ICICI Prudential Life Insurance Company first began its operations in 2001 and is now a leading ICICI Prudential Life Insurance company. Being entirely customer-centric, ICICI Prudential provides long-term savings and protection plans to various customers. The venture has taken multiple initiatives to offer affordable & quality insurance services, an effortless Mediclaim policy settlement customer experience, and improved fund performance with its best term insurance plans.

What are the different types of ICICI Term Insurance Plans?

Because of loyalty and theMediclaim policy settlement ratio, ICICI is the first thought of billions of people. It not only offers lifetime financial protection but also vows to provide timely coverage in case of a critical illness. Let's have a look at its best term insurance plans:

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

ICICI Pru iProtect Smart

It is one of the best term insurance plans online that offers comprehensive protection and critical illness cover. Additionally, this plan also provides an optional accidental death cover of up to INR 2 Cr.

Key Features

  • Affordable
  • More Extended Cover
  • Coverage of 34 Critical Illnesses
  • Multiple Payment Modes
  • Tax Benefits

Eligibility Criteria

  • Sum insured: Subject to the minimum premium.
  • Entry Age: 18- 65 years
  • Policy Term: 5- 99 years
  • Payment Options: Single, Yearly, Half-Yearly, and Monthly
  • Minimum Premium: INR 2400/- excluding GST & cess

ICICI Pru iCare II

This plan ensures that your loved ones continue to live conveniently without any financial disturbances in your absence. In this ICICI Prudential Life Insurance, your family gets a lump sum in the event of your unfortunate death during the policy term. It also provides added protection in the event of accidental death.

Key Features

  • Tax Benefits
  • Flexibility:
    1. Option I: Death benefit= sum assured chosen by the insured person.
    2. Option II: Additional death benefit= sum assured decided by the insured person or INR 2 Cr.
  • Death Benefit:
    1. Option I: Sum assured decided by the insured person
    2. Option II (applies only for Regular Pay): Sum assured + accidental death benefit
  • Surrender:
    1. Regular Pay: No surrender value.
    2. One Pay: Surrender value= surrender value factor * single premium

Eligibility Criteria

  • Entry Age: 18- 65 years
  • Age of Maturity: 85 years
  • Premium Payment: One pay, regular pay
  • Policy term: Regular Pay: 5- 67 years, One Pay: 5/10 years
  • Sum Assured: Unlimited

ICICI Pru Precious Life

It provides explicit life protection to people with existing health issues, such as high BP, cholesterol, diabetes, or those who have experienced open-heart surgery/angioplasty.

Key Features

  • Flexibility
  • Pay-out
  • Enhanced Protection
  • Loyalty Discount
  • Maturity or Paid-up or Survival Benefit
  • Tax Benefits

Eligibility

  • Entry age: 18- 65 years
  • Maturity age: 23- 70 years
  • Premium Payment Options: Single, Limited, Regular
  • Minimum Premium: INR 2400/- excluding GST & cess
  • Minimum Sum Assured: INR 2 Lakhs

ICICI Pru Life Raksha

It is a pure term ICICI Prudential Life Insurance policy plan that protects your loved ones. It offers them a lump sum to tackle immediate liabilities that may occur in your absence.

Key Features

  • Death Benefit
  • Five-year Regular Pay
  • Maturity Benefit
  • Surrender Benefit
  • Tax Benefits

Eligibility

  • Entry age: 18- 60 years
  • Premium payment term: Five years
  • Sum assured: 50,000- 5,00,000
  • Modes of premium payment: Monthly, half-yearly, yearly
  • Minimum and maximum premium: Depends on the insured person's age & sum assured.

How can I buy ICICI Term Insurance Plans?

Buy ICICI term insurance plans by following the step given below:

  • Visit ICICI Prudential's official website
  • Click on Plans
  • Hover on Term Insurance
  • Click on the desired ICICI best term insurance plans.
  • Click on Check Premium
  • Fill in the details under the Term Insurance Calculator.
  • Click on the Check Premium button.
  • Verify the details
  • Add any riders if needed.
  • Evaluate the policy premium and click on Proceed
  • Pay through preferred a payment mode.
  • You will shortly get the policy documents on your registered email.

What are the documents required for The ICICI Term Insurance Claim?

  • Duly filled and self-attested Mediclaim policy settlement form
  • Both original and photocopy of the death certificate
  • Mediclaim policy holder's ID & address proof
  • Photocopy of nominee's passbook/Cancelled cheque

What is the Claim Settlement Process of ICICI Term Insurance?

  • Visit ICICI Prudential's official website
  • Click on Claims
  • On the right top corner of the screen, click on search policy & intimate Mediclaim policy
  • For reporting a claim, fill in the asked details
  • Click on Submit
  • Also, upload and submit the requested documents
  • The insurer then analyses the Mediclaim policy
  • Your insurer decides within 12 days, once they receive the required documents.
  • The Mediclaim policy amount will be transferred to your registered bank account.

Frequently Asked Questions

The premium of best term insurance plans is generally higher for a smoker as he/she comes in a high-risk category.

Yes. However, it depends on many factors, such as the addition of riders/declaration of habits like smoking, drinking, etc.

You get tax benefits as per ITA’s Section 80C. Under the same, you can choose the option to Mediclaim policy a deduction of up to Rs. 1.5 lakh in a financial year.

Yes. Once it is in effect, ICICI Prudential Life Insurance entitles the insured person’s nominee(s)even when she/he has died outside India.

The duration of life cover cannot be altered once the policy has been issued.

The policyholder then loses out on all the benefits included in the plan. You cannot withdraw the sum assured in case the policy discontinues. The policyholder would receive the invested amount only after completing the lock-in period (five years from the policy issuance).

All payments related transactions are available in your insurance account on www.iciciprulife.com.

Term plans provide financial protection to your loved ones at the most economical prices. You can get a significant amount of sum assured at a relatively low premium amount. In the case where the insured person dies, the nominee receives the sum assured.

You can buy an ICICI Prudential Life Insurance after attaining the age of 18 years. You can purchase term insurance up to the age of 65.

It should be at least 10- 15 times your yearly income.