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In addition to the ever-increasing living costs, the risks associated with life must be planned well. In case of the unfortunate demise of the bread-earner in any family, financial protection to the family plays a vital role in their sustenance. In order to protect your family financially even after your death, it is a must for you to invest in an appropriate term insurance plan.
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Life insurance term plans are highly affordable as they incur minimum premium rates. 1 Crore Term Insurance ICICI plans are also highly beneficial in this regard.
ICICI Prudential is one of the largest life insurance providers in the Indian life insurance market. It offers numerous term insurance plans that provide life cover to people across the country. The ICICI Prudential Life Insurance Company is a dual venture Prudential Plc. of the UK and ICICI Bank. The bank holds a stake of 74%. ICICI prudential provides two-term insurance plans online, namely the ICICI Pru iCare Term Insurance plan and Pru iProtect Term Insurance Plan.
Term insurance plan are usually referred to as pure protection plans and are the cheapest insurance plans. 1 Crore Term Insurance ICICI plans offer the policyholder with an assured sum as life cover for a specific time period. i.e., if the insured person dies within the period of the policy term, the nominee or the beneficiary of the plan is entitled to the approved sum.
Note: Know more about what is term insurance first before reading this article.
Term Plans
Some of the important eligibility norms to be satisfied in order to purchase 1 Crore Term Insurance ICICI plan are as follows:
The salient features of 1 Crore Term Insurance ICICI plans are as follows:
“Tax benefit is subject to changes in tax laws.”
The plans that provide coverage for 1 Crore come along with distinct advantages over other term plans. The significant benefits of 1 Crore Term Insurance ICICI plans are as follows:
The death of the insured person is a traumatic event for his family. Such demises of breadwinners of the family give rise to further turmoil of its financial crisis. Comparing and purchasing a suitable term insurance plan such as 1 Crore Term Insurance ICICI plans will enable you to ensure financial protection to your family even after your death. The steps to purchase the ICICI term plan online are described below.
Step 1: Calculate the premium using the ICICI term insurance calculator by entering all the required details such as name, phone number, email address, gender, date of birth, smoking and drinking habits, life cover requirement, policy term requirement, payout mode, etc.
Step 2:Choose appropriate riders to add value to your term insurance plan. Adding riders may incur an additional premium cost but offer a wide range of benefits.
Step 3:Submit all necessary documents. Upload the scanned copies of the documents in the format prescribed by the insurer.
Step 4:Furnish the details of your medical history and current health condition. Make sure that you submit authentic and true information about your health history, such as hospitalization, the risk involved with your profession, practices such as alcohol and tobacco consumption, etc., to avoid complications in the future.
Step 5:Read the terms and conditions of the policy that you are purchasing. Read it as many times as required thoroughly till you understand them completely.
Step 6:Complete the payment process through internet banking, credit or debit cards, e-wallets, or mobile wallets.
On successful completion of document verification, the soft copy of your policy document will be sent via mail. A hard copy will also be sent through the post.
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It is mandatory for the policy buyers to submit all required documents while purchasing a term insurance plan. The list of documents that the candidates must furnish at the time of applying for 1 Crore Term Insurance ICICI plan is as follows:
Besides the notable features mentioned above, the 1 Crore Term Insurance ICICI plan also has some additional features which are as follows:
In case of the sad demise of the policyholder within the stipulated policy tenure, the nominee shall be eligible to claim the assured sum. ICICI term insurance plans offer an easy claim process and quick settlement of the assured sum. The steps to be followed while claiming the assured sum in such cases are as follows.
Step 1:Notify the ICICI Prudential Life Insurance about the claim via phone or email, or personal visit to the branch office. Once you intimate the insurer about the claim, the process of the settlement will be initiated.
Step 2:Submit all the required documents such as the original policy document, proof of the claim, death certificate of the assured life, and relevant medical records. Additional documents may be required if applicable.
Step 3:After the successful verification of the documents, the insurance company may approve or deny the claim based on the outcomes of the document verification process. If approved, the claim amount shall be settled to the nominee of the policy within a day.
The policyholders will have a provision to renew their term insurance plans if they are alive at the end of the policy term. The renewal of ICICI term plans can be done online. The steps to be followed are:
Step 1:Review the policy
Step 2:Furnish the details of the policy
Step 3:Make Payments and complete the renewal of the policy
1 Crore Term Insurance ICICI plans are excluded under the following conditions.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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