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  • ICICI Prudential Term Insurance Plan

    ICICI Prudential Term Insurance

    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.

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