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ICICI Term Insurance Plans

ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurance Company Ltd. (ICICI Prudential Life) is a joint venture between one of the leading private sector banks of India, the ICICI Bank Ltd., and the Prudential Corporation Holdings Limited. The company became operational in the year 2001, and since then, has been providing smart financial planning & protection solutions, along with hassle-free claim experience to Indian customers. Over the years, it has carved a niche in the industry, and today, it is known for offering cost-effective products that induce people to save and protect themselves against unforeseen contingencies.

ICICI Prudential Life Term Plans

ICICI Prudential Life Term Plans enable you to meet life’s uncertainties by providing you with a high coverage for as many numbers of years you need. These plans are available at highly affordable premiums, so that you can ensure adequate protection for your family, without impacting your current financial status. They also give you an option to increase your coverage by opting for accidental death benefit.

Term Plans:

Term Plans are one of the most affordable insurance products available in the market. As the name suggests, these plans offer coverage only for a specific term or age. If your aim is to protect your family from loans & liabilities, in case you pass away, then investing in a Term Plan is the best way to ensure their financial security.

Common Features of ICICI Prudential Life Term Plans:

  • Simple plans available at low-cost premiums
  • Death Benefit
  • Income Tax Benefit

List of Different Term Plans Offered By ICICI Prudential Life Insurance Company, With Features, Benefits And Eligibility

ICICI Pru iProtect Smart

Features:

  • A Term Plan That offers enhanced protection against death, 34 terminal illness, and disability
  • Options for availing Accidental Death Benefit and Critical Illness Benefit for wholesome coverage
  • Choose from four Plans: Life Option, Life Plus Option, Life and Health Option, & All in One
    1. Life Option: Under this plan variant, the nominee is entitled to receive the Death Benefit, on the first occurrence of any of the two events - Death of the Life Assured, or Diagnosis of Terminal Illness. Once this benefit is paid out, the policy ceases to exist, and no further benefits are payable. Further, in the event of diagnosis of a Permanent Disability due to an accident, the future premiums are waived off, and the policy continues with its benefits.
    2. Life Plus Option: Along with the benefits offered under the Life Option plan variant, the Life Plus Option offers an additional protection against Accidental Death. In case of the insured’s untimely death occurring as a result of an accident, the nominee gets eligible to receive a lump sum as an Accidental Death Benefit.
    3. Life and Health Option: This plan offers the benefits of the Life Option, and together with that, it also offers the Critical Illness Benefit, by which the insured can avail coverage against the listed 34 critical illnesses. These include the following:
    4. Cancer of specified severity, Angioplasty, First Heart Attack – of Specified Severity, Open Heart Replacement or Repair of Heart Valves, Surgery to aorta, Cardiomyopathy, Primary Pulmonary hypertension, Open Chest CABG, Blindness, Chronic Lung Disease, Chronic liver disease, Kidney Failure Requiring Regular Dialysis, Major Organ/ Bone Marrow Transplant, Apallic Syndrome, Benign Brain Tumour, Brain Surgery, Coma of specified Severity, Major Head Trauma, Permanent Paralysis of Limbs, Stroke resulting in permanent symptoms, Alzheimer's Disease, Motor Neurone Disease with Permanent Symptoms, Multiple Sclerosis with Persisting Symptoms, Muscular Dystrophy, Parkinson’s Disease, Poliomyelitis, Loss of Independent Existence, Loss of Limbs, Deafness, Loss of Speech, Medullary Cystic Disease, Systematic lupus Eryth with Renal Involvement, Major Burns, and Aplastic Anaemia.
      This benefit is paid as a lump sum on the first occurrence of any of these illnesses, irrespective of the actual expenses incurred. This is not an additional benefit, and hence, if payment is made against it, then the Death Benefit is reduced by the extent of the payment already made. Correspondingly, the premiums under the policy for death benefit are also reduced proportionately. In cases, where the Critical Illness Benefit is equal to the Death Benefit, then the policy ceases to exist, after the payment of the Critical Illness Benefit. In cases of incidences covered under accidental Permanent Disability as well as Critical Illness, benefits are paid out under both the options.

    5. All in One Option: This plan variant includes the benefits availed under Life Option, Accidental Death Benefit, and Critical Illness Benefit.
  • Avail waiver of future premiums in case of permanent disability due to an accident
  • Not addicted to tobacco? Enjoy special premium tariff
  • Liberty to choose the mode of receipt of benefit payout - lump sum or as monthly income for 10 years
  • Choose to pay your premium only once, or for a limited period, or throughout the policy term
  • For women life assured, avail protection against breast cancer, cervical cancer, & other female organ related cancers
  • Discounted premiums for women
  • Flexibility to increase the level of protection at key milestones of life, such as marriage and child birth, and that too without undergoing any medical tests
  • Enjoy income tax benefits on premium payments & benefits received

Benefits:

  • Life Stage Protection: This benefit enables you to enhance protection at those important milestones of life, so that you can fulfil your dreams, without making any compromises. The additional premium is calculated based on the increased sum assured and outstanding policy term. This feature is available only for those who select the Life Option variant. The maximum additional death benefit allowed is as follows:
  • Event Additional Death Benefit (percentage of original Death Benefit) Maximum additional
    Death Benefit allowed
    Marriage 50% Rs. 50,00,000
    Birth / Legal Adoption of 1st Child 25% Rs.25,00,000
    Birth / Legal Adoption of 2nd Child 25% Rs.25,00,000
  • Death Benefit payout options: In the event of the unfortunate demise of the insured, the nominee has the option to receive the Death Benefits according to the then financial needs. It can be availed in any of the two following ways:
    1. As a lump sum
    2. In the form of an income, wherein 10% of the benefit is payable annually for the next 10 years. The amount will be paid in equal monthly instalments in advance at the rate of 0.8333% of the total benefit amount. The beneficiary can also opt to avail the first year’s income as a lump sum. The monthly income system will then start from the subsequent month for the next 9 years at the rate of 0.80% of the total benefit amount.
    3. In the form of increasing income, whereby, the benefit amount is paid in monthly instalments for 10 years, starting with receipt of 10% of the benefit amount per annum in the first year. Thereafter, this income amount is then increased by 10% per annum simple interest every year.
      Further, the nominee also has another option to convert the monthly income, in full or part thereof, into a lump sum, at any point of time. This amount is granted at the then value of the future pay-outs calculated at a discounted rate of 4% p.a.

Eligibility:

Entry Age Minimum - 18 years | Maximum – 65 years
Maturity Age Minimum – 23 years | Maximum – 75 years
Premium Payment Options Single Pay | Regular Pay | Limited Pay
Premium Payment Terms Single Pay: Single | Regular Pay: Same as Policy term | Limited Pay: Policy Term minus 5 years
Sum Assured Minimum: subject to minimum premium| Maximum: No Limit
Minimum Premium Amount Rs. 2,400 p.a. excluding service tax & cesses, as applicable, for Life Option
Premium Payment Mode Single, Annually, Half-yearly, Monthly

Policy Term:

Benefit Option Regular Pay Limited Pay Single Pay
Minimum Maximum Minimum Maximum Minimum Maximum
Life 5 years 40 years 10 years 40 years 5 years 20 years
Life Plus 5 years 40 years 10 years 40 years 5 years 20 years
Life & Health 5 years 30 years 10 years 30 years NA NA
All in One 5 years 30 years 10 years 30 years NA NA

Riders:

There are no Riders under this plan.

ICICI Pru iCare II

Features:

  • A simple Term Insurance Plan
  • Avail complete protection against unforeseen exigencies at low-cost premiums
  • Option to choose accidental death benefit for wholesome coverage
  • No upper limit for maximum Sum Assured
  • Enjoy income tax benefits on premium payments & proceeds

Benefits:

Two plans to choose from:
iCare II Option I: On choosing this plan, the nominee receives the Sum Assured as the Death Benefit, in the event of the unfortunate demise of the insured.
iCare II Option II: This plan provides additional protection against accidental death. In cases, where insured’s death occurs as a result of an accident, the nominee gets entitled to receive the Sum Assured along with an Accidental Death Benefit. Here, the accidental death benefit is calculated as the amount equivalent to the Sum Assured chosen by the insured, subject to a maximum of Rs. 50 lakhs. This plan is available only for Regular Pay.

Minimum Sum Assured:

Age Policy Term Minimum Sum Assured
Option I Option II
60 5 Rs. 87,423 Rs. 85,875
18 30 Rs. 3,06,478 Rs. 2,88,257

Riders:

There are no Riders under this plan.

ICICI Pru Life Raksha

Features:

  • A simple 5-year Term Insurance Plan
  • Avail protection for your family against loans & liabilities in your absence
  • Choose from yearly, half-yearly, & monthly premium payment modes
  • Enjoy income tax benefits on premium payments & proceeds

Benefits:

Death Benefit: In the event of the demise of the insured during the policy term, the nominee is entitled to receive the Death Benefit, which is calculated as the higher of the following:

  1. Sum Assured
  2. An amount equal to 10 times the annual premium
  3. 105% of the total premiums paid

Eligibility:

Entry Age (as on last birthday) Minimum - 18 years | Maximum – 60 years
Policy Term Regular Pay: 5 years
Premium Payment Term Same as Policy Term
Sum Assured Minimum – Rs.50,000 | Maximum – Rs. 5,00,000
Premium Amount Based on minimum & maximum Sum Assured and age of the insured
Premium Payment Mode Yearly, Half-yearly & Monthly

Riders:

There are no Riders under this plan.