Term Insurance 10042 views November 22, 2019

ICICI Term Insurance

About ICICI Term Insurance

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.

Term Insurance

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Why Choose ICICI Term Insurance 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:

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, talking volumes about professionalism and ethics with which the insurance provider works. Companies with high claim settlement ratio are a great place to buy your term insurance from.

Very Affordable

Everyone wants a good term insurance plan, but it is extremely important to stay within one’s budget. So, 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 should look for an ICICI Prudential term insurance plan.

Excellent Customer Support

Many 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 at ICICI Prudential though. 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.

Many Awards Won

ICICI Prudential 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 experts as well as users.

Lots of Options

When you decide to buy a term plan from ICICI Prudential life insurance, you get many options. ICICI Prudential has some excellent term insurance policies that you can see below.

  • Basic Term Plan
  • Term Insurance with Critical Illness Cover
  • Term Insurance with Accidental Death Cover
  • Term Insurance with Limited Pay

Basic Term Plan – Here, a lump sum amount is payable to your nominee upon your death during the policy term. No maturity benefit will be given.

Term Insurance with Critical Illness Cover – Besides life cover, this plan also ensures financial help for you in case you are caught with 34 critical illnesses such as heart attack, kidney failure, etc.

Term Insurance with Accidental Death Cover – Additional cover is provided if you die due to an accident.

Term Insurance with Limited Pay – Here, you can finish paying the premium much before, whereas the coverage will continue till the end of the policy term.

Flexible Premium Payment Options

You get multiple options regarding the premium payment for ICICI Pru term insurance plans. You can opt for a single premium and pay the premium for the entire policy period in one go. Besides, 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 pay the premium annually, semi-annually, quarterly or monthly.

Multiple Payout Choices

The nominees can receive the sum assured in various ways after the death of the policyholder. When buying the policy, the policyholder needs to inform the insurer about the type of payout he chooses for his nominees. He has the option of 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 installments. These are some reasons why you may consider choosing the ICICI term plan.

Terms and Conditions

There are some important aspects to know before buying term insurance in India. Once you are done with the same, 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 about them 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:

Truthfulness When Buying the Plan

The insurer expects complete honesty from you when buying 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.

ICICI Term Insurance 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.

ICICI Prudential Term Insurance 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.

ICICI Pru iProtect Smart Term Plan

ICICI Pru iProtect Smart Term Plan is the one that you get from the insurer to secure the future of your loved ones in your absence. It comes with four different benefit variants from which you need to choose one. These variants are – Life, Life Plus, Life & Health and All in One. All these have different benefits that you can see below.

Life – Death Benefit + Terminal Illness + Premium Waiver on Permanent Disability will apply.

Life Plus – Death Benefit + Terminal Illness + Premium Waiver on Permanent Disability + Accidental Death Benefit will apply

Life & Health – Death Benefit + Terminal Illness + Premium Waiver on Permanent Disability + Accelerated Critical Illness Benefit will apply

All in One – Death Benefit + Terminal Illness + Premium Waiver on Permanent Disability + Accidental Death Benefit + Accelerated Critical Illness Benefit will apply

Critical Illnesses Covered Under ICICI Pru iProtect Smart Term Plan

The plan covers the following critical illnesses –

  • Cancer of specified severity
  • Myocardinal Infarction
  • Heart Valve Surgery
  • Surgery to Aorta
  • Cardiomyopathy
  • Primary (Idiopathic) Pulmonary Hypertension
  • Blindness
  • Open Chest CABG
  • End Stage Liver and Lung Failure
  • Failure of kidneys and requiring constant dialysis
  • Transplantation of major organs and bone marrow
  • Benign Brain Tumour
  • Major Head Trauma
  • Brain Surgery
  • Permanently Paralyzed Limbs
  • Stroke Leading to Permanent Symptoms
  • Deafness
  • Loss of Speech
  • Motor Neuron Disease with Permanent Symptoms
  • And other such illnesses

ICICI Term Insurance Plan Claim Process

ICICI Prudential term plan has a very simple term insurance claim process. A few simple steps and your nominees will get the much-needed sum assured amount. Let’s check out the steps below.

Intimate ICICI Prudential Life Insurance First

Your dependents need to intimate ICICI Prudential Life Insurance soon after your death. They can intimate through any of the following means

  • Online submission of claim
  • Calling ClaimCare
  • Claim submission at the branch
  • Claim intimation via email and SMS
  • Intimation via direct mail

Documents Required to Support Death Claim

While intimating, you need to support several documents to support the claim. However, depending on the type of death, the list of required documents would vary. Let’s check the documents for different types of death.

Upon Natural Death of the Insured

  • Statement Form of the Claimant (Download this form from the official website of ICICI Prudential Life Insurance, take its printout and fill the details)
  • Original policy document
  • Death certificate provided by the local authority
  • Photo Identity and Current Address Proof of the Claimant
  • Copy of bank passbook/cancelled cheque
  • Medical records comprising discharge/death summary, test reports, indoor case papers, admission notes, etc.
  • Previous medical records of the life assured
  • Medical attendant’s or hospital certificate issued by the doctor
  • Certificate from the employer (for salaried individuals)

Documents to Have in Case of Accidental/Suicidal Deaths

In addition to the above-mentioned documents, the claimant needs to submit the ones shown below.

  • Post Mortem Report
  • Chemical Viscera Report
  • Panchnama/FIR/Police Inquest Report and Final Investigation Report
  • Driving License of the Life Assured if he/she was driving the vehicle by the time the accident happens

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 it. 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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