Life is uncertain and if the breadwinner of the family dies prematurely, the family suffers a huge financial loss. In the absence of the breadwinner, it becomes difficult for the family to meet their financial needs and requirements. That is why term life insurance plans are being offered by life insurance companies. These policies cover the risk of premature death and compensate the bereaved family with a financial corpus which helps them meet their expenses and financial goals.

ICICI Prudential Life Insurance Company, a leading name in the life insurance industry, is a private life insurance company owned by ICICI Bank Limited and Prudential Corporation Holdings Limited. The company was established in the year 2001 and ever since then the company has grown by leaps and bounds. As of the financial year ending 31st March 2019, the Assets under Management of ICICI Prudential Life Insurance Company was more than INR 1600 billion which shows the company’s strong financial position. ICICI Prudential offers different types of life insurance policies to its customers. A variety of term insurance plans are also offered by the company. Let’s explore the tern plans which the company offers –

ICICI Term Insurance Plan – an overview

ICICI Prudential offers six different types of term insurance plans. Each plan offered by the company provides a good scope of coverage so that you can secure your family against any financial loss in case of your premature death. All the plans offered by the company allow an optimal level of coverage so that your family can be sufficiently secured. You can choose any ICICI term insurance plan depending on your coverage needs.

Types of ICICI term insurance plans

Here is a complete list of ICICI term insurance plans along with their features, benefits and eligibility conditions –

1. ICICI Pru iProtect Smart Plan

ICICI Pru iProtect Smart is the most comprehensive term insurance policy offered by the company. The plan allows different types of coverage options and secures you against life as well as health-related contingencies.

Features of ICICI Pru iProtect Smart Plan

  1. There are four coverage benefit options under the plan – Life, Life Plus, Life & Health, All-in-One. You can avail coverage not only for death but also for critical illnesses, accidental death and disability depending on the coverage option yo choose
  2. The plan benefit can be taken in a lump sum, in instalments or partly in a lump sum and partly in instalments
  3. There are different and flexible premium payment modes and you can pay your premiums regularly, for a limited period or at once
  4. Female-specific critical illnesses are also covered under the Accelerated Critical Illness Benefit coverage
  5. The sum assured can be increased on marriage and/or childbirth
  6. Eligibility conditions of ICICI Pru iProtect Smart Plan

    Entry age

    18 years to 65 years

    Term of the plan

    5 years to (99-entry age) years

    Premium payment term

    Regular premium – equal to the policy term

    Limited premium – 5 years, 7 years, 10 years, (term -5) years or (60-entry age) years

    Single premium – once

    Premium

    Minimum – INR 2400/year

    Maximum – no limit

    Sum assured

    Depends on the minimum premium

2. ICICI Pru iCare II Plan

This is a pure term insurance plan which gives you the options of availing coverage against accidental deaths too.

Features of ICICI Pru iCare II Plan

  1. There are two coverage options under the plan. Under the first option, the sum assured is paid on death. Under the second option, there is an inbuilt accidental benefit rider which pays an additional sum assured in case of accidental death
  2. Single premiums are also accepted under the policy
  3. Coverage can be enjoyed up to 85 years of age
  4. Eligibility conditions of ICICI Pru iCare II Plan

    Entry age

    18 years to 65 years

    Term of the plan

    5 years to 67 years

    Premium payment term

    Regular premium – equal to the policy term

    Single premium – once

    Premium

    Minimum – INR 2400/year

    Maximum – no limit

    Sum assured

    INR 86,548 onwards

3. ICICI Pru Precious Life Plan

This is a unique term insurance policy offered by ICICI Prudential which offers coverage even to those who have existing illnesses like diabetes, hypertension, etc.

Features of ICICI Pru Precious Life Plan

  1. Individuals who have recovered from cancer or other major surgeries can also buy the plan
  2. The plan offers two coverage benefits of Life and Life Plus
  3. Accidental death benefit rider is inbuilt in the Life Plus coverage option which provides an additional death benefit in case of accidental deaths
  4. The death benefit can be taken in lump sum, in instalments or in a combination of both
  5. Premiums can be paid at once, for a limited period or for the entire duration of the policy
  6. Eligibility conditions of ICICI Pru Precious Life Plan

    Entry age

    18 years to 65 years

    Term of the plan

    5 years to 40 years

    Premium payment term

    Regular premium – equal to the policy term

    Limited premium – 5 year or 10 years

    Single premium – once

    Premium

    Minimum – INR 2400/year

    Maximum – no limit

    Sum assured

    Minimum – INR 2 lakhs

    Maximum – no limit

4. ICICI Pru Life Raksha Plan

This is a short term life insurance policy which is offered for a limited duration and provides term insurance coverage to the insured.

Features of ICICI Pru Life Raksha Plan

  1. In case of death, higher of the sum assured, 10 times the annual premium or 105% of total premiums paid is paid as the death benefit
  2. The policy has a fixed duration of 5 years
  3. You need to pay premiums for the entire term of the plan to avail coverage
  4. Eligibility conditions of ICICI Pru Life Raksha Plan

    Entry age

    18 years to 60 years

    Term of the plan

    5 years

    Premium payment term

    Equal to the term of the policy

    Premium

    Depends on age and sum assured selected

    Sum assured

    Minimum – INR 50,000

    Maximum – INR 5 lakhs

5. ICICI Pru POS iProtect Smart Plan


This term insurance plan provides a comprehensive scope of coverage and can be bought through a simple online process.

Features of ICICI Pru POS iProtect Smart Plan

  1. Two coverage options are offered by the plan. The first one is called Life which offers the sum assured in case of death during the tenure. The second option is the Life Plus option wherein an Accidental Death Benefit Rider comes inbuilt. In case of accidental death, an additional benefit is paid
  2. You can choose to pay premiums regularly, for a limited time or at once
  3. Eligibility conditions of ICICI Pru POS iProtect Smart Plan

    Entry age

    18 years to 60 years

    Term of the plan

    5 years to (65-entry age) years

    Premium payment term

    Regular premium – equal to the policy term

    Limited premium –term -5 years

    Single premium – once

    Premium

    Minimum – INR 2400/year

    Maximum – no limit

    Sum assured

    Depends on the minimum premium

6. ICICI Pru POS Life Raksha Plan

This is a term insurance plan which allows you to buy the policy instantly without undergoing any medical check-ups.

Features of ICICI Pru POS Life Raksha Plan

  1. The sum assured is paid if the insured dies during the policy period
  2. The policy has a fixed coverage duration of 5 years
  3. Regular premiums are required under the plan
  4. Eligibility conditions of ICICI Pru POS Life Raksha Plan

    Entry age

    18 years to 60 years

    Term of the plan

    5 years

    Premium payment term

    Equal to the policy tenure

    Premium

    Depends on age and sum assured chosen

    Sum assured

    Minimum – INR 50,000

    Maximum – INR 5 lakhs

Exclusions under ICICI term insurance plans

ICICI term insurance plans provide coverage against premature death during the term of the policy. However, if the insured dies due to suicide within one year of buying the term insurance policy, such a death would be excluded from the scope of coverage of the policy. In such case, 80% of the premiums paid would be refunded as a death benefit.

Benefits of ICICI term insurance plans

ICICI term insurance plans provide you with the following benefits –

  1. You can get a comprehensive scope of coverage at minimal premiums thereby ensuring that your family is financially taken care of in your absence
  2. ICICI term insurance plans offer flexible coverage benefits and you can choose your coverage depending on your needs
  3. The premiums of the plans are extremely low which allows you to afford higher sum assured levels so that your family is sufficiently secured for emergencies
  4. The premiums that you pay for ICICI term insurance plans are allowed as a tax-free deduction under Section 80C of the Income Tax Act. You can claim a deduction of up to INR 1.5 lakhs through term insurance premiums
  5. The benefits received from ICICI term insurance plans are also completely tax-free in the hands of your family under Section 10 (10D) of the Income Tax Act.

How to buy ICICI term insurance plans?

The online, as well as the offline modes, are available for buying ICICI term insurance plans. Here’s how you can buy the policy through these two modes –

  1. Offline mode

    If you choose the offline mode, there are two ways in which you can buy ICICI term insurance plans. The first way is to visit the branch of ICICI Prudential and apply for the policy from there. There would be an application form which you need to fill and submit along with your documents and premium. The second way to buy ICICI term insurance plans is through an ICICI Prudential life insurance agent. You can get in touch with the company’s insurance agent and buy the policy from him/her.

  2. Online mode

    Some ICICI term insurance plans can be bought online directly from the website of the company itself. Just visit the official website of ICICI Prudential which is https://www.iciciprulife.com/, choose the term plan which you want, fill up an online application form, upload the supporting documents and pay the premiums online. The application process would be completed within a few minutes. The company would, then, underwrite the proposal and issue the policy within the shortest possible time.

    You can also buy ICICI term insurance plans online through Turtlemint. ICICI Prudential is tied-up with Turtlemint and offers its policies on Turtlemint’s platform. You simply need to visit https://www.turtlemint.com/life-insurance and choose ‘Term Life Plans’. You would be prompted to provide your details based on which the premiums would be calculated. These details would include your date of birth, gender, marital status, annual income, etc. After the details are provided, you would be shown a list of term insurance plans offering coverage. You can, then, compare and choose the best term insurance policy easily. The policy can also be bought online through Turtlemint by filling the online application form and paying the required premium.

Documents required for buying ICICI term insurance plans

 You would need to submit the following documents to buy any ICICI term insurance plan –

  • Proposal form, filled and signed
  • Photographs
  • Identity proof
  • Age proof
  • Address proof
  • Income proof
  • PAN Card
  • Aadhar Card

How to make a claim under ICICI term insurance plans?

There is a claim under ICICI term insurance plans when the insured dies during the term of the policy. In case of a claim, the following steps should be taken by the nominee –

  1. The insurance company should be informed of the death of the insured. The nominee should fill up a claim form and submit it to the company for intimation of death claim
  2. The death certificate of the insured should also be attached with the claim form
  3. The company might do investigations to assess the cause of death in case of ambiguous claims
  4. The nominee should also submit other supporting documents required for the claim
  5. Once the documents are received, the insurance company would process the claim and pay the claim amount directly to the nominee

If you have bought ICICI term insurance plan from Turtlemint, you don’t have to follow the claim process. You can simply inform Turtlemint of your claim and the company would do the needful to get your claim settled. To inform, you can call 1800 266 0101 which is the toll-free helpline of Turtlemint or send a mail to the company at claims@turtlemint.com. After being intimated, Turtlemint takes the necessary steps and gets your claim settled at the earliest.

Documents required for death claims

In case of a death claim, the nominee is required to submit the below-mentioned documents to get the claim processed –

  • The claim form, filled and signed by the nominee
  • Death certificate
  • Police FIR, panchnama, coroner’s report, police inquest report, etc. in case of accidental death claims
  • Medical and hospital reports in case of deaths due to illnesses or diseases
  • Any other documents as demanded by ICICI Prudential

Review of ICICI term insurance plans

ICICI Prudential offers a range of term insurance plans with varying coverage levels and features. These plans, therefore, allow customers to choose the most suitable coverage for themselves. The premiums are affordable and the company offers an easy claim settlement process so that their customers’ claims can be settled quickly. So, ICICI term insurance plan is a good choice for your term insurance needs and can be bought for financial security.


FAQ’s

If you stop paying the premium under your term insurance plan, the coverage would stop and the policy would lapse. You can revive a lapsed policy within two years by paying the outstanding premium and interest in it. If, however, you do not revive the plan, you would lose all benefits of the policy and would not get anything.


No, term insurance plans do not allow policy loans.


ICICI term insurance plans allow premiums to be paid annually, half-yearly, quarterly or monthly as per your suitability.


No, term plans do not offer any bonus. Bonus accrues only under savings oriented insurance plans. Since term plans are pure protection plans, they do not earn a bonus declared by the insurance company.

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