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  • ICICI Prudential Term Insurance Plan

     4.0 / 5.0   by 68 users
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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    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

    ICICI Prudential Term Insurance Reviews

  • Page 1 of 4 1 2 3 4
    • ICICI Prudential Life Insurance
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have been holding Term insurance with ICICI prudential insurance , i have been applied this insurance recently, i don't have much idea as about the benefits which they provide me and i pay premium per years 650 for 50 lakh policy and it automatically get debited from my account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 15, 2018
    • ICICI Prudential Life Insurance
      "Claim settlement ratio is good in ICICI"
      0.5 5.0/5 "Blown Away!"
      The coverage is good. Actually I'm having four policies. Two for kids and 1 for me and my wife. I have a Term insurance policy on my time. I used to pay Rs. 16000 per year. I have to this term insurance for 35 years. The premium and policy will get covered upto 75 years. Total sum assured amount is 75 Lakhs. I nominated my wife as nominee. This policy covers critical illness.
      Was this review helpful? 0
      , madurai
      Reviewed on Jun 06, 2018
    • ICICI Prudential Life Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance with ICICI Prudential. The tenure is till the age of 75years of age. The sum assured is of 50 lakhs. There are add on coverage for Critical illness. The premium is economical and I pay it on a yearly basis. I have taken a protect smart plan.
      Was this review helpful? 0
      , patna
      Reviewed on May 25, 2018
    • ICICI Prudential Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I am having a Term insurance policy from the ICICI PRUDENTIAL policy and this policy has the tenure of 25years. I pay the premium amount of Rs1900 in every month once, the customer support service and he response is good with the ICICI PRUDENTIAL. It has good plan benefits and better policy coverage.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 02, 2018
    • ICICI Prudential Life Insurance
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have taken my term insurance with ICICI Prudential. The best about the company is the claim is very fast and the sum assured is also good. The tenure is for 30 years and the premium is also economical. The services are good, they send me updates about the policy and reminds me about the payments.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 27, 2018
    • ICICI Prudential Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a term insurance from Icici,the service is good with Icici. I have taken two policy with Icici. They use top update me regularly with the new schemes and offers,I use to get intimations through sms and email. The payments are generally through online,it is a average service from Icici life insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • ICICI Prudential Life Insurance
      "Life insurance with ICICI"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from ICICI PRUDENTIAL. The premium which i have to pay yearly is 40000. Its a term insurance. If any thing happens to me then my family will get all the benefits. I make my payment through credit card. The benefit for the policy is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 10, 2018
    • ICICI Prudential Life Insurance
      "Good Returns"
      0.5 3.0/5 "Satisfactory"
      I have taken a short term Life Insurance with this people. The one good factor about them is that the return over here is pretty good. I have been paying Rs.30000 per annum as the premium for the Insurance and also the payment over here is pretty smooth.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 26, 2017
    • ICICI Prudential Life Insurance
      "ICICI prudential life insurance term plan"
      0.5 0.5/5 "Unacceptable"
      Have taken the term plan , in some changes in the payment , they mailed me you have paid less amount and you have to pay extra 755 Rs , i paid the same they again mailed me ,this went on for 5 times i paid the amount but still my policy in lapse mode,i don't think so they will pay my family the amount they promise me for the term plan ,customer care you call no one has the ides what are you asking , they will have some general reply , the one who reply your mail you cannot contact him directly ,so please dont waste your money with them
      Was this review helpful? 2
      , gurgaon
      Reviewed on Nov 08, 2017
    • ICICI Prudential Life Insurance
      "Good protection for family"
      0.5 5.0/5 "Blown Away!"
      Recently I have taken Term insurance with ICICI prudential, I paid the premium of Rs. 16,500 on yearly basis. I should make the premium till my age of 60. I don't get any benefits but if something goes wrong to me. My family gets insured amount of Rs. 1 crore. ICICI prudential has 94% of claim settle ratio.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 30, 2017
    • ICICI Prudential Life Insurance
      "Great Guidance "
      0.5 4.5/5 "Excellent!"
      I was looking for a term plan and checked various options available with different banks than I visited this site and posted my question. I got a call from a lady named Richa and she explained and suggested a very good plan based on my current and future needs. I was very happy to get her guidance. Thanks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 12, 2017
    • ICICI Prudential Life Insurance
      "Secured for my family"
      0.5 5.0/5 "Blown Away!"
      I have taken ICICI prudential term insurance to secure my family after me. Every year I pay the premium of Rs.15,000, I am suppose to pay it for 40 years. Its totally a death risk policy. My family will get the claim of 1 crore but I have not included critical illness benefits because its only work out in USA. I am a non smoker, hence my premium is lesser. ICICI prudential is good they have settled 99.2% of claim.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 18, 2017
    • ICICI Prudential Life Insurance
      "Benefits & returs are good"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance with ICICI Prudential. It is a death benefit policy. The best about this company is there are good benefits on their policies and the returns are also good. My beneficiary would get the benefit of 50 Lakhs if anything goes wrong with me in the next 40 years.
      Was this review helpful? 0
      , lucknow
      Reviewed on Aug 03, 2017
    • ICICI Prudential Life Insurance
      "Good for family protection in aspects"
      0.5 5.0/5 "Blown Away!"
      I have term insurance with ICICI, I am paying the monthly payment of Rs.1251, After GST they started taking Rs.1300 it has the tenure period of 40 years. After me ,my family will get the reimbursement of Rs.50 lakhs its one shot. Its good for my family.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 10, 2017
    • ICICI Prudential Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from ICICI Prudential. The process was very easy as they have arranged for the lab test and I got the policy papers without any kind of hassles. The policy is tenure till the age of 65 years and the benefits would go to my beneficiary.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jun 15, 2017
    • ICICI Prudential Life Insurance
      "Descent"
      0.5 3.0/5 "Satisfactory"
      I do have life insurance policy with the ICICI prudential insurance company. Its the term plan and am paying around 3000 Rupees per month and the coverage value is for 12 lakh Rupees. Customer service is good one with them and I have not faced any issues with them till now.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • ICICI Prudential Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have recently taken a life insurance policy from ICICI Prudential. It is a term insurance and the tenure for this policy is for ten years. The premium is economical and can be paid online. The process to get this policy was not a hassle, and I have also received my documents immediately.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Mar 06, 2017
    • ICICI Prudential Life Insurance
      "Make alternative"
      0.5 2.0/5 "Expected more"
      I am having ICICI prudential life insurance policy with two bases like one is from ULIP and other one is term insurance . I am paying around 48000 Rupees per annum for ULIP as premium and for term policy it will be around 13800 Rupees per annum. Services are good with them but the returns, interest and bonus are not good with them.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Feb 14, 2017
    • ICICI Prudential Life Insurance
      "Realistic experience with ICICI prudential"
      0.5 5.0/5 "Blown Away!"
      As the term implies, term insurance is something to do with time . I would suggest every one to opt for atleast one term policy . I have invested in a policy which provides a cover of one crore and I have to pay about 13000 per annum . I had taken medical test for the same.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 07, 2016
    • ICICI Prudential Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term plan from ICICI Prudential in which the coverage given is for one core. They have given option to make the premium on monthly basic which is very good. Accidental and natural death is covered.The additional benefit is critical illness coverage which is given depending upon the customer requirement. I took the policy through online. Customer service is very good as they explained clearly about the plan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2016
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