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ICICI Prudential Term Insurance Plan

ICICI Prudential is among the largest life insurers in India. The group offers a wide range of term insurance plans that cover people across demographics and for wide range of covers. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential Plc. of the UK (ICICI bank holds 74% stake). ICICI Prudential offers two online term insurance plans, namely, PRU iProtect Term Insurance Plan and ICICI PRU iCare II Term Insurance Plan. Term Plans or Pure Protection plans are the cheapest form of life insurance. Term plans offered by ICICI Prudential provide life cover for a certain period of time. If the Life Assured dies during the policy term, death benefit is paid to the nominee. Term plans by ICICI Prudential are aimed at protecting the family of the insured.

  1. PRU iProtect Term Insurance Plan
  2. It’s a non-participating plan which can be bought online. What’s more, plans can be customized according to the specific needs of individuals. Customers can avail of the following options:

    • ICICI Pru iProtect Option I: Death benefit is equal to the Sum Assured
    • ICICI Pru iProtect Option II: Additional death benefit is equal to the base Sum Assured or Rs. 5,000,000, whichever is lower.

    Eligibility Criteria

    • Minimum age at entry: 20 years
    • Maximum age at entry: 65 years

    Documentation

    • Age Proof: Driving license, school/ college certificate, passport, birth certificate
    • Identity Proof: PAN Card, Voters card, Aadhar Card
    • Address Proof: Telephone bill, bank a/c statement
    • Income Proof: IT returns

    Features and benefits of PRU iProtect Term Insurance Plan

    Plan Term 10, 15, 20, 25, 30 years
    Sum assured Minimum: Rs.25,00,000 Maximum: Rs.1,00,00,000. Sum Assured cannot be changed
    Premiums Rs. 2,000 (excluding service tax)
    Premium payment Equal to policy term; yearly, half-yearly, quarterly and monthly
    Coverage

    If the Life Assured dies during the term of the policy, the nominee will receive the following benefits:

    iProtect Option I: Sum Assured

    IProtect Option II: Sum Assured Plus Accidental Death Benefit (an amount equal to the Sum Assured subject to a maximum of Rs. 50 lakhs will be paid if the Life Assured dies in an accident)

    There are no maturity benefits under the plan.

    Add-on covers Instant life insurance cover is effective on receipt of premium in non-medical cases. However, in cases where medical examination is required, it is effective from the date of policy issuance
    Surrender period/value No surrender benefits are offered under this policy
    Freelook period If the policyholder wants to discontinue the policy, he or she can cancel the policy within 15 days from the receipt of the policy document

    Tax Benefits

    Premium paid under the plan will be eligible for tax benefit under section 80C of the Income Tax Act, 1961.

  3. ICICI PRU iCare II Term Insurance Plan
  4. An online term insurance plan, PRU ICare II offers high insurance cover at affordable premiums for the benefit of customers. Under this plan,death benefit is payable if the life insured dies within the policy term. The plan has two options. Under option I, death benefit is equal to the Sum Assured. As per option II, an additional death benefit equal to Sum Assured chosen by the customer or Rs. 50 lakhs, whichever is lower, is payable (regular pay).

    Eligibility Criteria

    • Minimum age at entry: 18 years
    • Maximum age at entry: 60 years
    • Maximum Age at Maturity: 65 years

    Documentation Required

    • Age Proof: Passport, birth certificate
    • Identity Proof: Voters card, Aadhar Card
    • Address Proof: Telephone bill, electricity bill, bank account statement
    • Income Proof: PAN Card, IT returns

    Features and benefits of PRU iCare II Term Insurance Plan

    Plan Term Regular pay: 5, 10, 15, 20, 25 and 30 years One Pay: 5, 10 years
    Sum Assured Minimum Sum Assured is listed below:
    Age Policy Term Option I Option II
    60 5 Rs. 87,423 Rs. 85,875
    Maximum Sum Assured: No limit
    Premiums Minimum: Rs. 2,400 excluding service tax
    Premium payment term Regular pay (yearly), one pay option for 5 and 10 year policy terms
    Coverage

    Cover remains fixed for the tenure of the policy. Customers have two options.

    Option I: If the life insured dies, the nominee will receive the Sum Assured.

    Option II: In case of death by accident, in addition to the basic sum assured, additional death benefit equal to the sum assured or Rs. 50 lakh, whichever is lower, is payable. However, the policy does not offer any maturity value.

    Women can, however, avail of lower premium rates under this policy

    Add-on covers Accidental Death Benefit Rider covers death due to an accident. Minimum Sum Assured: Rs. 50,000; Maximum Sum Assured: Equal to Sum assured up to Rs. 50 lakh.
    Surrender value

    Policies with regular premium payment option cannot be surrendered. However, single premium policies can be surrendered after a year.

    The surrender value = 70% x single premium x (policy years outstanding/ policy term).

    Freelook period If customers are not satisfied, they may cancel the policy within 15 days of acquiring the policy documents. After cancellation, customers will be paid the premiums after stamp duty and medical reports charges are deducted.

    Tax Benefits

    Premium paid towards the policy will be eligible for tax benefits u/s 80C of the Income Tax Act, 1961

  5. ICICI Prudential Loan Protect
  6. This is a non-participating term insurance plan that offers life cover to members who have taken a mortgage or auto loan from a bank or other financial institutions.

    Key features and benefits

    • Minimum sum assured of Rs.5 lakhs.
    • Flexible policy tenure ranging from 5 to 30 years.
    • Pay single premium or annually for 5 years.
    • Fixed and reducing cover options available.
    • Tax benefits as per relevant sections of the Income Tax Act, 1961.

  7. ICICI Prudential Sarv Jana Suraksha
  8. This is a micro insurance plan meant for the rural populace. The plan aims to provide financial security to your family when you are gone. This is an affordable plan that offers a decent sum assured.

    Key features and benefits

    • Sum assured paid out as death benefit.
    • Annual premium payment.
    • 5 years fixed policy term.
    • Minimum sum assured of Rs.5,000 and maximum of Rs.50,000.
    • Tax benefits as per relevant sections of the Income Tax Act, 1961.

  9. ICICI Prudential Life Raksha
  10. This is a pure term plan that offers high sum assured at affordable premiums. This is meant for individuals only.

    Key features and benefits

    • Fixed policy term of 5 years.
    • Sum assured paid out as death benefit.
    • Minimum sum assured of Rs.50,000.
    • Maximum sum assured of Rs.5 lakhs.
    • Monthly, half-yearly and yearly premium payment modes available.
    • Income tax benefits as per relevant sections of the Income Tax Act, 1961.

  11. ICICI Prudential Loan Protect Plus
  12. This is a term insurance plan that helps ensure that your family doesn’t inherit the added financial burden of clear outstanding loans borrowed by you after you are gone. The plan is available for individuals who have taken a loan from a financial institution.

    Key features and benefits

    • Minimum sum assured of Rs.5 lakhs.
    • Death benefit and death benefit with accidental death rider options available.
    • Fixed or reducing cover options.
    • Pay single premium or regular premium for 5 years.
    • Flexible policy tenures in line with your loan repayment tenure.

How To Claim ICICI Prudential Term Insurance?

  • Process

    Customers can fill out the claim initiation form online and submit it, following which, the bank will provide a claim id. Customers can check the progress of their claim settlement with the help of the claim id.

  • Documents required
    • Claimant’s form
    • Original policy certificate
    • Death certificate (copy)
    • Claimant’s photo identification proof
    • Address proof
    • In case of an accidental death, the following documents need to be produced to make a death claim.
    • FIR copy
    • Driving license If the insured was driving at the time of the accident

ICICI Prudential Term Insurance Exclusions

No death benefit is payable in cases of death by suicide in the first policy year, or within a year from the date of reinstatement. If the Life Assured (sane or insane) ends life, within one year of increasing the Sum Assured, the amount (increased Sum Assured) will not be considered for the calculation of the Death Benefit.

Why choose ICICI Prudential term insurance plans?

For the financial year, 2014-15, ICICI Prudential’s claim settlement ratio stood at 94.10%. ICICI has a hassle free claim process which is transparent as well, since the customers can track the progress of their claims. ICICI Prudential offers term insurance plans which can be easily purchased online without agent intervention at affordable costs. The insurance plans are offered with high non-medical limits. Some of the other attractive features of the plans include accidental death benefit rider where additional sum assured is paid to the nominee in case of death due to accident.

ICICI Prudential Term Insurance – FAQs

  1. Can customers avail of loans under this policy?

    No. There is no loan facility available under this plan

  2. What are the surrender benefits available under iCare plan?

    There are no surrender benefits available under the regular pay option of this plan. However, surrender option is available with single pay. Surrender value = 70% × single premium × (policy term)

  3. What is the policy term for ICICI Prudential term insurance plans?

    Customers can choose from a policy term of 10, 15, 20, 25 and 30 years.

  4. Will the policies lapse immediately if customers fail to pay their premiums?

    If policyholders stop paying premiums, all benefits will cease following the expiry of the grace period. The policy can, however, be reinstated within 2 years if customers pay all the premiums with interest.

Other Products from ICICI Group

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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ICICI Prudential Term Insurance Reviews

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  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Term insurance with ICICI PRUDENTIAL. Their service is excellent and responsiveness was good. They have clearly explained me about their policy coverage and plan benefits, i use to pay premium on monthly basis through on line.
    Was this review helpful? 0
    , dehradun
    Reviewed on Apr 17, 2019
  • ICICI Prudential Life Insurance
    "Flexible Term plan"
    0.5 5.0/5 "Blown Away!"
    ICICI PRUDENTIAL has good brand name, they give good benefits on my term plan. Through netbanking I can access everything, before three years the premium was lower now they increased based on my age yearly Rs. 9000, starting it was Rs. 11,000, based on IT proof the premium increased. For normal death they give Rs. 50 lakhs of cover and for the accidental they give Rs. 1 crore. I have added one nominee and they do have flexible emi option.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 08, 2019
  • ICICI Prudential Life Insurance
    "Life Insurance Executives are Proactive "
    0.5 5.0/5 "Blown Away!"
    I taken a term plan in ICICI prudential for Sum assured of 1 crore till 85 years of term period . It is the normal plan with inbuilt features . Comparing with other plan it is the best plan with ICICI . Customer executives are proactive in helping for the customers .
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 24, 2019
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my term insurance with ICICI prudential insurance, i have been applied this insurance from past one and half years, the coverage is good and I pay my premium through on line,and premium i used to pay on a yearly basis. Their service is good and they use to update me if any new policy is added.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 18, 2019
  • ICICI Prudential Life Insurance
    "Good overall"
    0.5 5.0/5 "Blown Away!"
    I also have a term insurance with ICICI Prudential. The tenure is for 30 years. There is no add on facility. The sum assured is for 50 lakhs and I pay a premium of 36000. The sum assured and the benefits are good in the policy. The payment option is good too.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 09, 2019
  • ICICI Prudential Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    I had taken this Term insurance policy a long time back and the premium had been paying on an annual basis. It also has an added benefit of accidental coverage. The premium amount is not too high and the payment method is also easy. The plan benefits and the policy coverage has been good as well.
    Was this review helpful? 0
    , jamnagar
    Reviewed on Mar 07, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    ICICI PRUDENTIAL is the insurance provider where i am holding the term insurance policy and i have been using it since from last one year. The premium initially i have paid for monthly basis and latter paid on 6 months basis with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 06, 2019
  • ICICI Prudential Life Insurance
    "Trusted Policy"
    0.5 5.0/5 "Blown Away!"
    I have a term insurance and it has a coverage of Rs.1 crore. The premium is of Rs. 15,000. I need to pay the premium for 20 years. There is a life coverage up to 75 years. I can add multiple nominees, the claim settlement is very high more than 90%, I can opt for lump sum amount or part payment.
    Was this review helpful? 1
    , chennai
    Reviewed on Mar 01, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am having a term plan with the ICICI PRUDENTIAL since from last one year. the maturity period of this policy is for 40-45 years and i am paying the premium for monthly once with this insurance policy. It is a good policy to use and it gives the coverage for self.
    Was this review helpful? 0
    , anantapur
    Reviewed on Feb 27, 2019
  • ICICI Prudential Life Insurance
    "Good Insurer"
    0.5 5.0/5 "Blown Away!"
    I have term insurance with ICICI Prudential still its going on, I taken this policy in the year of 2005, my premium was around Rs. 5000 per annum for the sum assured of Rs. 50 lakhs, my nominees will get the lum sum amount on any certain demise. ICICI Prudential claim settlement ratio is good comparatively in the market.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 23, 2019
  • ICICI Prudential Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan in ICICI Prudential before 2 years. It is good and have chosen mainly because of the offers. They have explained me about the policy well. I have got the insurance paper on time. The premium will be debited automatically from my account and the sum assured value is 1Cr.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Feb 21, 2019
  • ICICI Prudential Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I took a term plan in ICICI Prudential and it was purchased recently 3 months back. I have chosen the policy after comparing with other insurer. The customer service was very good. I have received the insurance paper. I am paying every month Rs.2,600 through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 12, 2019
  • ICICI Prudential Life Insurance
    "Good term insurance policy"
    0.5 4.5/5 "Excellent!"
    I have purchased my term insurance from ICICI Lombard. Just company has provided me a policy hence the premium has been deducted from my salary. I'm happy about the coverage value. The total tenure period of the policy is 1 year and i need to renew the policy for every year.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 27, 2019
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my Term insurance with ICICI prudential ,i took this insurance long bank , and the agent had explained me clearly and advise me which insurance is good for me, and i pay premium on half yearly basis, i use to pay through off line mode, the agent come and collect the cheque from me on half yearly basis.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 26, 2019
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Good for nominees"
    0.5 3.5/5 "Pretty good"
    I have one more term plan with ICICI prudential , I took the life insurance for the tenure of 7 years, monthly I need to Rs. 1565, policy coverage is around Rs. 20 lakhs, they give critical cover, premium terminal on disability. The agent gave me the clear information
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "One must have some term plan"
    0.5 5.0/5 "Blown Away!"
    Their application process was so fantastic. The documentation was fine and i have done everything through online. Since because of the brand value, i have selected the ICICI prudential for my term insurance. The claim ratio is very high which is98.3%. I have selected the premium is a accelerated one. First I have to pay the premium upto 10 years and it will cover next 34 years. I have selected the coverage value of Rs. 1 Cr upto 65 years. I pay the premium amount of Rs. 2311.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken a term plan with ICICI preudential from last 2 years, i pay a premium of Rs 525 every month for this insurance policy and i am convenient with the payment options. Customer service was good and they explained every detail of this policy.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Dec 10, 2018
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance with ICICI Prudential and I need to pay a premium till the age of 60 and it has a coverage till the age of 65 to 66. The policy coverage is for 50 lakhs and if anything external happens to the policy holder another 50 lakhs is provided to the family. The premium is economical, it is of 897 which goes through on a ECS basis.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 05, 2018
  • ICICI Prudential Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    My experience with the life insurance policy from the ICICI PRUDENTIAL and it is a annual term plan policy. The maturity period of this policy is for 10 years where i am paying my premium of r yearly once for this policy. The process of getting the policy is good.
    Was this review helpful? 1
    , jaipur
    Reviewed on Nov 27, 2018
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