Our Verdict
The ICICI Prudential Term Insurance plan aims to provide enhanced protection and benefits more than that of a basic term insurance plan. These plans also have an option of health cover against listed critical illnesses and the optional rider of accidental death cover. If purchased online, the company offers an instant discount of 5% on premium.
ICICI Prudential Term Insurance
Minimum/Maximum Entry Age
18 years and 65 years
Covers Covid-19 Claims
30-day Return Policy
Accidental Death Cover up to INR 2 crore
Critical Illness Cover up to INR 1 crore
Minimum/Maximum Entry Age
18 years and 65 years
Covers Covid-19 Claims
30-day Return Policy
Accidental Death Cover up to INR 2 crore
Critical Illness Cover up to INR 1 crore
- Life cover till the age of 99 years.
- Covers Covid-19 claims.
- Lower premium rates for women and non-smokers.
- Tax benefits under Section 80C, 80D and 10 (10D).
- The premium cost increases with age.
Types of ICICI Prudential Term Insurance Plans
ICICI Pru iProtect Smart Term Plan
This is one of the most popular term plans of ICICI Prudential, which tends to offer the maximum coverage with the most affordable premium rates. In case of an unfortunate demise of the life assured, the nominee has the option to choose to receive a regular monthly income or with a lump sum benefit under death benefit. Apart from the death benefit, this plan offers optional add-on riders such as critical illness and accidental death cover.
Key Features:
- The plan comes in different variants such as life, life plus, life and health and all-in-one.
- The sum assured options range from INR 50 lakh to INR 1 crore.
- Offers the maximum policy term which provides the protection up to the age of 85 years and the life assured also has the option to get whole life cover till age 99.
- One can also choose the kind of term insurance claim payout they wish to have from four flexible death benefit payout options such as lump sum, monthly income, increasing income by 10% every year and a combination of both lump sum and monthly income.
- Allows the policyholder to pay the premium in three options such as: limited, regular and single payment.
- Pre health screening depends on the health details submitted by the policyholder.
- The plans have a 30-day free look up period which means if one is not satisfied with the policy, can return it back within 30 days of buying the policy.
- Offers almost 18% lower premium in case of women life assured. There is also an option to cover critical illnesses like breast cancer and cervical cancer especially for women.
- Additional death benefit is payable up to 50% in case of any big event in life of the policyholder such as marriage or birth of a child.
- Other benefits:
1. Critical Illness Cover: It provides the protection against 34 listed critical illnesses such as cancer, heart attack, among others. This cover can be bought with an additional premium with your base policy. If one claims this rider then the policy will continue with the death benefit reduced by the extent of the critical illness claim paid. The maximum coverage of this add-on is INR 1 crore.
2. Accidental Death Cover: This add-on cover can be purchased by paying little extra premium, which provides financial protection in case of death arising due to accident. The maximum coverage of this add-on is INR 2 crore. However, this benefit is only applicable till the age of 80 years.
3. Terminal Illness Rider: This rider gives the benefit of paying the insurance life cover even before death, if the life assured is diagnosed with terminal illnesses such as HIV/AIDS. This rider comes in-built with the term policy at no additional cost.
4. Waiver of premium due to permanent disability: This rider waives off all the future premium in case any permanent disability occurs to the life assured. With this rider, the policy stays active even if the life assured is unable to pay a premium. This rider also comes in-built with the term policy at no additional cost.
Who is Eligible for ICICI Pru iProtect Smart Policy?
ICICI Pru iProtect Return of Premium
The ICICI Pru iProtect Return of Premium plan provides more financial protection than just a basic plan. It offers the regular monthly income or lump sum payout of the total premiums paid, even when the life assured survives after the maturity of the term plan, thus safeguarding the survival or maturity benefit.
Key Features:
- The life assured can choose any of the options as per their needs:
1. Return of Premium (RoP): The life assured receives life cover till the end of the policy term. Also, receives 105% of the total premiums back at the time of the maturity.
2. Income Benefit: The life assured receives life cover till the end of the policy term and also starts receiving the monthly income from the age of 60 years till the end of the policy term.
3. Return of Premium with Life- Stage Cover: The life assured receives life cover till the end of the policy term as per the different stages of life and also receives 105% of the total premiums back at the time of the maturity.
4. Early return of premium with Life-stage cover: Life assured receives life cover till the end of the policy term as per the different stages of life and also receive 105% of the total premiums back once they turn 60 or 70 years of age.
- Optional Benefits:
1. Critical Illness Rider: this is an optional rider which provides the financial protection against 64 listed critical illnesses, covering 60 major and four minor critical illnesses.
2. Accidental Death Rider: The life assured receives twice of the life cover amount in case of demise due to an accident.
Documents Needed For Purchasing ICICI Prudential Term Life Insurance:
The following are the documents which are required if one is planning to buy term life insurance policies:
- For identity proof: PAN card, Aadhaar card/driving license/passport.
- For address proof: Aadhaar card/driving license/passport/ration card/electricity bill.
- Income proof: For salaried applicants: Last three month’s salary slip/ Form 16/last three years ITR/ last six months’ bank statement.
- For non-salaried applicants: Last three years ITR with computation of income.
Claim Settlement Process of ICICI Prudential Term Plans
ICICI Prudential ensures a quick and hassle-free claim settlement process. The policyholders can claim the settlement by following the steps given below:
- Fill-up the required claim form which is available on the insurer’s website or at branch.
- Collect all the required documents supporting the genuineness of the claim and submit them to the special claim care team of ICICI Prudential.
- The insurer assesses the documents and reviews its validity.
- If the insurer is satisfied with all the documents then they approve the claim.
- Once approved, the insurer pays the benefits as specified in your policy. Like, for the life insurance claims, life assured’s nominee receives the payout (either lump sum or monthly regular income).
Methodology
The ICICI Prudential Term Insurance plans were reviewed on the basis of the following factors:
Sum Assured Options: It is one of the most important factors before choosing the sum assured to secure your family finances. As per the thumb rule, the sum assured amount should be 10 times of one’s annual income. ICICI Prudential term plans have various wide sum assured options which can be chosen as per the needs and requirements of the policyholder.
Additional Riders: Always choose those benefits or riders which have the capacity to enhance the coverage and thus protection. ICICI Prudential term plans offer few useful riders such as critical illness riders or terminal illness riders and others which can further support you and your family in any difficult time.
Flexible Payout Options: We considered this as a critical factor in reviewing the term plans of ICICI Prudential. All the plans provide the life assured to choose an option of payout whether lump sum, fixed monthly income depending on their convenience.
Benefits: While analyzing these term plans, we considered the benefits given upon the death of the life assured, maturity benefits or other benefits in case one outlives the policy term. Always, try and find those plans that offer maturity or survival benefits as well as flexible payment and payout options.
New-Age Features: All the term plans of ICICI Prudential are available online and thus can be easily purchased via their website or mobile app. The company also offers a 5% instant online policy discount.