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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
About ICICI Prudential Term Insurance
ICICI Prudential Life Insurance Company Limited which is also known as ICICI Prudential Life is powered and promoted by one of the biggest private banks in India, i.e., ICICI Bank Limited, and one of the largest private sector companies, i.e, Prudential Corporation Holdings Limited. The company offers a wide range of insurance plans, term insurance being one of them.
About ICICI Term Insurance
ICICI Prudential term insurance plans are basically a contract between insurer and policyholder which states to provide financial protection to the nominees in case the latter meets an unfortunate demise. ICICI term insurance plan also gives financial protection to the beneficiary in the event of disability or when the policyholder is diagnosed with any kind of critical illness. Some of the term insurance plans that you can buy with ICICI Prudential are listed below:
- ICICI Pru iProtect Smart
- ICICI Pru POS iProtect Smart
- ICICI Pru iProtect Smart Money Back
You can buy these term insurance plans directly from InsuranceDekho website.
ICICI Prudential Term Insurance Benefits
Wondering where to buy a term insurance plan from? If so, then explore term insurance plans on ICICI Prudential and get a bunch of benefits such as those listed below:
- Financial Security: you can ensure financial security for your loved ones even when you are not around. This type of insurance plan is highly recommended if you are the breadwinner of your family and want to secure your loved one’s future at affordable premiums. When you choose to buy term insurance with ICICI Prudential, you will save from paying extra premiums.
- Tax Benefits: It also helps in saving tax liabilities, you can reduce the tax liability by up to Rs. 46,800 as specified under section 80D of the Income Tax Act of 1961.
- Survival Benefits: Along with death benefits, it also provides death benefits. There is a special type of term insurance plan which is the Return of Premium Term Insurance insurance plan that pays back the entire premium you have paid during the policy term.
- Variety of Term Insurance Plan: ICICI Prudential offers a number of term insurance plans such as basic term plan, term insurance with critical illness cover, term insurance with accidental cover, and more. This means that you can easily select a desired term insurance plan as per your budget and requirements. You can even get these term insurance plans customised on the basis of your needs.
- Flexible Payouts: On buying term insurance plans with ICICI Prudential, you have the option to choose a desired payout option. For instance, if you want a lump-sum payment, then you can choose the lump-sum payout option. On the other hand, you can also get monthly payouts for regular cash flow.
- Add-ons: You can also include add-ons or riders to your ICICI Prudential term insurance plan to further enhance its benefits. Some of the riders that you can include are critical illness, accidental death benefit riders, and more. However, it is important to note that these riders are available at an additional premium.
Why Should You Buy A Term Insurance Plan?
There are umpteen benefits of buying a term insurance plan such as the following:
- With a term insurance plan, you can ensure financial protection for your loved ones even when you are not around.
- At a very affordable premium, a term insurance plan offers a safety net to you and your loved ones.
- There are different types of term insurance plans available which gives policyholders the flexibility to choose a desired term insurance plan.
Riders Available with ICICI Term Insurance
Some of the riders or add-ons available with a term insurance plan are:
- Critical Illness Rider: A critical illness rider provides financial compensation if the policyholder is diagnosed with a critical illness like heart attack, kindey failure, etc. So, if you are at a risk of critical illnesses, then you must buy a critical illness rider.
- Accidental Death Benefit: Accidental death benefit rider is helpful if the policyholder meets an unfurtunate death due to an accident.
- Premium Waiver Rider: A premium waiver rider helps in getting the premium waived off, if the policyholder is paralysed.
- Terminal Illness Rider: Terminal illness rider is helpful in providing financial compensation to the policyholder if they are diagnosed with terminal illness.
Who Should Buy ICICI Term Insurance?
For all those who are looking for an affordable term insurance plan can do so with ICICI Prudential. ICICI Prudential term insurance helps policyholder in getting financial coverage for their loved ones. This plan is recommened for those who are salaried individuals or even by business professionals.
When Is The Right Time To Buy Term Insurance with ICICI Prudential?
There is no right time to buy ICICI Prudential term insurance plan. It is however advisable to do so at an early age so that you can get the adequate coverage for a longer period of time. The more early you buy a term insurance plan, the more coverage you will get. Moreover, on buying term insurance at an early age, you will also pay a lesser premium. This is because when you buy term insurance plan at an early age, you will be at a lesser risk of getting affected by health problems.
How to Choose the Best ICICI Term Insurance Plan?
Here is how you can choose the best term insurance plan:
- You must first check the claim settllement ratio of the different term insurance companies and buy a plan from an insurer that has a higher claim settlement ratio.
- You also need to analyse the term insurance coverage you need. Based on factors like your income, financial dependants, and more, you must choose the right coverage for yourself.
- Another way in which you can select the best term insurance plan is byy understanding about the different types of term insurance. On analysing the different types and your requirement, you will be able to check the best term insurance plan with ICICI Prudential.
Critical Illness Coverage with ICICI Term Insurance
ICICI Prudential term insurance plan also provides coverage for critical illness as listed in policy papers. Some of the critical illness that are covered under your plan are angioplasty, cancer, blindness, kidney failure, and more. So, if you are at a risk of critical illness, then make sure to get critical illness coverage with your ICICI Prudential term insurance plan.
How Much Cover Do I Need with ICICI Prudential Plan?
To make an estimate of the term insurance cover you need with your ICICI Prudential term insurance plan, you must use term insurance calculator. This will help you in estimating whether the term insurance coverage is sufficient for your financial needs or not.
Factors that Affect ICICI Prudential Term Insurance Premium
There are a number of factors that will affect your ICICI Prudential term insurance premium. Listed below are some of these factors:
- Medical History: Depending on your medical history and pre-existing medical condition, the term insurance premium is determined. For instance, if you have a pre-existing medical condition then the term insurance premium will be higher as there are higher health risks.
- Lifestyle: Your current lifestyle is another determining factor of term insurance premiums. For example, if you are a smoker and drink alcohol, then your term insurance premium will be higher. On the contrary, if you lead a healthy lifestyle, then the term insurance premium will be more affordable.
- Age: Another factor that determines the term insurance premium is your age. It is thus ideal to buy term insurance plans at an early age. On buying term insurance plans at an early age, you will pay a lesser premium and get longer term insurance coverage. So, to save on term insurance premiums, buy term insurance as early as you can.
- Term Insurance Coverage: With a term insurance plan you can secure the future of your loved ones even when you are not around. Based on your financial dependants, you should choose the term insurance coverage amount. The higher the term insurance coverage, the more will be your term insurance premium.
So, while buying ICICI Prudential term insurance plans, keep the above factors in mind that play a crucial role in the term insurance premium you will have to pay henceforth.
How to Buy ICICI Term Insurance with InsuranceDekho?
Here is how you can buy ICICI Prudential term insurance plan with InsuranceDekho:
- Go to the InsuranceDekho website and click on term insurance
- Then, enter details such as your name, gender, date of birth, etc
- A list of term insurance plans will appear from which you need to select ICICI Prudential term insurance plan
- Proceed with the term insurance premium payment and also select the add-ons
- Once, the payment is completed, you will receive the details on your registered email id
Why Buy ICICI Prudential Term Insurance with InsuranceDekho?
Here is why you should buy ICICI Prudential term insurance with InsuranceDekho:
- With InsuranceDekho, you will be able to buy term insurance plans from some of the top insurance companies. InsuranceDekho has partnered with over 20 insurance companies which makes it easier to choose the right one.
- On buying term insurance with InsuranceDekho, your claims will be settled in a matter of few minutes. The claim process is also quite hassle-free.
- You can do easy comparisons of the different term insurance plans available on InsuranceDekho. With the help of term insurance premium calculator, you can compare the different term insurance plans available.
ICICI Prudential Term Insurance User Reviews
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.
Why to Buy Term Insurance Policy Online from InsuranceDekho
- Tax benefit upto 1,50,000*
- Claim support everyday 10AM-7PM
- 50 Lacs+ happy customers
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FAQ About ICICI Term Insurance
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.