of plans within the term insurance category and all of these plans focus on providing financial support to the family members of the insured in case of his/her untimely death.

In addition to providing lifelong financial protection, these plans also pledge to give timely coverage in case of a terminal illness.

Term Insurance Plans offered by ICICI Prudential Life Insurance Company

ICICI Prudential is the number one choice for millions of people due to its loyalty and claim settlement ratio. It offers myriads of term insurance plans to secure the future of its customers and their families. Let's explore the plans in detail.

**Last Updated on June, 2021

Given below is a brief introduction of all the above-mentioned plans. Let's take a look.

1. ICICI Pru iProtect Smart

   ICICI Pru iProtect Smart Plan is one of the top-selling products online. It offers comprehensive protection and critical illness cover (optional) to your family. This 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.12, 970 per annum (policy term- 45 years) as a premium for a cover of Rs.1 crore.
   • 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): The best thing about this optional cover is that it 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.

   Eligibility Criteria:

   Eligibility condition	Minimum	Maximum
   Entry Age	18 years	65 years
   Sum Insured	Subject to the minimum premium	Unlimited
   Premium payment mode	Single, Yearly, Half-yearly, and Monthly

   **Last Updated on June, 2021

2. ICICI Pru Saral Jeevan Bima

   ICICI Pru Life Saral Jeevan Bima is a standard term insurance plan that provides financial protection to the nominee of the policyholder. The plan comes with simple features and flexible options to meet all the protection needs of the policyholder by offering them the flexibility to choose a life cover, policy term, premium payment term, and frequency.

   Key Features:

   • Death benefit: The policy provides financial coverage in the form of lump sum payment to the nominee if the insured person passes away during the term of the policy. In case of death due to accidents, the death cover is provided only during the waiting period of 45 days. And if the death happens due to any other reason than an accident during the waiting period, then an amount equal to 100% of all premiums is paid instead of the sum assured.
   • Flexibility: With this plan, customers have the flexibility to choose a policy term ranging between 5 to 40 years, as per their convenience.
   • Premium Payment Term and Mode: The policy can be customized by choosing among regular, limited, and single premium payment terms and pay the premiums in either yearly, half-yearly, or monthly mode.

   Eligibility Criteria:

   Eligibility condition	Minimum	Maximum
   Entry Age	18 years	65 years For policies sold through POSP- 60 years
   Maturity age	70 years	For policies sold through POSP- 65 years
   Sum Insured	Rs. 5,00,000	As per maximum sum assured
   Policy term	5 to 40 years
   Premium payment mode	Single, Yearly, Half-yearly, and Monthly
   Premium payment option	Single pay, regular pay, and limited pay

   **Last Updated on June, 2021

3. ICICI Pru iCare II

   ICICI Pru iCare II offers financial protection to your family. This plan makes sure that your family lives comfortably without any financial worries in your absence. In case of your unfortunate death during the policy tenure, your family will receive a lump sum amount. The plan provides extra protection in case of death due to an accident.

   Key Features:

   • Flexibility: The plan allows you to choose the protection cover as per your needs. It offers two options which are mentioned below.
     • Option I: Death benefit equal to the sum assured chosen by the policyholder.
     • Option II: An additional death benefit equal to the sum assured chosen by the policyholder or up to Rs. 2 Crore.
   • Death Benefit: In the unfortunate event of the death of the life assured during the term of the policy, the nominee shall receive the following death benefits:
     • iCare II Option I - Sum Assured chosen by the policyholder (absolute amount assured to be paid on death).
     • iCare II Option II (applicable only for Regular Pay option) - Sum Assured chosen by the policyholder plus Accidental Death Benefit (absolute amount assured to be paid on death).
   • Surrender: In the case of Regular Pay, your policy does not have a surrender value.
     In the case of One Pay, the Surrender Value will be calculated as given below:
     Surrender Value=Surrender Value Factor*Single Premium

   Eligibility Criteria:

   Eligibility condition	Minimum	Maximum
   Entry Age	18 years	For one pay option- 60 years For regular pay option- 65 years
   Maximum Maturity Age	For Regular Pay Option I- 85 years for Regular Pay Option II- 80 years For One pay option- 65 years
   Maximum Sum Insured amount	Unlimited
   Policy term	Regular Pay: 5 years to 67 years One pay: 5/10 years
   Premium payment mode	Regular Pay: Yearly, Half-yearly, and Monthly One Pay: Single premium
   Premium payment option	Regular Pay, One Pay

   **Last Updated on June, 2021

4. ICICI Pru Precious Life

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

   Key Features:

   • Flexibility: The plan offers the flexibility to pay the premium once for a limited period or throughout the policy term.
   • Payout: You can choose to receive the benefit amount as a lump sum or as monthly or as a combination of both.
   • Enhanced Protection: The plan offers the option to enhance the safety net with an accidental benefit.
   • Loyalty Discount: The plan offers a discount on the first year's premium. The discount will be 5% for Regular Pay policies and 2% for Limited Pay policies.
   • Maturity or Paid-up or Survival Benefit: There is no maturity, paid-up value, or survival benefit available under this product.

   Eligibility criteria:

   Eligibility condition	Minimum	Maximum
   Entry Age	18 years	65 years
   Maturity Age	23 years	70 years
   Sum Insured	Rs. 2,00,000	As per the Board Approved Underwriting Policy
   Premium payment option	Single Pay, Limited Pay, Regular Pay
   Mode of Premium Payment	Yearly, Half-yearly, and Monthly

   **Last Updated on June, 2021

5. ICICI Pru Life Raksha

   ICICI Pru Life Raksha is a pure term insurance plan that protects your family and provides a lump sum to meet immediate liabilities that may arise in your absence.

   Key Features:

   • Death Benefit: In case of an unfortunate event like the death of the life covered (Life Assured) during the policy tenure, the nominee shall receive the death benefit.
   • Five-year Regular Pay: It is a five-year regular pay plan. You have to pay a premium throughout the tenure to avail benefits of this plan.
   • Maturity Benefit: There is no maturity benefit or survival benefit payable under this plan.
   • Surrender Benefit: There is no surrender benefit under this plan.

   Eligibility criteria:

   Eligibility condition	Minimum	Maximum
   Entry Age	18 years	60 years
   Sum Insured	Rs. 50,000	Rs. 5,00,000
   Policy Term	5 years
   Mode of Premium Payment	Yearly, Half-yearly, and Monthly. Under monthly frequency, there is a premium loading of 5% unless the payment is made by direct debit

   **Last Updated on June, 2021

6. ICICI Pru POS iProtect Smart

   ICICI Pru POS - iProtect Smart term insurance plan provides the flexibility to design your safety cover so that you can secure your family's future to make sure that they lead their lives comfortably without any worries in case of your demise. This plan also provides the option to enhance your coverage against accidental death.

   Key Features:

   • Affordable Premium: The plan allows you to secure your family at affordable prices.
   • Invest Without Medical Screening: You can buy this plan without a medical examination.
   • Flexibility: The plan offers the flexibility to pay premiums once for a limited period or throughout the policy term.
   • Additional Accidental Death Benefit: With this plan, you can boost your protection cover with an accidental death benefit.
   • Life Option: In case of unfortunate death of the insured, the plan will pay a death benefit to the nominee.
   • Life Plus Option: In case of death due to an accident, the plan will pay an accidental death benefit to the nominee.

   Eligibility criteria:

   Eligibility condition	Minimum	Maximum
   Entry Age	18 years	60 years
   Maturity Age	23 years	65 years
   Policy Term	Single Pay: 5 years Regular Pay: 5 years Limited Pay: 10 years	Single Pay: 20 years Limited Pay: 40 years Regular Pay: 65 years less age at entry
   Sum Insured	Subject to the minimum premium	Unlimited
   Premium Payment Options	Single Pay, Regular Pay, Limited Pay
   Mode of Premium Payment	Single, Yearly, Half-yearly, and Monthly

   **Last Updated on June, 2021

Add-on Riders Available in ICICI Prudential Term Insurance Plans

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.

1. 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.

2. 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. Though the critical illnesses covered under the policy may vary from one insurer to another, some ailments like cancer, heart attack, brain tumour, etc. are covered under the rider.

3. Accidental Death Rider

   ICICI Pru term insurance plans come out with a 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.

4. Permanent & Partial Disability

   It 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.

5. Income Benefit Rider

   It offers a regular source of income to the family in case of the demise or disability of the policyholder.

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.