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 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.
Here is a complete list of ICICI term insurance plans along with their features, benefits and eligibility conditions –
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
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 |
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
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 |
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
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 |
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
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 |
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
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 |
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
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 |
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.
ICICI term insurance plans provide you with the following benefits –
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 –
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.
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
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 –
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.
In case of a death claim, the nominee is required to submit the below-mentioned documents to get the claim processed –
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.
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.