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 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 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. 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. 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

Page 1 of 6 1 2 3 4 5
  • ICICI Prudential Life Insurance
    "Better"
    0.5 3.0/5 "Satisfactory"
    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.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • ICICI Prudential
    ICICI Prudential Life Insurance
    "Benefits need to be increased"
    0.5 3.5/5 "Pretty good"
    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.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 22, 2019
  • ICICI Prudential Life Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 19, 2019
  • ICICI Prudential Life Insurance
    "Secure life with a term policy"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 27, 2019
  • ICICI Prudential Life Insurance
    "Helpful policy "
    0.5 4.5/5 "Excellent!"
    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
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 04, 2019
  • ICICI Prudential Life Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jul 27, 2019
  • ICICI Prudential Life Insurance
    "Better"
    0.5 4.5/5 "Excellent!"
    I had taken a Term Insurance with ICICI Prudential of their benefits and its been 2years. I have paid 14K yearly through online. The customer support is good, I have enable auto debit option for payment which is convenient. They have given me disability clause normally others are not providing but for this ICICI is charging higher premium.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 25, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have purchased my term insurance with ICICI Prudential before 3 years ago because of their customer service. I wanted to topup of my product but they don't know about the policy and they are suggesting me to go with separate policy. Its annual premium and it comes around 15K through online.
    Was this review helpful? 1
    , pune
    Reviewed on Jul 24, 2019
  • ICICI Prudential Life Insurance
    "Good Term policy with less benefits"
    0.5 4.0/5 "Great!"
    ICICI people have approached me hence i bought the life insurance policy with them. Every year i pay the premium amount of Rs. 15000 for the sum assured amount of Rs. 50 lakhs. This is a term insurance policy. It will cover upto 75 years of my age. In the documents, there is not mentioned about the partial disability and medical illness.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 16, 2019
  • ICICI Prudential Life Insurance
    "Nneed to be reduce premium amount"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in ICICI PRUDENTIAL on one year before. The policy is for 65 years but I have taken for 32 years. I am paying premium in the monthly package and the amount is high. While getting a policy I came to know about an information about the policy details through an online.I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the term plan with ICICI PRUDENTIAL where i am using it since from last few years and the premium paying for yearly once added on that there are good returns available with the policy, it gives the self coverage with the policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 09, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken a TERM PLAN with ICICI PRUDENTIAL, the maturity period of the policy is for 15 years where the rprem9um have to paid for 10 years and 5 years it gets matured. I got the hard copy also soft copy regarding the policy. The policy has the good returns, it can be converted as pension.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 30, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using from last 4-5 months and the name of the policy is TERM PLAN but the documentation process was done through online also the customer support explained the policy details. The premium paying for monthly once also the maturity period is for 30 years. It has the coverage for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 27, 2019
  • ICICI Prudential Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    Its a term plan which I taken for my family, I make around Rs. 9000 per annum it has the tenure period around 30 years. I have selected coverage of Rs.75 lakhs, its gives lump sum benefits to my family, the insurance company claim settlement ratio and grievance resolved is great but there is no critical illness benefits.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 18, 2019
  • ICICI Prudential Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    Purchased my term insurance policy from ICICI Prudential. For the financial security for my family, i have chosen this one. They are providing the coverage amount of Rs. 15 lakhs and i have been paying the premium amount of Rs. 10,850 and i made the premium through online and they have sent me the hard copy of the document through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jun 13, 2019
  • ICICI Prudential Life Insurance
    "Very Good policy"
    0.5 5.0/5 "Blown Away!"
    I have bought my term insurance policy from ICICI. One of my friend who is there in ICICI has referred me about this policy. I have been paying the premium amount of Rs. 18000 which is yearly basis. I have selected the coverage value of Rs. 50 lakhs. Its covers for disability and partial disability also. I pay the premium through online. Each and every responsible family person need to take this term insurance policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 27, 2019
  • ICICI Prudential Life Insurance
    "Best way to protect the family"
    0.5 5.0/5 "Blown Away!"
    I have term plan with ICICI Prudential for that I pay the premium of Rs. 13,000 per annum . I need to pay upto my 75 years old and if any certain demise happen. My family will be getting Rs. 1 crore. The claim settlement ratio is good upto 90% and they give critical illness cover upto Rs. 25 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 27, 2019
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am most happy with ICICI Prudential, they are very transparent and the allocation value is less, they have explained everything clearly on their app. I can customized the products according to my needs. I have taken a normal policy and term plan, totally 3 policies. I got the insurance paper on time.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • ICICI Prudential Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I have purchased the TERM PLAN with the ICICI PRUDENTIAL and using it since from many years. The documentation process was done through online without hassle process and the customer executive explained the details of the policy and they were responsive too.
    Was this review helpful? 0
    , pune
    Reviewed on May 17, 2019
  • ICICI Prudential Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I am using the term plan with the ICICI PRUDENTIAL. The premium paying for yearly basis. The executive explained the details of the policy and also the documentation process done on time.The charges is nominal. The customer service is good and supportive.
    Was this review helpful? 0
    , pune
    Reviewed on May 10, 2019
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