- About Coverfox
ICICI Prudential Life Insurance Company is one of the largest and most reliable insurance companies in India. ICICI Prudential Life Insurance Company is the result of a collaboration between ICICI Bank that owns 74% stake and the rest of the stake being held by Prudential Plc., a UK-based organization. It specializes in a wide array of term insurance plans that are designed to suit the varied investment objectives of their customers.
Term plans are pure life insurance products that offer a high sum assured at an affordable premium that is lower than other insurance plans. These plans offer Death Benefit, that is, a pre-decided sum assured payable to the beneficiary on the death of the policyholder.
Affordable premium rates for a wide range of benefits.
Offers the convenience of online purchase.
Offers flexible tenures of 5, 10, 15, to whole life years.
Premiums start from as small as Rs. 2,400 (life option)
Offers coverage for a period of 85 years and a whole life cover up to the age of 99 years. It also offers the convenience of opting for - limited premium payment term.
Cash payout up to a maximum of Rs. 1 crore on being diagnosed of any of the 34 critical illnesses for the first time, without the submission of hospital bills.
Flexible payout options in the form of lump sum or monthly income source or a combination of both, as opted for by the policyholder.
Includes cover for terminal illnesses, including AIDS, that offers coverage even before death .
Includes accidental death benefit of a maximum of Rs. 2 crore.
The accident cover makes the policyholder eligible for a higher payout in case of an unforeseen death due to accident. Policyholders can opt for this benefit at the time of the purchase of the policy or at a later time.
Offers a free-look period of 15 days, wherein the policyholder can decide to cancel the ICICI PRUDENTIAL term insurance policy from the receipt of the policy document.
Purchasing this policy under the Married Woman’s Property Act protects the policyholder’s family further by preventing the paid premium from being seized by creditors.
Tax benefits applicable as per Section 80C,80D and 10(10D) of the Income Tax Act, 1961.
Enhanced protection: Coverage against death, terminal illness and disability.
Comprehensive additional benefits: Option to choose Accidental Death Benefit and Accelerated Critical Illness Benefit.
Special premium rates for non-tobacco users.
4 Plan options to choose from Life, Life Plus, Life & Health, All in One.
Includes the option for a policy term ranging from 5, 10, 15, to 99 years.
Premiums start from a minimum of Rs. 2400 (life option).
Flexible premium payment options – monthly, quarterly, bi-annually and annually.
ICICI PRUDENTIAL term insurance policyholders can avail tax benefits on premium payments as per Section 80C of the Income Tax Act, 1961.
Features & Benefits
Flexibility to choose protection cover based on your needs from the two plan options.
Offers flexible payment options – One Pay option for one-time payment and Regular Pay option for premium payments throughout the policy term.
The Regular Pay option offers coverage between 5 years and 67 years, while the One Pay option covers the policyholder for 5 years or 10 years.
For the Regular Pay option with Accidental Death Benefit, a policyholder is covered for 5 years to 62 years.
|Entry Age||18 - 65 years (Regular Pay) | 60 years (One Pay)|
85 years (age last birthday) for Regular Pay Option I
80 years (age last birthday) for Regular Pay Option II
65 years (age last birthday) for One pay
|Minimum Premium||Rs. 2,400 + taxes|
Premium Payment mode
Premium payment frequency
One time under One Pay option, throughout the policy term Regular Pay option
Single, Yearly, Half-yearly and Monthly
Features & Benefits
Offers a policy tenure of 5 years only
Sum Assured ranges from a minimum of Rs. 50,000 to a maximum of Rs. 5,00,000
A premium loading of 5% is applicable on premiums paid on a monthly basis, which is not the case with payments made through Direct Debit
Applicable for tax benefits on premium payments as per Section 80C of the Income Tax act, 1961
Some of the most popular and beneficial riders offered on ICICI Prudential term insurance plans are:
Accidental Death Benefit –This rider offers a pre-determined Death Benefit to the beneficiary of the policy on the death of the policyholder due to an accident.
• Accidental deaths caused by external and violent means only are applicable for receiving benefits as per this rider. Self-inflicted injuries, attempted suicides and accidents caused during a flight are not eligible for it.
• Accidents caused due to a situation or activity that accounts for breach of law, or certain situations like war, etc. are not eligible for this benefit.
• Accidents arising due to sports or adventure activities like mountaineering, underwater diving, horse racing, martial arts, etc. do not qualify for the accidental death benefit.
• Bodily injuries caused to the life assured within 180 days since the accident.. Death caused after 180 days is not applicable for this benefit.
• Accidents that have occurred during the policy term are eligible for the accidental death benefit.
• Policies that have been terminated do not come under the purview of this benefit.
Critical Illness Benefit – This rider makes the policyholder applicable for a certain pre-decided sum assured on being diagnosed of a disease that is termed as a ‘critical illness’, as per the policy document. Diseases like cancer, heart diseases, etc. are known as critical illnesses. ICICI Prudential term insurance covers policyholders against 34 critical illnesses.
Waiver of Premium (WoP) – With this rider, the policyholder’s premium payments are waived off during financial emergencies arising from death, or total permanent or partial disability. However, the insured/policyholder continues to reap the benefits of the policy purchased by him/her.
Permanent and Partial disability - It is helpful in case you become temporarily or permanently disabled due to an accident. In most of the cases, the insurer pays a certain sum assured for the next five or ten years. Also, all future premiums on the main insurance policy are waived off by the insurance company.
Income benefit rider - This rider makes the policy’s nominee eligible for a stable source of regular income in the unfortunate event of the policyholder’s disability or death.
To initiate the claim settlement process, all that a policyholder needs to do is fill up the claim form online and submit it along with the essential documents as mentioned below. A claim id will be generated with which policyholders can track the progress of the claim settlement process.
Documents Required for Claim Settlement of ICICI Prudential Term Insurance
Premiums paid towards ICICI Prudential term insurance attract tax benefits as per Section 80C of the Income Tax Act, 1961.
Additional tax benefits on Critical Illnesses under Section 80D of the Income Tax Act, 1961.
Further tax benefits are applicable on claim amount payable to the policyholder or the nominee under Section 10(10D) of the Income Tax Act, 1961.
Applicable taxes are charged as per the existing rates and tax laws that are subject to amendments.
ICICI Prudential offers a free look period of 15 days from the date of purchase of the term plan, and a term of 30 days when then purchase that has been made through distance marketing.
In case a policyholder decides to cancel the policy within the free look period, the premium paid is returned in its entirety. Deductions may be applicable under situations like expenses that have been made towards medical tests by the company or stamp duty payments made, etc.
Once an ICICI term insurance plan has been terminated, the policyholder will not be able to avail any of its benefits.
The strong backing of ICICI, a reputed financial institution in India, imparts credibility to the term insurance plans offered by the company. No wonder, ICICI Prudential has established itself as one of the market leaders in the field of life insurance. Equipped with a competent customer service team that is recognized for its high claim settlement ratio, ICICI Prudential combines its industry knowledge and expertise to design term plans that has something for everyone. Added to these, additional riders further boost the effectiveness of the term plans from ICICI Prudential.
Can customers avail loans under this policy?
ICICI Prudential term insurance policies do not offer loans. However, the Death Benefit that it offers on the unfortunate demise of the policyholder or the nominee during the policy term can be used to pay off loans.
What are the surrender benefits applicable on ICICI Prudential iCare II plan?
In case of Regular Pay, your policy does not have a Surrender Value. For the One Pay option, the Surrender Value is determined by parameters like the time of surrender and preferred policy tenure. It is calculated on the basis of:
Surrender Value Factor * Single Premium Payment
What is the policy term for ICICI Prudential term insurance plans?
ICICI Prudential iProtect Smart term insurance plan: Offers flexible policy terms of 5, 10, 15, 20, 25 to 99 years.
ICICI Prudential iCare II term insurance plan: The Regular Pay option offers coverage between 5 years and 67 years, while the One Pay option covers the policyholder for 5 years or 10 years. For the Regular Pay option with Accidental Death Benefit, a policyholder is covered for 5 years to 62 years.
ICICI Prudential Life Raksha Term Insurance Plan: The policy tenure is 5 years.
Do ICICI Prudential term insurance policies lapse immediately if customers fail to pay their premiums?
It is highly recommended that you pay your premiums within the stipulated due date. However, most life insurance companies offer a certain Grace Period, which varies between companies. For ICICI Prudential term insurance, the applicable grace period is 15 days for monthly premium payments and 30 days for all other modes. It is mandatory for you to clear your dues within this Grace Period to prevent your term insurance policy from being terminated.
What is ICICI Prudential term insurance?
ICICI Prudential Life Insurance, one of the leading life insurance companies in India, offers a range of term insurance policies that is tailor-made to suit varied insurance needs. These plans offer a pre-determined sum assured, known as Death Benefit, to the nominee in case of the policyholder’s death during the policy term. Being available at affordable premium rates that are lower than other types of life insurance plans, makes it a much preferred insurance tool. Some of the plans from ICICI Prudential term insurance offer the flexibility of selecting between a lump sum payment or monthly payments or a combination of both. This serves as a stable source of monthly income, ensuring financial security of the policyholder’s family
How to pay premium? What are the modes of payment available?
You can make your premium payments towards ICICI Prudential term plans either online or offline. The available online and offline payments for ICICI Prudential term insurance are:
How can I track the status of my ICICI Prudential term insurance plan?
You can track the current status of your ICICI Prudential term insurance policy by following these simple steps:
Visit the ‘Application Status’ option available in the official website of ICICI Prudential term insurance.
Enter your Policy Number or Mobile Number that you have registered with ICICI Prudential term insurance, or Transaction ID.
Next, enter your Date of Birth as mentioned in the policy.
Click on the ‘Submit’ option to view your current policy status, or select the ‘Reset’ option to correct the inaccuracies that you may have made.
How can I renew ICICI Prudential term insurance plans?
Access the website by entering your Client ID and Password.
Choose the ICICI Prudential term insurance policy that you wish to renew and then select the Renew Premium Now option.
Select the available payment options – debit Card, Credit Card and NEFT.
A One Time Password (OTP) will be generated and sent to your registered contact number and email ID, which you have to enter.
Next, you will receive a notification informing you about the successful completion of renewal of your ICICI Prudential term insurance policy.
Remember to take a print out for future reference, if needed.
What is the company’s process to settle claim for ICICI Prudential term insurance plan?
How can I cancel my ICICI Prudential term insurance plan?
ICICI Prudential offers the flexibility of cancelling the purchased term insurance plan within the free look period. All that you need to do is to fill up the relevant cancellation form and submit it along with the policy document at any of their branches. ICICI Prudential will process your cancellation request and refund the premium already paid minus the applicable deductions (if any) within 15 days.
What is ICICI Prudential iProtect Smart term insurance plan?
ICICI Prudential iProtect Smart term insurance plan is one of the most popular term insurance plans from the renowned life insurance company. The following are its salient features and benefits:
Affordable premium rates for a wide range of benefits starting from Rs. 2,400 only, plus applicable taxes.
Applicable entry age ranges between a minimum of 18 years and a maximum of 65 years.
Offers coverage till the age of 99 years or whole life cover. It also offers the convenience of opting for a limited term.
Includes flexible premium payments – Monthly, bi-annually, annually and lump sum, which policyholders can choose from as per their convenience.
Cash payout up to a maximum of Rs. 1 crore on being diagnosed of any one of the 34 critical illnesses for the first time, without the submission of hospital and medical bills.
Flexible payout options in the form of lump sum or monthly income source or a combination of both, as preferred by the policyholder.
Includes cover for terminal illnesses, like AIDS, that offers coverage even before death.
Includes accidental death benefit maximum up to Rs. 2 crore.
accident cover enables the policyholder to avail a higher payout in case of an unexpected death caused by an accident. Policyholders can opt for this benefit at the time of the purchase of the policy or at a later time.
Purchasing this policy under the Married Woman’s Property Act safeguards the policyholder’s family from the paid premium being seized by creditors.
Tax benefits applicable on premium payments up to Rs. 54,600 as per Section 80C and 80D, and on claims under Section 10(10D) of the Income Tax Act, 1961.