Are you planning to buy ICICI Prudential Term plans or Pure protection plans? Don’t worry you are at the right place. ICICI Pru Life Insurance company provides various Term Plans for their customers. ICICI Term Plans are the best choice to those policyholders. You have to choose one of those plans according to your requirements and invest your money in that particular plan. In this article, I have provided the complete details of ICICI Pru Term Plans. So kindly go through this page before buying these term plans.
ICICI Prudential Term Plans Review
ICICI Pru Term insurance plans also known as Pure Protection plans are the most basic form of life insurance plans. These plans are designed with an aim of securing your family financially, by contributing a high life insurance cover amount for a relatively low premium payment. These ICICI Prudential Term plans let you keep your family financially independent and secure even in your absence. The Policyholders can pay the specific premium amount at fixed intervals during your policy term. Depending upon the policy you choose, the insured can pay these premiums regularly, or at the same time. In case if the death of the life assured occurs during the policy term, the insured family gets a pre-decided amount in the name of ‘Sum Assured’ as per the provisions of your protection plan.
The Key features, Eligibility Conditions, Benefits, Rebates, etc. of ICICI Term Plans are mentioned in detail below. Refer our site www.policycorner.in for more information regarding ICICI Prudential Life Insurance Plans.
Why should I choose ICICI Pru Term Plans?
ICICI Prudential Life Insurance Company was established in the year 2001. It has been one of the leading players in the Indian life insurance sector. The ICICI Pru Life Insurance company is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Ltd. The company caters various products to every life stage such as for just-married couples, newly employed individuals, new parents, parents with teenage children and those in their golden years. As many term plans are available, ICICI Prudential Term plans are the best because of their benefits that are provided for their policyholders. iProtect Smart, iCare II, and Life Raksha are the term plans that are available under the ICICI Pru Life Insurance Company. These term plans promise benefits payable only in case of death. In case, if the plan matures the insured wouldn’t get any benefits.
6 Reasons to buy ICICI Term Plans
- Affordable Premiums.
- High Life Insurance Amount.
- Cover against Critical Illness.
- Tax Benefits.
- Double Security.
- Support in case of Disability.
Benefits of ICICI Prudential Term Plans
The Benefits of ICICI Pru Term Plans are as follows.
- Death Benefit: In the case of death of the Policyholder, the nominee/ assignee will get Sum Assured or Sum assured plus Accidental death benefit.
- Maturity Benefit: There are no maturity benefits available under this plan.
- The Life Assured can also get the Tax benefits as per the prevailing tax laws under Section 80c.
List of ICICI Term Insurance Plans
The ICICI Prudential Life Insurance Company Offers three best term plans. Among these two are online term plans and the other is a regular term plan. All these plans have different features & benefits according to various factors. The list of Term plans offered by the ICICI Pru Life Insurance company are
- iProtect Smart Life Cover plan.
- ICICI Pru iCare II.
- Life Raksha Term Insurance plan.
About ICICI iProtect Smart Life Cover Plan
The ICICI Prudential iProtect Smart Plan offers your family 360° protection against Death, Disability & Disease. The Unique Identification Number of the iProtect Smart Plan is 105N151V01. Single Pay, Regular Pay, and Limited Pay are the premium payment options available under this plan. Through this, you can safeguard your family’s future in just three steps. Check the brochure attached below for further details. The Key features of this plan are as follows.
- Provides enhanced protection such as Coverage against death, terminal illness and disability.
- Special premium rates are available for non-tobacco users.
- iProtect Smart is one of the cheapest terms plans and can purchase online.
- You can choose to receive the benefit amount for ten years as a lump sum or as monthly income.
- Death Benefit:
- ICICI Pru iProtect Option I: Death Benefit = Sum Assured.
- ICICI Pru iProtect Option II: Additional death benefit = Basic Sum Assured or Rs. 5,000,000, whichever is lower.
- Surrender Value: Surrender Value = (Single Premium* Surrender value factor/100).
- There is no maturity, paid-up value or survival benefits available.
ICICI Prudential iCare II Plan
The UIN of ICICI Pru iCare II plan is 105N140V01. With this plan, you can protect your family’s future and ensure that they can lead their lives comfortably without any financial worries, even in your absence. iCare II Plan is a pure risk protection plan that offers high insurance cover at affordable premiums and an online term insurance plan. That means you can buy this plan in online without any agents help. By taking this plan, it covers your loved ones and ensures that nothing ever comes in the way of their dreams. Check the ICICI Pru iCare II brochure attached below for further details.
- Insurance cover at extremely affordable premiums.
- Offers benefit on the death of the policyholder.
- Tax benefits are available upon the premiums paid.
- Death Benefit: iCare II Plan consists of two options such as
- Option 1: Death Benefit = Sum Assured.
- Option 2: Additional death benefit = Sum Assured chosen by you/ 50 lakhs.
- Surrender Value: Surrender Value = Surrender Value Factor*Single Premium.
- There is no maturity, paid-up value or survival benefits available under this product.
Since the policy has two options available, Option 1 is a pure term plan and has no additional riders attached. While iCare Option 2 has an inbuilt Accidental Death Benefit rider.
Life Raksha Term Insurance Plan
The Life Raksha Term Insurance plan is one of the ICICI Prudential Term plans. By taking this ICICI Pru Life Raksha plan, you can protect your family and provide them with a lump sum to meet immediate liabilities that may arise in your absence. The Unique Identification Number of the ICICI Prudential Life Raksha plan is 105N149V01. Follow the brochure attached below for further details.
Key Features & Benefits:
- Term plan for five years only.
- You must pay the premiums throughout the policy term.
- Maximum Sum assured of 5 lakhs.
- Death Benefit: During the policy term, if the insured dies, unfortunately, the nominee will get a death benefit as follows.
- Death Benefit = A or B or C whichever is highest.
- Where A = Sum Assured, B= 10 times the annualised premium excluding applicable premium payment frequency loading, if any and service tax & cesses, C = 105% of the total premiums paid as on date of death.
- Maturity Benefit: There are no maturity or survival benefits available under this product.
- Surrender Benefit: No Surrender benefit is available under this plan.
ICICI Prudential Term Plans Buying Procedure
The Buying process of ICICI Pru Term Insurance plan is very simple if you have all the information regarding documents with you. The Life Assured can buy the ICICI Term Plans either in online or offline mode since two pf the plans are online term plans, and the other is a normal term plan. In Online mode, the insured have to visit the direct website and fill the application form or proposal form for the relevant policy. The guidelines regarding how to fill the form and required documents are available in detail there. Whereas in Offline mode, you have to approach the agents or intermediaries or visiting the nearest branch office and pay the premium by Cash/ Cheque/ Demand Draft. Before buying the ICICI Pru Term Plans, you have to keep the following documents with you.
- Proposal Form/ Application Form.
- Proof of Age.
- Identification proof.
- If Required any Medical Certificates, etc.
Requirements for Claiming ICICI Pru Term Plans
Nominees can claim for these Term Plans after the death of the policyholder or after the successful completion of the premium. Customers can fill out the claim initiation form online and submit it, following which, the bank will provide them with a claim id. The Candidate should submit the following documents while claiming the ICICI Prudential Term Plans.
- Duly filled claim form or Claimant’s form.
- Original Policy Document.
- Death certificate (copy).
- Claimant’s photo identification proof.
- Address proof.
- FIR copy.
- Driving license: If the insured was driving at the time of the accident.
ICICI Term Plan Premium Calculator
ICICI Prudential Term Plans Premium Calculator is used to calculate the Premium amount and get all the benefits available under this policy. The data required for calculating premium rates using ICICI Pru Term Plan Maturity Calculator are
- Name of the Policyholder.
- Email Id.
- Mobile Number.
- Age Proof.
- Policy Term.
- Sum Assured.
Additional Information of ICICI Prudential Term Plans
For monthly premium payment mode, A grace period of 15 days is applicable for payment of premium and 30 days for other modes of premium payment. If the premium amount has not paid within the grace period, the policy shall lapse, and the cover will cease.
Free Look Period:
- If the policy was not purchased through distance marketing, 15 days from the date of receipt is the free look period.
- 30 days from the date of receipt, if the policy was purchased through distance marketing.
The revival of this policy is made within two years from the due date of the first unpaid premium and before the termination date of ICICI Prudential Term Plans.
If the insured commits suicide within 12 months from the date of inception of this policy, the policy will be void and terminates. The Company will refund the premium and all rights, benefits and interests under this policy will stand extinguished.