ICICI Term Insurance Plan Benefits Features Details Reviews

ICICI Term Insurance Plan – Are you looking for term insurance but don’t know where to start? Don’t worry, we’ve got you covered. In this post, we will introduce you to the ICICI Term Insurance Plan and outline its key features. We will also provide you with a handy comparison table that will help you decide which term insurance plan is best for you. So read on to learn more about this popular option!

Life is uncertain, and the family incurs a significant financial loss if the family breadwinner passes away too soon. It becomes difficult for the family to meet their financial needs and requirements when the breadwinner is not there. Life insurance companies are offering term life insurance plans as a result. These policies cover the possibility of a premature death and provide the family of the deceased with financial support to help them pay for expenses and reach their financial goals.

ICICI Term Insurance Plan

ICICI Term Insurance Plan is one of the most popular and comprehensive term insurance plans available in India. It covers a wide range of risks, including death, illness, and accidental injuries. The plan is also flexible – you can choose the level of cover that’s right for you. In this article, we’ll take you through everything you need to know about ICICI Term Insurance Plan.

Private life insurance company owned by ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life Insurance Company is a well-known brand in the industry. Since its inception in 2001, the business has experienced a meteoric rise in both size and prominence. The ICICI Prudential Life Insurance Company’s Assets Under Management were more than INR 1600 billion as of the financial year that ended March 31, 2019, indicating the firm’s solid financial position. Customers of ICICI Prudential can choose from a variety of life insurance policies. The company also offers a selection of term insurance plans.

ICICI Term Insurance Plan

ICICI Term Insurance Plan in India 2022 Details

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ICICI Term Insurance Plan an overview

If you’re looking for life insurance that offers a variety of cover options, the ICICI Term Insurance Plan is the perfect choice for you. This plan offers a range of benefits, including death benefits, income replacement benefits, and more. Plus, you can choose the cover option that’s right for you – from standalone cover to joint cover. And if you experience any unforeseen circumstances, such as a job loss or illness, the plan will provide you with financial assistance. So what are you waiting for? Contact us today to learn more!

There are six distinct types of term insurance plans offered by ICICI Prudential. The company offers a variety of plans with a wide range of coverage so that you can protect your family from financial loss in the event of your premature death. The company offers a variety of plans, each of which provides the best amount of protection for your family. Depending on your requirements for coverage, you can select any ICICI term insurance plan.

Plans offered by ICICI for term insurance

When it comes to term insurance, there are a lot of options available. But which plans is the best for you? To help you decide, ICICI has put together a list of plans that it believes are ideal for different types of customers. Whether you’re looking for a long-term plan that covers your entire family, or an individual plan that fits your needs, ICICI has got you covered. So why not give one of these plans a try today?

The complete list of ICICI term insurance plans, including their features, benefits, and eligibility requirements, can be found below:

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Pru iProtect Smart Plan from ICICI

Looking for a smart and efficient way to protect your assets? Look no further than Pru iProtect. This policy offers a host of features that can help you safeguard your property, including coverage for theft, damage, burglary, and natural disasters. Plus, it comes with a host of other benefits that make it a great choice for those who want to be sure they’re taking the appropriate steps to protect their belongings.

The most comprehensive term insurance policy offered by the company is the ICICI Pru iProtect Smart. You are protected against both health-related and life-threatening scenarios thanks to the plan, which allows for a variety of coverage options.

Features of ICICI Pru iProtect Smart Plan

  • Life, Life Plus, Life & Health, and All-in-One are the plan’s four coverage benefit options.
  • There are a variety of flexible premium payment options, and you can pay your premiums regularly, for a limited period of time, or all at once.
  • Female-specific critical illnesses are also covered by the Accelerated Critical Illness Benefit coverage.
  • The sum assured can be increased upon marriage and/or childbirth.
  • You can avail coverage for critical illnesses, accidental death, and disability, depending on the coverage option you choose.

Conditions of eligibility for the 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

Plan ICICI Pru iCare II

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

  • The plan provides two options for coverage. On death, the sum assured is paid under the first option.
  • Under the subsequent choice, there is an inbuilt unplanned advantage rider which pays an extra aggregate guaranteed in the event of coincidental demise
  • Single charges are likewise acknowledged under the approach
  • Inclusion can be delighted in as long as 85 years old

Conditions of eligibility for the 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

Precious Life Plan by ICICI Pru

ICICI Prudential offers a one-of-a-kind term insurance policy that covers people with existing conditions like diabetes, high blood pressure, and so on.

Features of ICICI Pru Precious Life Plan

  • The plan offers two coverage options: Life and Life Plus.
  • The Life Plus coverage option includes an optional accidental death benefit rider that provides an additional death benefit in the event of accidental deaths.
  • The death benefit can be taken in a lump sum, in instalments, or a combination of the two.
  • Premiums can be paid at once, for a limited time, or for the duration of the policy.

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

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Raksha Plan from ICICI Pru Life

This is a limited-time, short-term life insurance policy that provides term insurance coverage to the insured.

Features of ICICI Pru Life Raksha Plan

  • In the event of death, higher of the aggregate guaranteed, multiple times the yearly premium or 105% of all out expenses paid will be paid as the passing advantage
  • The strategy has a decent length of 5 years
  • You want to pay charges for the whole term of the arrangement to profit inclusion

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

ICICI Pru POS iProtect Smart Plan

This term insurance plan has extensive coverage and can be purchased online in a simple process.

Features of ICICI Pru POS iProtect Smart Plan

  • The plan provides two different options for coverage. The first one, Life, guarantees a certain amount in the event of death during the contract’s term. The Life Plus option, which includes an Accidental Death Benefit Rider, is the second choice. An additional benefit is paid in the event of an accidental death.
  • You can choose to pay premiums on a regular basis, for a limited time, or all at once.

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

Pru POS Life Raksha Plan from ICICI

You can purchase this term insurance policy right away without having to have any medical exams.

Features of ICICI Pru POS Life Raksha Plan

  • If the insured dies during the policy period, the sum assured is paid.
  • The policy has a fixed coverage period of five years.
  • The plan requires regular premium payments.

Conditions of eligibility for the 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

Exclusions under ICICI term insurance plans

During the policy’s term, ICICI term insurance plans provide protection against premature death. However, the insured would not be included in the policy’s coverage if the insured committed suicide within one year of purchasing the policy. As a death benefit, 80% of the paid premiums would be returned.

ICICI term insurance plans’ advantages

The following advantages are available to you with ICICI term insurance plans:

  • ICICI term insurance plans allow you to afford higher sum assured levels so that your family is sufficiently secured for emergencies.
  • The premiums you pay for ICICI term insurance plans are allowed as a tax-free deduction under Section 80C of the Income Tax Act.
  • This ensures that your family will be financially supported in your absence. ICICI term insurance plans offer flexible coverage benefits and allow you to choose your coverage based on your needs.
  • Term insurance premiums can be deducted up to INR 1.5 lakh. Under Section 10 (10D) of the Income Tax Act, benefits from ICICI term insurance plans are also completely tax-free for your family.

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How do I buy plans from ICICI term insurance?

Plan purchases for ICICI term insurance can be made both online and offline. The policy can be purchased in the following two ways:

Offline mode

There are two ways to purchase plans from ICICI term insurance if you select offline mode. The first option is to apply for the policy at the ICICI Prudential branch. You would need to fill out an application form and send it in with your documents and payment. An ICICI Prudential life insurance agent is the second option for purchasing ICICI term insurance plans. You can purchase the policy by contacting the insurance agent for the company.

Online mode

Some ICICI term insurance plans can be purchased online from the company’s own website. Simply go to ICICI Prudential’s official website at https://www.iciciprulife.com/, select a term plan, fill out an online application, upload supporting documents, and pay your premiums online. Within a few minutes, the application process would be completed. The proposal would then be approved by the business, and the policy would be issued as soon as possible.

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