Insurance Plans March 1, 2020

ICICI Term Insurance Plan

Life is very unpredictable and we don’t know what the future has stored for us, but we can make rational selections to make our family’s future safe and secure. Always, remember, you need to be ready for the worst as difficulties generally come unexpectedly. Therefore, to lessen an abrupt financial load on your dear ones, a life insurance plan is a must.

Term Insurance

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Term Life insurance plans are a powerful tool that supports your family to meet their financial needs even in your absence with a large coverage of life at an affordable rate. The first name which comes to our mind when we talk about Term Plans is from ICICI Prudential Life Insurance– ICICI Term Insurance plan, a pioneer in insurance, established in 2001 and is one of the top players in the insurance industry in India.

Term Insurance

To know the right life insurance cover, please fill the details below and our policy experts will get in touch with you

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Let us see the details of ICICI Term Insurance plans.

ICICI Term insurance plans can be broadly categorized as below:

  1. ICICI Pru iProtect Smart
  2. ICICI Pru iCare II
  3. ICICI Pru Precious Life
  4. ICICI Pru Life Raksha

We will take you through one by one about the above term plans for a better understanding.

ICICI Term plan -ICICI Pru iProtect Smart

This plan is a non-linked and Non-participating Term insurance plan which gives you the scope to plan your financial needs in a way, that will protect your family’s future needs without any worries. Key features and benefits of the plan are summarized as below

Advanced Protection: A greater coverage for death, disability as well as Terminal illnesses
All-inclusive added benefits: Choice of Accidental Death Benefit and a huge coverage of 34 critical illness under Accelerated Critical Illness Benefit
Reduced Premium Rates: For non-smokers, the plan provides a special rate
Choice of Pay-outs: Choice to avail the payout either as a lump sum, as a monthly pay-out for 10 years, or as both
The option of payment: Choice available to make pay the premium monthly, or at one time of for the entire policy period
Exclusive rates and coverage for women: A special rate for women’s live coverage and Accidental Critical Illnesses Benefit with coverage for female organ cancers
Tax Benefit: Exemption under section 80C as applicable
Death Benefit: The Death Benefit can be paid to the nominee in the following way

  1. The whole benefit can be paid as a lump sum
  2. For 10 years, 10% of the benefit can be paid in equated monthly payments in advance at 0.833% of the Death Benefit Sum.
  3. The option of choosing the percentage of the Sum Insured to be repaid as a lump sum amount which needs to be chosen at the beginning of the policy. The rest of the Sum Insured is to be paid out in equated monthly payments in advance at 0.833%/ month for 10 years.

Online Facility: This plan can be easily applied online

How do ICICI Term Plan – ICICI Pru iProtect Smart guards you?

You have the option to choose one from the below-mentioned benefits.

The option of Benefits/ Name of the BenefitsLifeLife PlusLife and healthAll in One
Waiver of Premium on Permanent DisabilityYesYesYesYes
Death and Terminal IllnessYesYesYesYes
Critical IllnessesNo No Yes Yes
Accidental DeathNoYesNoYes

Eligibility for ICICI Pru iProtect Smart

Entry Age Minimum- 18 years
Maximum- 65 years
Maturity Age Maximum75 years
Policy period For Single Payment
Minimum -5 years
Maximum- 20 years

For Regular Payment
Minimum -5 years
Maximum- 85 years
And Whole Life 99 years

For Limited Pay
Minimum -10 years
Maximum- 85 years
And Whole Life 99 years
Sum InsuredMinimum INR 2400
Maximum- No Limit

ICICI Term plan -ICICI Pru iCare II

This plan protects the future of your family so that they can lead a comfortable life and not worrying about the financial obligations even when you are not there. Main features and benefits of the plan are summarized as below

Choices of Protection: You can choose the level of protection as per your need
Inexpensive Rates: The premium rates are affordable and hence you can choose accordingly
Death Benefit with desired coverage: You can choose from 2 options as per your need which are

  1. Option I: Death Benefit will be equivalent to the Sum Insured
  2. Option II: For Regular Payment, there is an additional death benefit which is equivalent to the chosen Sum Insured OR INR 2 Crore, whichever is lesser, can be paid

Savings on Tax- You can get an exemption from tax under section 80C

How does ICICI Term Plan ICICI Pru iCare II will help you?

  1. As per your need, you need to choose between the Options as mentioned above
  2. You would need to choose the Sum Insured
  3. You need to fill up your data as required in details and give correct information about your health
  4. The last stage is to select the desired payment option of Single Premium or One Pay or Regular Premium and go ahead to make the payment to avail all the benefits under the plan

Eligibility for ICICI Pru iCare II

Entry Age One Pay
Minimum- 18 years*
Maximum- 60 years*

Regular Pay
Minimum- 18 years*
Maximum- 65 years*
Maturity Age MaximumRegular Pay – Option I- 85 years*
Regular Pay – Option II- 80 years*
One Pay – 65 years*
Policy period For Regular Pay- 5 years till 67 years

For One Pay- 5 years/ 10 years
Sum Insured MinimumFor Regular Pay with yearly premium, the below table is applicable
AgeTerm of the PolicyOption I (INR)Option II (INR)
6058654885015
1830303413285375


Sum Insured MaximumZero Limit
Premium Payment ModeRegular Pay- Monthly, Bi-Annually and Annually
Accidental Death BenefitEquivalent to the chosen Sum Insured, with maximum amount as INR 2 Crores

*Age as on last birthday

ICICI Term plan -ICICI Pru Precious Life

A special ICICI term insurance plan is tailor-made for individuals who have existing health issues like cholesterol, high blood pressure, diabetes, etc. Usually, people with identified health diseases find it very difficult to get coverage for their lives. But, ICICI Term insurance plan -ICICI Pru Precious Life understands this concern and have come up with this plan. Let us see the main features and benefits as follows.

Extensive Coverage: Coverage for persons with existing health issues like asthma, high blood pressure, obesity, diabetes and also for individuals who have recovered from diseases like cancer or any other surgeries
Choice of Pay Outs: Choice to avail the payout either as a lump sum, as a monthly pay-out or both
Advanced Protection: Choice to enhance your policy by availing Accidental Death Benefit
Premium Rates: For non-smokers, the plan gives a special rate
Medical Reports Accessibility: You can get your medical reports at ease
Premium payment Options- Choice between paying once or for the policy period
Death Benefit: The Death Benefit can be paid to the nominee in the following ways

  1. The whole benefit can be paid as a lump sum
  2. The death benefit can be paid in equated monthly payments in advance at 1.6667% of the Death Benefit Sum for 5 years, 0.8333% for 10 years and 0.555% for 15 years
  3. The option of choosing the percentage of the Sum Insured to be repaid as a lump sum amount which needs to be chosen at the beginning of the policy. Rest of the Sum Insured is to be paid for 5 years, 10 years and 15 years respectively
  4. The Death Benefit is to be paid in monthly repayments for 10 years opening with 10% of the benefit sum per year in the 1st year and will increase by 10% per year for the coming years

Savings on Tax- You can get an exemption from tax under section 80C

How do ICICI Term Plan ICICI Pru Precious Lifeguards you?

You have the choice to select one from the below-mentioned benefits.

Option of BenefitsName of the Benefits
LifeDeath Benefit
Life PlusDeath Benefit with Accidental Death Benefit

Eligibility for ICICI Pru Precious Life

Entry Age Minimum- 18 years
Maximum- 65 years
Maturity Age MaximumMinimum- 23 years
Maximum- 70 years
Policy period Minimum- 20 years
Maximum- 40 years
Term of Premium PaymentSingle Pay- Once
Limited Pay- 5 and 10 years
Regular Pay- As per the term of the policy
Sum Insured MinimumINR 200000
Sum Insured MaximumZero Limit and as per the underwriting guidelines
Premium Payment ModeMonthly, Bi-Annually and Annually
Accidental Death Benefit
Minimum- INR 1 Lakh
Maximum- Equivalent to the Sum Insured but as per the underwriting guidelines

ICICI Term plan -ICICI Pru Life Raksha

ICICI Pru Life Raksha Term Plan is a protection focused term plan that ensures to protect your family financially in case any unfortunate incident happens to you. Let us see the main features and benefits of the plan.

Death Benefit: In the event of the demise of the policyholder during the policy term, the nominee will receive the highest of the below thee conditions:

  1. Sum Insured
  2. Multiple of 10 of the Annualized Premium
  3. 105% of the entire premiums paid on the date of demise

5 Years Plan- Being a 5 years policy, all the premiums to be paid for the said period
Maturity or Survival Benefit or Surrender Benefit– Nil under this plan
Tax Benefit- As applicable with a consultation with your tax advisor

Eligibility for ICICI Pru Life Raksha

Entry Age Minimum- 18 years
Maximum- 60 years
Policy period 5 years
Term of Premium PaymentSame as the policy period
Sum Insured MinimumINR 50000
Sum Insured MaximumINR 500000
Premium Payment ModeMonthly, Bi-Annually and Annually

ICICI Term Insurance Plan is the best in class in the insurance industry that suits all your needs that will protect your family when needed the most. So, choose the plan as per your need and apply for the right plan immediately.

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