Insurance Plans 4353 views November 22, 2019

ICICI Prudential Term Plan

ICICI Prudential Term Plan – Overview

Are you looking for the best term insurance plan in India?  If yes, then you must begin by looking for a good insurance provider to buy the term cover from. There are many life insurance companies in India and all of them offer term insurance. However, some companies stand out from the rest and rank highest in the list of the top life insurance companies in India. Among them is the ICICI Prudential Life Insurance Company. The ICICI Prudential term plan is rated very high in India and many people buying them. The company occupies a high market share of almost 5%.

Term Insurance

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Why choose ICICI Prudential term plan?

Let us begin by discussing why one chooses an ICICI Prudential term plan over the term insurance plan of the other insurance providers. Here are some reasons why:

1. High claim settlement ratio

The claim settlement ratio of ICICI Prudential term plan is one of the highest in the country. The insurer settles 97.88% of the claims. This is a very high and healthy figure and tells us a lot about professionalism and ethics with which the insurance provider works. Company with high claim settlement ratio is a great place to buy your term insurance from.

2. Very affordable

Everyone wants a good term insurance plan, but it is extremely important to stay within one’s budget. This is why you need to find a term life insurance cover that is wholesome yet affordable. The ICICI term plan is very affordable while being comprehensive at the same time. This is another major reason why you may get an ICICI Prudential term insurance plan.

3. Excellent customer support

Many of the large insurance companies in India throw around a lot of weight and ignore their customers once a sale is made. The case is very different from ICICI Prudential. Even after being an industry leader, the company values its customers greatly and offers excellent customer support. This helps the policyholders in every way possible.

4. Many awards won

ICICI Prudential term plan has won numerous awards and accolades for the life insurance products it offers, including the term insurance plans. The term insurance plans are well designed and so have received many accolades from the experts as well as the users.

5. Lots of options

When you decide to buy term plan from ICICI Prudential, you get many options. ICICI Prudential has some excellent term insurance policies. The best of the lot are:

  1. ICICI Pru Icare 2 term Insurance Plan
  2. ICICI Pru Life Raksha Term Insurance Plan

6. Flexible premium payment options

You get multiple options in relation to the premium payment for the ICICI Pru term insurance plans. You can opt for a single premium and pay the premium for the entire policy period in one go. You can also choose to pay it for a limited period of time, that is for the first five years of the policy or you can pay the premium every year. If you choose the latter, you can make the payments annually, semi-annually, quarterly or monthly.

7. Multiple payout choices

The nominees can receive the sum assured in various ways after the death of the policyholder. The policyholder, when buying the policy, needs to inform the insurer about the type of payout he chooses for his nominees. He has the option of the lump sum payout benefit where the entire death benefit is paid in one go. The second option is the staggering benefit where the amount is broken up in instalments.

These are some reasons why you may consider choosing the ICICI term plan.

8. Terms and condition – ICICI Prudential Life term plan

There are some important questions to know before applying for term insurance in India. Once you have answers to these questions, you can enjoy your term insurance coverage with greater ease. Every insurance company, including ICICI Prudential, has a few terms and conditions associated with their plans. You need to know what these are to ensure you have proper coverage. If you have any doubts, do not hesitate to ask questions and get them cleared. Here are a few points to remember:

9. Truthfulness when buying the plan

The insurer expects complete honesty from you when you buy the ICICI term plan. Do not lie about anything such as your smoking habits, age, health conditions, etc. If you do, your nominees may be denied the term life insurance claim later on.

10. ICICI Prudential Term Plan Exclusions

ICICI Prudential term plan has listed a few exclusions under all its term insurance covers. Go over these exclusions and be aware of situations under which a term insurance claim cannot be made. Inform your family about them as well to avoid confusion later on.

11. ICICI Prudential Term Plan Premium Clauses

There are several clauses related to the premium payment of the term insurance plans. Firstly, there are terms and conditions related to the intervals for premium payment (single, limited or regular). Then there are clauses related to the policy lapsing, grace period and cancellation if the premium is not paid. Be properly aware of these terms and conditions and maintain your term insurance cover with better ease.

12. ICICI Prudential Term Plan Claim Process

ICICI Prudential term plan has a very simple term insurance claim process. However, the proper steps need to be followed in order for your nominee to receive the death benefit after your death. Read the terms properly and explain them to your nominees too so that they know exactly what to do if you die unexpectedly.

You need to adhere to these terms and conditions to ensure your family gets the sum assured after you are gone.

The final word

Buying term insurance alone is not enough – you need to buy the plan from a reputed and bankable insurance provider to ensure the plan delivers to its fullest. Choose a good insurer such as ICICI Prudential and get a substantial term life insurance cover from them. The ICICI Prudential term plan has many features and benefits and proves to be excellent life covers for people from all walks of life.

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