Term Insurance May 4, 2021

ICICI Pru Group Term Plus Plan can be suitable for individuals looking to provide life insurance to a group of people. With this group term plan from ICICI Prudential, all members of a group will get death benefits in case of an unfortunate event. ICICI Prudential offers this group plan through a master policy issued to a master policyholder or the group administrator. This individual will pay the premiums to cover all the members under a group.

Let’s check out the highlights of the ICICI Pru Group Term Plus Plan before understanding this plan further.

  1. Life cover for members of a group at an affordable cost
  2. Loyalty building tool for employees 
  3. Simple administration process to add or delete members 
  4. Single rate facility to master policyholders
  5. No need for a medical examination for life cover up to the free limit
  6. Tax benefits on premiums paid
  7. 15 or 30-day free look period

We will discuss here these features of the ICICI Pru Group Term Plus Plan in detail so that you can make a better decision. So, let’s start without any delay!

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Let’s Understand the Benefits of ICICI Pru Group Term Plus Plan in Detail

We are showing the benefits payable under the ICICI Pru Group Term Plus Plan in detail below. Please check!

Death Benefit

If a member of a group dies during the period of cover, this group term plan from ICICI Prudential will provide the sum assured (concerning the respective member) to the nominee or legal heir as per the terms and conditions of the master policy.

Minimum Amount of Life Cover

With the ICICI Pru Group Term Plus Plan, the minimum amount of life cover stands at INR 5,000 for each member. The master policy provides the life cover equaling the sum assured for members of the group covered by the master policy.

Optional Benefits

This Group Term plus plan also offers a few optional benefits to the master policyholder. He/she can choose any of these benefits at the commencement of the policy or at the time of annual renewal. These benefits are single rate facility, sum assured reset benefit, and earning spouse or earning guardian cover. We are discussing each of them below.

Single Rate Facility

The premium rate will be the same as the master policy premium rate at policy inception or renewal for all the new members joining the group before the date of the next policy renewal. ICICI Prudential does not charge any fee for this facility.

Sum Assured Reset Benefit

The sum assured for each member under a group can be increased or decreased by the master policyholder during the term of master policy, provided the life cover of the member is in force.

Earning Spouse or Earning Guardian Cover

ICICI Prudential will extend cover to the member’s earning spouse or earning guardian depending on the insurable interest and underwriting. An additional premium will be payable by the master policyholder or member.

Voluntary Additional Sum Insured Benefit

ICICI Pru Group Term Plus Plan provides this benefit to employer-employee policies only. Master policyholders can choose it at the inception of the policy. Under this benefit, each member covered under the master policy can enhance his or her benefits and sum assured over and above the limit provided by the employer. To get this benefit, an additional premium will be payable by the Master policyholder or members.

Terminal Illness Benefit

With this benefit, ICICI Pru Group Term Plus Plan provides an acceleration of all of the sum assured on diagnosis of the terminal illness. A Master policyholder will pay the additional premium for terminal illness benefits. The member shall be regarded as terminally ill only if that particular member is diagnosed with a condition that will lead to death within 6 months.

Different Premium Payment Modes

The master policyholder can choose to pay the premium from different modes – Monthly, Quarterly, Half-yearly or Yearly. The premium amount under this master policy is payable in advance for each member. To know more, please check the below table.

Premium Paying ModeLoading as % of annual premium
Half-yearly2%
Quarterly3%
Monthly4%

ICICI Pru Group Term Plus Plan Eligibility Criteria

Please check the ICICI Pru Group Term Plus Plan eligibility criteria mentioned below.

  1. A formal group will consist of a minimum of 10 members, while an informal group should have at least 50 members under this policy.
  2. The minimum age of entry for a member should be 15 years. However, it can go up to 79 years.
  3. Individuals who can join the group after the commencement of the policy shall be eligible for the membership of the scheme if they are within the specified age limits.

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