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Term Insurance For Senior Citizens Offered By ICICI Prudential Life Insurance

Updated On Jul 15, 2021

These plans are Designed with the single aim for protecting the income of the individual for his family by providing a lump sum benefit in the event of the individual's death. The plan promises benefits only in case of deaths and if the plan matures the policy holder gets nothing. These plans make sense to buy because the rate of premium is very less and as such customers can avail a higher cover of their lives without paying high premium. 

Both the facilities of buying online or purchasing through an intermediary is provided by ICICI Prudential Life Insurance Company because the range of ICICI Insurance Plans offered are available online and also through intermediaries. Among a total of three ICICI term insurance plans offered, two are online term plans and one is a normal term plan. 

ICICI Prudential Term Insurance Plans For Senior Citizens

Here's a list of a few term insurance plans offered by ICICI Prudential Life Insurance Company: 

1. ICICI Pru iProtect Smart

An ICICI term insurance plan that offers multiple protection against a host of risk factors from demise, accidents, critical illness, inability to pay premium etc all under a single policy term. There are comprehensive additional benefits available under this term plan by way of optional riders like accidental death benefit and critical illness benefit that offers 34 life critical illnesses. This term insurance can be bought easily online at any time of the day in just 10 minutes. There is a provision of surrender value under the single premium option under the ICICI term insurance policy. This plan offers a tax benefit on the premium paid under the Income Tax Act, 1961. It offers need based benefit payout options available in the form of lump sum or monthly income for 10 years. Offers flexibility to pay premiums for a limited period or throughout the policy tenure. 

2. ICICI Pru iProtect

It is designed as an online plan where it is available through the company's website. An applicant has an option to customise this plan according to his needs. Under this plan, in case of the insured's demise, the sum assured is paid which is chosen by the applicant. This plan is eligible for tax benefits where the premium paid and claims received attract tax exemptions. Under this term plan non tobacco users will get special premium rates. Non smokers are given special premium rates which are lower than those charged from smokers. 

3. ICICI Pru Life Raksha

It is a short tenure term plan which provides a lump sum benefit to the family in the event of the insured's demise. Within the plan period. Being a pure term insurance plan no benefit will be paid to the life insured on maturity if he or she survives the entire duration of the term policy. This policy is for a fixed tenure of 5 years only. Similar tax benefits on this plans' premiums and claims. 

Take Away

It is one of the first private sector life insurance companies who after receiving approval from IRDAI has begun its operations in December 2000. Amongst the entire private life insurers in the country, ICICI has enjoyed a dominant position for more than twenty years by offering world class products and quality consistent services. 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.    

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