ICICI Pru Group Term Life Solution is a pure term group insurance plan which offers life cover for your gro\up member or employee. The ICICI Prudential Life Insurance policy is available to both employer-employee groups and non employer-employee groups.
Eligibility Criteria of ICICI Pru Group Term Life Solution
Listed below is the eligibility criteria for ICICI Pru Group Term Life Solution
Minimum age at entry
Maximum age at entry
Minimum group size
10 for employer-employee group
50 for non employer-employee group
Maximum age at policy expiry
80 years at last birthday
Minimum sum assured
Rs 1,000 at member level
Rs. 10,000 at policy level
Mode of premium payment
Monthly, quarterly, annually, bi annually
Key Features of ICICI Pru Group Term Life Solution
Listed below are the key features of ICICI Pru Group Term Life Solution
Group insurance plan
Premium payment terms
Same as policy term
Premium payment mode
Monthly, quarterly, annually, bi annually
In case of death of insured, sum assured will be paid in lumpsum as death benefit
Multiples of salary
Cover against outstanding loans
Group Term in lieu of Employee Deposit Linked Insurance (EDLI)
There is no medical examination required for members up to Free Cover Limit. Members above Free Cover Limit will have to undergo medicals.
This is applicable only for non employer-employee groups,
Death in case of suicide is not covered for the first policy year
Natural death is not covered for the first 45 days of joining the policy
Monthly addition and deletion of members
The policy can be revived each year
The insured can make a nomination any time before the maturity of the policy or the termination of the policy.
The policy qualifies for tax benefits under section 80c of the Income Tax Act, 1961
Benefits of ICICI Pru Group Term Life Solution
Listed below are the benefits of ICICI Pru Group Term Life Solution
Death benefit- In case of death of insured, sum assured will be paid in lumpsum as death benefit
Tax benefits- The policy also qualifies for tax benefits under section 80C of the Income Tax Act, 1961.
No medical examination required for members up to Free Cover Limit
Offers coverage 24 hours a day and 7 days a week
Easy enrollment process
Riders can be added to the policy subject to prior approval by IRDA
How does the plan work?
This is a master policy that is issued by the group administrator and the master policyholder will pay the initial premium covering all members for the first policy year. The sum assured can either be a flat cover amount, graded or linked to salary and loan amount. In case of death of an insured member, sum assured will be paid as death benefit.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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I have taken a life insurance in ICICI PRUDENTIAL on 6 months before. The policy is for 15 years. Now I am paying premium for 25 thousands rupees. While getting a policy my agent has given an information about the policy details, however there are some charges applicable.
My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
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Reviewed on Oct 10, 2019
ICICI prudential is providing me a best policy so i have taken them. Its ULIP (Unit Linked Insurance Policy) policy. I am paying the premium amount of Rs. 30000 every year. I pay the sum assured amount of Rs. 2.10 lakhs. I used to pay the premium through online.
ICICI Prudential premium was less for my life insurance so i chosen. I am holding the policy for past 3 years and they are providing me a satisfactory coverage amount. This is a term policy. Its covers with the accidental cover and disability cover.
My husband is working in ICICI Prudential so have taken 2life insurance policy. They are giving better benefits than others. I am not sure about the tenure details and premium because it has been dealt by husband. The payment mode is online.
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Reviewed on Sep 29, 2019
I have taken an accidental policy with ICICI prudential. They have insured me 1crore and the premium is very low which am happy. I have taken the policy last year and got the insurance paper on time. They are offering information time to time and the response was very nice.
From ICICI Prudential I took term plan it has the premium Rs. 511 per month, if there is any accident at the time the family member get Rs. 10 lakhs of coverage. They gave me the acknowledge from their end but response is lacking and I feel its not good plan which has other benefits after the maturity.
I want to all the financial portfolio to be with ICICI hence i am using all the services through ICICI so i took the term insurance policy from ICICI prudential. I am paying the premium amount of Rs. 10000 every year and this policy has coverage value of Rs. 50 lakhs. This covers upto 75 years of my age.
I am having a good relationship with ICICI BANK so I have taken life plan from ICICI Prudential. I need to pay the premium for 7 years and the maturity is 10 years. I am paying monthly 5K through auto debit and am not sure about the benefits. I got the insurance paper.
My company has provided me a life insurance policy from ICICI Prudential. Its a life insurance policy which gives for the customer who takes the loan. This policy has a coverage value of Rs. 10 lakhs. I'm paying the premium amount of Rs. 5000 and i have chosen the annual payment mode.
Bought my term plan from ICICI Prudential and i have closed the fore-closed policy from ICICI prudential which is a pension policy and wealth plus hence i have chosen the term plan. It was a ULIP plan earlier. In this ICICI terms, critical illness also covered. I am satisfied with the coverage value. I need to keep a balance in my account when they are taking a premium.
The money which i invested its not in a growth mode hence i won't recommend the Life insurance policy from ICICI Prudential. That time I was an agent for ICICI thats the reason, i have taken this policy. I am paying the premium amount of RS. 14000 in a yearly basis. Total sum assured amount is Rs. 2 to 5 lakhs. No one has contacted me from ICICI. This is a market based policy.
My company has provided me a life insurance policy from ICICI Prudential. This policy covers for death cover and life cover. I didn't get a chance to speak with call the customer care. They have provided me a coverage value of Rs. 25 lakhs. The premium amount is taken by corporate people.
I have taken life insurance with ICICI PRUDENTIAL on 4 years before which was taken for 10 years but after that can also continue for this policy. It covers for my whole family members for this insurance. I use to do payment through an online. I am paying premium in the yearly package.
I have a life insurance with ICICI prudential and there is no specific parameter for taking this policy. It was taken for the tax benefits. The benefits are okay. I am getting good rate of returns and the policy period is 7 years but I need to pay the premium for only 4 years. I am charging monthly around 3,700 rupees through online.
I have life cover with ICICI Prudential which was taken on 5 years before.The policy is for 10 years. I used to make the premium on a yearly basis. I use to payment through an online. An agent has given all the details about the policy and given documents as well.
I have my term policy with ICICI Prudential. They need to improve the benefits and not providing the suggestion for the customer to avail a better policy. I have been paying the premium for more than one year and need to pay 2more years. The payment mode is online and its good.
I also recommend this term insurance to my friendly. Based on the claim ratio, i have taken the policy from ICICI Prudential. Their claim settlement ratio is 95% and above. This policy cover upto 60 years of my age and 6 years ago, i bought the policy. The sum assured amount is Rs. 1 Crore
I have life cover with ICICI Prudential, I used to make the premium around Rs. 5000 per annum it has the tenure period around three years. After that I will be getting some sum assured and bonus interest. Each and every payment I used to make through I mobile.
I have ICICI prudential term plan, the premium amount is around Rs. 6500 per annum it has some certain tenure period . It covers upto 75 years, sum assured is good. They have good claim settlement ratio. I got the policy copy on time, it has critical illness cover too.