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Best ICICI Term Insurance Plans
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.51%
- Special Exit
- Terminal Illness
- Nominee's Choice payout
- Voluntary Top Up
- Tax Benefits
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹97.84%
- Waiver of Premium on Disability
- Terminal Illness
- Life Stage Benefit
- Tax Benefits
Why should I buy ICICI Prudential term insurance plans?
Following are the reasons why you should opt for ICICI Prudential term insurance plans:
- Option to avail longer coverage until 99 years of age
- Extensive coverage for critical illnesses
- Affordable premiums
- Option to choose from 4 payout options including income, lump sum and income, increasing income, and lump sum.
Can I avail tax benefits on premium paid for ICICI Prudential term insurance plans?
Yes. You can avail tax benefits on the premium paid for ICICI Prudential term insurance plans under Section 80C of the Income Tax Act, 1961. You can avail tax deductions for upto Rs. 1.5 Lakh per annum.
Why is getting a term insurance plan important?
It is essential to get a term insurance plan to secure yourself as well as your family's protection in case you are not there with them in the future.
What are the critical illnesses covered under ICICI Prudential term insurance plans?
ICICI Prudential term insurance plans come with an optional cover of critical illnesses which include 34 listed illnesses including CABG, blindness, chronic lung disease, surgery to the aorta, etc.
What are the riders offered under term insurance plans?
Under term insurance plans, you can opt to form the following riders:
- Accidental death benefit rider
- Accelerated death benefit rider
- Accidental disability benefit rider
- Critical illness benefit rider
- Waiver of premium rider
- Income benefit rider.
Will ICICI Prudential Term insurance cover the COVID-19 Claim?
Yes, death claims arising out of COVID 19 are covered under ICICI Prudential term insurance policies.
What documents are required to lodge a claim for accidental death with ICICI Prudential Term Insurance policy?
You will require a copy of FIR and a copy of the driving license (if the policyholder was driving the car at the time of the accidents) to lodge a claim for accidental death with ICICI Prudential Term Insurance policy.
When is a term claim rejected?
A term policy claim will be rejected when an important fact is not disclosed by the policyholder in the proposal which affects the policy issuing decision or when the policyholder provides incorrect information or withhold information while filling up the proposal form.
Does suicide is covered under ICICI Prudential Term Insurance Policy?
Yes, suicide is covered under ICICI Prudential Term Insurance plans.
Will ICICI Prudential Term Plan give coverage outside India while travelling?
Yes, the ICICI Prudential term life insurance plan keeps you covered outside India even if you are travelling abroad.
Why should I buy an ICICI Term Insurance plan?
This type of life insurance provides financial protection to the nominee or the beneficiary in case the policyholder dies during the policy term. ICICI Term insurance has an impressive claim settlement ratio of 97.84% FY 2019-20.
How much ICICI Prudential Term Insurance cover is needed?
As a general thumb rule, you should have ideal term insurance cover up to 10 times of your annual income.
Are deaths due to COVID-19 is covered under the ICICI Prudential Life Term insurance plan?
Yes, if the policyholder passes away due to COVID-19, its nominee will get the sum assured as a death benefit.
Does ICICI Prudential Term Insurance policy cover death due to suicides?
Yes, the ICICI Prudential Term Life policy covers death due to suicides.
Which is the minimum age to buy an ICICI Prudential Term Insurance plan?
You can buy the plan at a minimum age of 18 years.
Does ICICI Prudential Term Plans cover death due to COVID-19?
Deaths happening due to any of the health issues are covered under life insurance plans including term life insurance plans. It also holds true for deaths happening because of COVID-19 disease. For instance, in case any unfortunate incident occurs with an individual who has bought ICICI Pru iProtect smart plan due to the coronavirus disease, then his/her nominee would receive a sum assured by the insurance company.
Are there any tax benefits offered under term insurance plans?
Yes, as per section 80 C of the Income Tax Act, 1961, the tax deduction is offered against premiums paid for term insurance. A policyholder can claim deductions for up to Rs 1.5 Lakh, against a term insurance premium payable over 1 year.
Is it possible to change the details of my term insurance plans later on within the policy duration?
Yes, the policyholder can make changes to the specific person and policy information at any time within the duration of the policy. The relevant forms can be downloaded from the official website of ICICI Prudential Life Insurance and then needs to be submitted at the insurance company’s branch in order to request changes in the details including:
- The spelling of the Policyholder’s name
- Residential Status
- Date of Birth
- Premium Payment mode or frequency
- Contact Details
However, no modifications can be done to the policy duration after purchasing the plan
What types of death are not given coverage under term insurance?
Under a term insurance plan, all types of deaths are covered including illness, accidental, natural, murder and natural calamities. Only the death happening because of suicide are not given coverage in the first year of the plan.
What will happen in case the nominee dies?
After the death of the policyholder, if any unfortunate event results in the demise of the nominee prior to the sum assured is paid, then the benefits of the policy are received by the legal representative/ heir/ succession certificate holder.
What is a Term Insurance Plan?
A Term Insurance plan provides financial protection to your loved ones in case of the unfortunate death of the policyholder. You get higher cover at an affordable premium rate.
When should I buy an ICICI Prudential Term Insurance plan?
The earlier you buy ICICI Prudential Term Insurance the cheaper and better it is. With increasing age, ICICI Prudential Term Insurance plans become expensive.
What are the different factors that will affect my ICICI Prudential Term insurance premium?
Your ICICI Prudential Term Insurance premium amount will be based on your age, gender, pre-existing diseases, occupation and cover-up to which age.
How does age affect ICICI Prudential Term Insurance premium calculation?
Age is a critical factor in determining the premium. The higher will be the age, the higher will be the premium.
What are the benefits of premium receipts provided by ICICI Prudential Term Insurance?
You can show Premium Receipt to avail the tax benefits under 80C of the Income Tax Act.
Will my ICICI Prudential Term Insurance premium change after a period of time?
No, your ICICI Prudential Term Insurance premium rates won’t change after a period of time. The premium amount is decided at the purchase of the policy and it remains fixed throughout.
ICICI Prudential Term Insurance User Reviews
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Claim Process at ICICI Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.