ICICI Prudential Term Insurance Plans

Benefits of ICICI Prudential Term Insurance

Here is a list of all the benefits of buying an ICICI term plan in 2023.

• Death Benefits: In case of the policyholder’s unfortunate death during the policy term, the insurer will payout the death benefit to the policy nominee to take care of their financial stability. 

• Affordable Premium Rates: You can secure your family against the eventualities of life by buying term insurance with a large life cover at affordable premium rates. You can use the ICICI term insurance calculator to estimate the exact premium amount you would need to pay for the desired term plan.

• Maturity Benefits: There are no maturity benefits under a regular term plan, but if you purchase a term return of premium plan, you will receive the entire premium amount paid during the policy tenure at the end of the policy term. 

• Whole Life Cover: Several ICICI term plans provide you with the option to protect your family for your whole life i.e., till 99 years of age.

• Smart Exit Benefit: With the Smart Exit Benefit, you can exit the plan at a certain age (usually after 60 years of age) and receive all the premiums back after the policy termination.

• Rider Benefits: You can enhance your base term plan by including the accidental death benefit, and waiver of premium due to permanent disability, terminal illness, or critical illness riders.

• Tax Benefits: You can get tax benefits under sections 80C and 10(10D) of the Income Tax Act of 1961.

Features of ICICI Term Insurance Plans

Let us take a look at the features of ICICI term plans

• Low Entry Age: The minimum entry age for ICICI prudential term plans is 18 years old. This allows a large number of people to secure the future of their loved ones right from the age of 18 years old.

• Customizable Protection: You can customize the policy term as per your needs and ensures your family is protected for the entire policy tenure. The policy term can range from anywhere between 5 to 40 years.

• Flexible Premium Payment Options: You can choose to pay the premium in a single lump sum, for the regular term, or for a limited term in monthly, quarterly, yearly, or half-yearly instalments.

Note: You can easily calculate the premium of the ICICI term plan using the term insurance calculator 

• Adjustable Sum Assured: You can increase the sum assured of your term plan using the life stage benefit offered under various term plans as per the changes in your life stages.

• Liability Protection: You can ensure that your family is protected against debts like car and home loans that might burden them in your absence.

Who Should Buy ICICI Prudential Term Plans?

• Young Professionals 

• Taxpayers 

• Newly Married 

• Parents with young kids

• Working Women

• People with Debts 

How To Buy ICICI Prudential Term Insurance Plans?

You can buy the ICICI term insurance by following the below-mentioned steps:

• Step 1: Visit the term insurance form

• Step 2: Fill in the required details regarding your name, date of birth, gender, and contact number

• Step 3: Click on ‘View Plans’ to see the list of available plans

• Step 4: Answer the questions about your annual income, educational background, occupation type, and smoking tobacco habits

• Step 5: Select the most suitable ICICI term plan and proceed to pay

Documents Required to Buy ICICI Prudential Term Plan

Here is a list of documents you need to buy ICICI term insurance in India

• Policyholder’s recent photograph

• Copy of PAN Card

• Address Proof like Aadhaar Card, Passport, or Driving License

• Income Proof like

  • Salaried: Last 3 month’s salary slips, last 6 month’s bank statements

  • Self-employed: Last 3 year’s ITR with calculated annual income

Points to Consider Before Buying ICICI Prudential Term Insurance

Let us take a look at the points you need to consider before buying the most suitable ICICI term insurance plan

• Claim Settlement Ratio (CSR): The claim settlement ratio of a company is the number of claims received by the company in a financial year to the number of claims settled by the insurer in the same year. This represents the company’s reliability in settling your family’s future claims and thus you should always go with an insurer with high CSR. ICICI Prudential had a CSR of 97.82% in FY 2021-22.

• Solvency Ratio: You should check the solvency ratio of the insurance company before buying the most suitable term insurance plan because it shows the company’s capability of settling claims in the long run. As per IRDAI, every company needs to maintain a solvency ratio of 150% as a mandate. ICICI Prudential has a solvency ratio of 204.5% in FY 2022.

• Customer Reviews: You should always go through honest customer reviews of the company to get a better understanding of how the company treats its customers and their issues regarding policies. You can also look at the persistency ratio of the company to understand the ICICI term insurance customer care experience and satisfaction with the company.

• Sum Assured: Make sure to choose the right sum assured wisely after carefully assessing your annual income, monthly expenses, existing loans, and potential inflation.

• Available Riders: Go through the list of available riders and their respective inclusions and exclusions to avoid any confusion in the future while filing for rider claims.

• Policy Term: The policy term of your ICICI term insurance should be long enough to financially secure your dependents until they are no longer dependent on you anymore. You can also buy whole life insurance to ensure your dependents are covered for your whole life.

• Policy Benefits: Several term plans offer additional benefits like life stage benefits and the option to receive the payout in instalments. You should read the policy documents carefully to make sure you are satisfied with the policy benefits.