ICICI Prudential Term Insurance Plans
ICICI Prudential Term Insurance Plans
ICICI prudential life insurance plans are the ICICI bank products that aim to fulfill the needs of customers with various features. Started in the year 2001, it offers different types of policies for people who want to protect their family from unexpected death.
Today, ICICI Prudential is one of the top private companies in the insurance sector that provides various policies with affordable rates. It is a joint venture between the ICICI Bank and Prudential Corporation Holdings Limited that offers services for those who need to safeguard their life from sudden death.
Term Insurance plans offered by ICICI Prudential
ICICI Prudential offers 5 different term insurance plans with each plan offering substantial coverage at affordable premiums and ensures that your family is secured against any uncertain times leading to financial loss. You can pick any ICICI term insurance plan based on your coverage requirements.
- ICICI Pru iProtect Smart: It is one of the top-selling ICICI Prudential term insurance plans, which provide an accidental death cover of up to Rs 2 crores. The policy offers coverage for 34 critical illnesses to ensure high protection from high medical expenses. Four pay-out options are available for policyholders, and they can choose the right one which suits their needs.
- ICICI Pru iCare II: The policy aims at providing financial protection to a family to overcome any financial worries with ease. It offers two options for a policyholder when they want to pick a protection cover. The first option is that the death benefit is paid to the family in lumpsum. In the second option, you can opt for an accidental death benefit equal to the sum assured.
- ICICI Pru Saral Jeevan Bima: This standard term insurance plan offers financial protection to a nominee. Some of the features included in the policy have a death benefit, flexibility, and plan customization. The minimum sum assured by the policy is Rs 5,00,000. The entry age for this plan is 18 years, and the maturity age is 70 years.
- ICICI Pru POS iProtect Smart: It is possible to buy this plan without any medical examination. Furthermore, the plan offers an additional accidental death benefit for policyholders to ensure high protection for their families.
- ICICI Pru Life Raksha: A pure term life insurance plan offers a lump sum amount to a family to meet immediate liabilities. Some of the key features covered in the policy include a death benefit, five-year regular pay.
Why opt for ICICI Prudential term insurance?
- ICICI Prudential term insurance plans have a high reputation in the markets due to their excellent services.
- Issued nearly 1 lakh policies during the first-year operations
- These term plans provide complete protection for a family from critical illness, accidental death, and unprecedented death.
- Available at affordable premium rates
- In-built permanent disability waiver and in-built terminal illness benefit.
- Offers lump sum options or periodic pay-outs
- The company boasts a claim settlement ratio as high as 97.84% (IRDAI Annual Data 19-20), making it a reputed insurer in the market.
Benefits of ICICI Term Insurance Plans
- ICICI Prudential term insurance plans provide comprehensive coverage at nominal premiums, ensuring that your family is financially safe and secured in your absence. ICICI term insurance plans offer varied coverage options which you can opt for based on your requirements.
- These term plans’ premiums are minimal, allowing you to bear the cost of a higher sum assured for an extended period without putting much burden on your pocket.
- The premiums paid towards ICICI term insurance plans are eligible for tax-exemptions up to Rs 1.5 lakhs under Section 80C of the Income Tax Act. Also, the payout benefit received from ICICI term insurance plans is completely tax-free under Section 10 (10D) of the Income Tax Act.
ICICI term insurance plans review
ICICI Prudential offers an array of term insurance plans with different coverage levels, features, and benefits. These plans, subsequently, allow customers to pick the most appropriate coverage based on their requirements and preferences. In addition, these come at affordable premiums, and the insurer offers a hassle-free claim settlement process such that their clients’ cases can be settled rapidly. Thus, ICICI term insurance plans are a decent decision to secure your family’s financial needs in your absence.
What might occur if I stop paying the ICICI term insurance plan premiums?
If you stop paying the ICICI term insurance plan premiums, the policy will lapse along with all the benefits. But you can revive the policy within two years by paying the remaining premium and interest. If you still fail to restore the plan, you would lose all policy benefits and not get anything.
What are the different premium payment frequencies under ICICI term insurance plans?
ICICI term insurance plan premiums can be paid yearly, half-yearly, quarterly, or monthly per your convenience and affordability.
Is it possible to avail of loans under ICICI Pru term insurance policy?
No, ICICI Prudential term insurance plans do not offer loans. However, the sum assured amount or the death benefit that the nominee receives upon the policyholder's unfortunate demise can be utilized to pay off loans.
What are the various policy terms under ICICI Prudential term insurance plans?
The different policy terms for ICICI Prudential term insurance plans are:
In addition, the ICICI Prudential iProtect Smart term insurance plan offers flexible policy tenure ranging between 5, 10, 15, 20, 25, to 99 years.
Under the ICICI Prudential iCare II term insurance plan, the regular pay option offers a policy term between 5 years and 67 years, whereas the one pay option has a policy term for 5 years or 10 years. For the regular pay option and Accidental Death Benefit, the policy tenure ranges between 5 years to 62 years.
In ICICI Prudential Life Raksha Term Insurance Plan, the policy tenure is for 5 years.
What is the process to track ICICI Prudential term insurance plan?
ICICI Prudential term insurance policy status can be tracked in few simple steps:
• Visit the official website of ICICI Prudential term insurance and click on the 'Application Status' option.
• Enter your registered policy number or mobile number or transaction ID.
• Further, enter your date of birth as mentioned in the policy.
• Click on the 'Submit' button to view the policy status. You can click the 'Reset' option to correct any inaccuracies.
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