term insurance
ICICI Prudential Term Life Insurance Plans

ICICI Prudential Term Life Insurance

Several individuals opt for life insurance policies like the ICICI Prudential Term Insurance plans to safeguard the financial future of their families. The future is unpredictable and especially if you are the primary earning member of your family, purchasing a term insurance plan could be beneficial for you and your dependents.

What Is Term Life Insurance?

Term life insurance plans are those life insurance policies offered by most top insurers like ICICI Prudential Life Insurance Company. Under such schemes, your family will receive a huge lump sum of money in case of your natural or unnatural death. Apart from this, ICICI Prudential Term Insurance Plans offer a range of benefits, at very low premium amounts.

Who Should Buy ICICI Prudential’s Term Insurance?

ICICI Prudential Term Insurance is a must-have for those with financial dependents. Such people include married individuals, individuals with parents, individuals with children, self-employed individuals, business owners, SIP investors, taxpayers, professionals who have parents depending on them financially, and even retirees.

Benefits of ICICI Prudential Term Insurance Plans

ICICI Prudential’s Term Insurance Plans offer a vast range of benefits to those with dependents. The primary benefits include:

  • Affordable Premiums For High Life Insurance Amounts – Individuals can buy ICICI Prudential Term Insurance plans at affordable premiums and secure their family’s future with a large lump sum of life insurance money. This amount usually suffices to cover a significant number of years of lost earnings/ income.
  • Critical Illness Cover – The latest term insurance plans like ICICI Pru iProtect Smart, which protects income-earning individuals and policyholders during critical illnesses as well. The cover comes at a small additional premium and safeguards you and your family during critical illnesses like cancer, heart attacks, kidney failure, etc. 
  • Disability Support – The ICICI Pru iProtect Smart cover also offers additional benefits. It pays your future premiums in case of any total or permanent disability. Because of this cover, your life insurance can continue despite your inability to pay the future premium amounts. 
  • Tax Benefits – Under Section 80C of Indian laws, a term insurance policyholder is entitled to certain tax benefits. For term insurance plans, you get tax benefits up to an amount of Rs. 46,800, whereas for the critical illness cover, you get additional tax benefits of up to Rs. 7,800 as per Section 80D. Section 10(10D) further offers tax benefits to your family on the life insurance amount received in case of any unforeseen and unfortunate situations. 
  • Financial Security – Apart from the huge life insurance amount lump sum, you can secure your family with an additional Rs. 2 crores in case of accidental death. You can opt for the Accidental Death Cover by suffering a nominal increase in your premium amount and secure your family with the extra insurance payout.
  • Death Benefits – In case of your unfortunate death, your family can claim the death benefits under your term insurance policy. Death benefits allow your family to claim a regular monthly income along with the lump sum insurance amount. 
  • Survival Benefits – In case you survive the term of your life insurance policy, you or your family can no longer enjoy its benefits. However, if you take the return to premium term plan, your insurer pays you back a lump sum or regular income at least equivalent to the total premium you have paid through the term of your policy.

Features of ICICI Prudential Term Insurance Plans

ICICI Prudential Term Insurance Plans offer the following features:

  • Low Entry Age
  • Long-term Protection
  • Easy To Buy
  • Easy Premium Payment Options
  • Adjustable Cover
  • Liability Protection

ICICI Prudential Term Life Insurance Plans

ICICI Prudential Life Insurance Company offers various plans under their term insurance policies. You can choose the one best suited for you and your family.

ICICI Pru Term PlansAvailabilityFeatures Of The PlanEligibility Criteria
ICICI PRU iProtect Term Insurance PlanOnline
  • Policy term of 10, 15, 20, 25, 30 years
  • Dependents of the policyholder get a lumpsum insurance amount in case of unfortunate events.
  • No maturity benefits.
  • Accident death benefit cover available.
  • No surrender benefits.
  • Entry Age: 18 to 60 years
  • Age of Maturity: Maximum 65 years
  • Minimum Sum Insured: Subject to the minimum premium
  • Maximum Sum Insured: 100Cr.
  • 15-day Free Look Period
ICICI PRU iCare II Term Insurance PlanOffline
  • Policy term of 5, 10, 15, 20, 25, 30 years
  • Dependents of the policyholder get a lumpsum insurance amount in case of unfortunate events.
  • No maturity benefits.
  • Accident death benefit cover available.
  • Single payment policies can be surrendered after a year to avail surrender benefits.
  • Entry Age: 18 to 60 years
  • Age of Maturity: Maximum 65 years
  • Sum Insured: Rs. 85,875 onwards
  • 15-day Free Look Period
ICICI Prudential Life RakshaOffline
  • If the insured dies within the 5-year policy term, the dependents will be paid the highest out of the following:
  • Sum insured as per the policy documents.
  • 10 X annual premiums payable.
  • 105% of the total premiums already paid.
  • No maturity benefits.
  • Fixed tenure of 5 years.
  • No survival benefits.
  • Entry Age: 18 to 60 years
  • Age of Maturity: Maximum 65 years
  • Sum Insured: Rs. 50,000 – Rs. 5,00,000

15-day Free Look Period

Reasons to Buy Term Insurance Plans Online

With the ease and convenience that technology offers nowadays, it makes more sense to buy your term insurance policies online. Here are the reasons why:

  • Easy and Convenient – Buying policies online is easy, hassle-free, and convenient. You can purchase your policy from anywhere and at any time, without having to visit any offices. 
  • Saves Time – With no time wasted on travel, documentation, etc., you can purchase your ICICI Prudential Term Insurance policy within just a few clicks.
  • Saves Premium – By comparing deals and discounts offered by various insurers, you can get yourself a good bargain on the premium amount you need to pay. 
  • Make Well-informed Decisions – By reading the offerings and terms and conditions of different insurers, you can make easy comparisons, and also make well-informed decisions regarding the policy you finally opt for.

Steps to Find The Right Term Insurance Plan Online

Finding the right term insurance plan online can be a very crucial task. Here are some tips on how you can choose the term insurance plan best suited to your needs.

  1. Before you can choose your plans, first think about the stage and age you are at, and the number of family members depending on you financially. 
  2. Then, think about the costs involved in running a basic livelihood for your family every month. 
  3. Decide on the covers based on your family’s needs rather than the premium amount. 
  4. Add the cost of any liabilities you may have to your coverage amount. 
  5. Look for insurers who have a high claim settlement ratio.
  6. You can opt for riders on your term insurance policy that helps you optimize the benefits of your term insurance plan.

How To Buy ICICI Prudential Term Insurance Online?

The process of purchasing a term insurance plan from most insurers is almost the same. You can buy your ICICI Prudential Term Insurance Plan online by following these simple steps:

  1. Visit the ICICI Prudential Life Insurance website and on the homepage, click on ‘Term Insurance’.
  2. You will see a box that allows you to check the premium applicable to your profile.
  3. Enter all the necessary details and click on ‘Check Premium’.
  4. Choose the add-on covers you prefer.
  5. If the premium suits you, click on ‘Proceed’.
  6. Enter details of the policyholder as asked.
  7. Proceed to payment and make the payment online via credit/ debit cards, NEFT, or UPI.

Renewal of ICICI Prudential Term Insurance Plan

You can renew your ICICI Prudential Term Insurance Plan by:

  1. Visiting the ICICI Prudential Life Insurance homepage.
  2. Click on the ‘Customer Services’ tab.
  3. Next, click on the ‘Pay Renewal Premium’ button.
  4. Enter details like policy number, and date of birth.
  5. Make the payment online via credit/ debit cards, NEFT, or UPI.

Claim Process Of ICICI Prudential Term Insurance Plan

In case of any unfortunate events regarding the policyholder, an insurance claim can be made in the following manner:

  • Report the incident to your insurance provider. This is known as ‘Raising a claim’.
  • Fill the claim form available on the insurer’s website or taken from their branch office. 
  • Submit the necessary documents to prove the genuineness of the claim.
  • The insurer reviews your claim request and assesses its validity.
  • If the documentation and information prove to be genuine, your insurer will approve your claim.
  • Once approved, the insurance company pays the benefits specified in your policy document. 
  • The insurer might provide an upfront lump-sum amount or it might stagger the payout as regular payments based on the terms of your policy.

Buying an ICICI Prudential Term Insurance plan can be the best decision for you and your family. Choose your policy and add-covers wisely before deciding on the insurance plan best suited for you.

Frequently Asked Questions

1. What factors can affect my ICICI term insurance premium?

There are several factors that can increase your term insurance premium. These include:

  • Age
  • Gender
  • Medical history
  • Current health condition
  • Smoking
  • Drinking alcohol
  • Profession
  • Policy term
  • Lifestyle and habits

2. What is meant by a term insurance rider?

A term insurance rider is an add-on cover you can take with your term insurance policy, to offer additional financial protection to your dependents. Riders can be of various types, including terminal illness riders, permanent disability riders, etc. Term insurance riders come at a small additional premium cost.

3. What is the maximum age up to which I can buy an ICICI term insurance policy?

Depending on the plan you choose, the age limit can vary. However, for any individual to be eligible to apply for a term insurance policy they must be older than 18 years and younger than 65 years of age.

4. What kind of deaths will not be covered under your ICICI term insurance plan?

Your term insurance plan will not cover death due to self-inflicted damages. It only covers death due to critical illnesses, including sexually transmitted diseases like HIV or AIDS.

5. What happens if the nominee on my ICICI term insurance policy dies?

In case the nominee or beneficiary of your term insurance policy passes away after your death and before the insurance amount has been settled, the insurance amount is passed on to their legal successor.

6. What are all the things an ICICI term insurance covers?

On the unfortunate death of the policyholder, term insurance policies cover expenses like:

  • Cost of living for their families
  • College tuition of dependents
  • Cost of mortgages

And much more. However, the insurance amount can only be claimed within the fixed term of the insurance policy.

7. What is the survival benefit of ICICI term insurance?

Survival benefit is the insurance amount the policyholder will receive at the end of the policy term, in case he/ she survives the term, without any claims.

8. Is your ICICI term life insurance taxable?

Term insurance amounts are not taxable to the policyholder’s beneficiaries. However, in certain specific situations, the insurance amount may become taxable. These are:

  • If the beneficiary of the insurance amount is an estate.
  • In case there is a change in the name of the beneficiary or you choose to cancel, surrender, pledge or assign the policy.
  • In case an individual buys a term insurance plan for another person, who assigns a third person as their beneficiary.

9. How often can you renew your ICICI term insurance policy?

You can choose from:

  • Annual renewable: This means you buy a term life insurance policy that is renewed every year up to a specific amount of years.
  • Guaranteed renewable or Level term: This type of term life is set for a specific period of time and your premiums are guaranteed for that period.

10. Can the premiums change after a period of time for an ICICI term insurance policy?

In short, premiums can change. This is because habits like smoking, drinking along with several other factors like hazardous employment nature, riders, etc. fall under a high-risk category. As so, the premiums will be more.