ICICI Prudential Insurance plans

ICICI Prudential Term Life Insurance

Why Choose Top-Selling Term Plan - Icici Pru Iprotect Smart?

  • It fits in your tight budget: After paying your monthly rent, phone and light bills, a term insurance premium can be difficult. ICICI Pru iProtect Smart’s affordable premiums make sure it isn’t
  • It gives you a longer cover: The best time to buy life insurance is now. Buying now will ensure that you get life cover at low premiums for the desired term. ICICI Pru iProtect Smart can cover you till the age of 85, and you also have the option to get whole life insurance till age 99
  • It gives you the option to cover 34 critical illnesses: ICICI Pru iProtect Smart pays on the diagnosis of any one of 34 critical illnesses. No hospital bills are required3
  • It provides you option of lump sum or income: ICICI Pru iProtect Smart allows your family to get their life insurance payout as a lump sum, income or a combination of both. A lump-sum payment is a single payment made to the nominee on the death of the insured person. An income payment is a series of annual or monthly payments, made to the nominee on the insured person’s death. The latter option can save your family from the hassle of managing and investing a large sum of money
  • It gives you accelerated pay out in case of terminal illness: ICICI Pru iProtect Smart pays out your insurance cover even before death, if you are affected by a terminal illness
  • It provides you protection against other claims: You can buy the insurance policy under the Married Woman’s Property Act++. This protects the money paid under the policy from other claims. It thus provides an additional layer of protection to your family
  • Permanent disability benefit : In case of permanent disability due to accident, all future premiums are waived off, and the life cover continues for the remaining policy duration. This benefit comes in-built in your policy without any extra cost to you.
  • 100% Terminal Illness payout : Terminal illnesses are not only life threatening but can also spell financial ruin. This benefit helps you fight those illnesses by paying 100% of your life cover amount before death (covers AIDS as well).This benefit comes in-built in your policy without any extra cost to you.
  • Tax Benefits : Get tax exemptions on your premiums and maturity amount
  • Option to increase life cover : Life stage benefit gives you an option to increase the cover after Marriage (50% increase), 1st (25% increase) & 2nd (25% increase) childbirth, without any medicals. Additional premium will be calculated based on the increased life cover and remaining policy term as per your age at the time of each such increase.

ICICI Prudential Life insurance review

ICICI Prudential Life
Branches In India
517
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
50 lacs / 100 cr
Policy Term Minimum / Maximum (Years) - Terms Plans
5years/ 85years and also we have whole life option
Solvency Ratio *
217% (2.17)
Death Claims Settled from 2002 till now
₹ 95.48 billion
Number of Lives Covered**
2133682
Claims Settlement Ratio ***
97.90%
Claim Settlement Time
1.4 days
13 months Persistency Ratio
87.10%
* - As per IRDAI data 2020-21 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2020-21  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Who Should Buy A Term Insurance Policy?

Anyone with financial dependents should buy a Term Insurance Policy. Life insurance premiums paid are deductible from taxable income under Section 80C and hence carry a double benefit for taxpayers – protection and tax-saving. The payment (maturity value) received under an insurance policy is also exempt subject to conditions under Section 10(10D) of the Income Tax Act, 1961. Hence, individuals who derive any of the three significant benefits associated with term insurance should consider buying such policies. The three significant benefits are – life protection, tax-saving and affordable premiums. Hence the segment of people required to buy these Term Plans include:
Parents: Parents are generally the sole source of financial support for their children. The needs of children extend from school fees and living expenses to hefty university fees, later on in life. The unexpected demise of a parent can jeopardise their future and deprive children of life’s opportunities. Parents must ensure that this scenario does not come to pass, by taking out a term insurance policy. This policy will pay out a lump sum and/or income to satisfy their children’s expenses, in the event of the death of the parent(s).

Young Professionals + Newly Married Persons: Young professionals are just starting their careers. Many of them are not yet married and have no financial dependents. However this is likely to change in the future as they get married or support their parents/relatives. Such individuals should buy term insurance now rather than wait. This is because once a policy is purchased, the premiums stay the same throughout an individual’s life. On the other hand waiting to buy term insurance in the future can force customers to pay higher premiums because term insurance premiums rise with age.

Working Women: The women of today are on an equal footing with men, whether it be managing their finances or providing for their family. Today, a family is as dependent on the woman’s income as it is on the man’s. This dependency brings with it the need to financially secure your loved ones in case something happens to you. A Term Insurance plan assures that your parents/spouse/children are financially secured even in your absence. It ensures that your family does not have to compromise on their lifestyle and can continue with the goals you set for them. The term insurance cover amount also helps to take care of any outstanding liabilities like home loan, auto loan, education loan etc. Not only this, but some term insurance plans also come with the added benefit of a critical illness cover that provides a payout if you are diagnosed with a serious illness like breast or cervical cancer.

Self Employed: As a self-employed person, you face many challenges. Unlike salaried individuals, you do not earn a fixed monthly income; you have an uneven source of income that depends on the ups and downs of the market. Plus, you may have also taken a business or personal loan from creditors, banks, or even your family and friends. Hence, buying a term insurance plan to secure your family becomes even more important for you. A term life insurance policy can ensure that your family remains financially secure even in your absence.

Retired Persons: Retired persons need to have term insurance if they have dependant spouses or families. Buying term life insurance can also be a way of leaving an inheritance for their families.

Term Insurance Benefits

  • High Life Insurance Amount at affordable premiums
  • Term Insurance plans provide a large amount of life insurance cover at an affordable premium. This cover can compensate for several years of lost earnings
  • Cover Against Critical Illnesses: Along with providing life cover, a new-age term plan like ICICI Pru iProtect Smart also provides protection against critical illnesses. For a small additional premium, Critical Illness Cover provides lump-sum payments when a critical illness like a heart attack, cancer, kidney failure etc. is first diagnosed
  • Support In Case Of Disability: In new-age Term Plans such as ICICI Pru iProtect Smart, the insurance company pays your future premiums in case of total and permanent disability. As a result, your life insurance cover continues even if you are unable to pay premiums
  • Additional Security: To increase the security of your family, a Term Policy provides additional pay-out (up to ₹2 crores) in case of an accidental death+. For example, if your life cover is ₹1 crore, a Term Insurance Plan with Accident Cover pays ₹2 crores to your family in case of an accidental death+
  • Tax Benefits: Term Insurance plans offer tax benefits on premiums paid up to `46,800 under Section 80C. New-age Term Plans with critical illness cover also offer additional tax benefits on premiums paid up to `7800 under Section 80D. You also get tax benefits subject to conditions under Section 10(10D) on the money that your family receives in case of an unfortunate event

ICICI Pru iProtect Smart offers different term plan options to suit your different needs:

Basic Term Plan

Basic Term Plan

The basic term plan comes with a life cover that is paid in the form of a lump sum in case of death of the policy holder during the policy term. There is no maturity benefit in this plan.
Term Insurance with Critical Illness cover

Term Insurance with Critical Illness cover

In addition to life cover, this term plan comes with a critical illness cover that is paid out in case the policyholder is diagnosed with any of the 34 specified critical illnesses like cancer, heart attack, etc.
Term Insurance with Limited Pay

Term Insurance with Accidental Death Cover

A term plan that gives additional cover in case of death due to an accident.
Term Insurance with Limited Pay

Term Insurance with Limited Pay

A term plan that lets you get done with all your premium payments in a few years while the plan benefits continues for the entire policy term.

ICICI Prudential Term Life insurance products

iProtect Smart Insurance covers against terminal illness and disability in addition to death
iProtect Smart Joint Life covers for your wife and for you in the same plan.

ICICI Prudential Term Life insurance FAQ's

Are deaths due to Coronavirus covered by ICICI Pru Term Plan?
Life insurance plans including Term Life insurance cover death caused due to health issues. This stands true for death caused due to Coronavirus as well. If a person, who has purchased ICICI Pru iProtect smart policy, passes away due to COVID-19, his/her nominee will be paid the sum assured.
As a thumb rule, you should opt for a policy term depending on your retirement age. By then you would have paid off all your liabilities. However, in case you have some loans or liabilities, which will continue even after your retirement, you may choose your policy term accordingly.

E.g.: If your current age is 30 and you expect to retire at the age of 60, you should opt for a term life cover for 30 years policy term.

Ideal Policy Term = Your Expected Retirement Age – Your Current Age1
OR
Your Expected Age to attain Zero Liability – Your Current Age2
The age limit varies based on the particular plan you choose. The minimum age is 18 years and the maximum age is 65 years to buy ICICI PruiProtect Smart, our best-selling Term Plan.
Yes, Term Insurance premiums are deductible under Section 80C* of the Income Tax Act 1961. You can claim upto ₹ 1.5 lakh deduction for term insurance premiums paid over the year.
You will need to upload your PAN card, an age and address proof (passport, driving license, Aadhar card or voter’s ID), and income proof documents (ITR, salary slips, bank statements or Form 16) while purchasing a Term Insurance online.
We suggest, your term insurance cover should be about 10-12 times your annual income. For eg: if you are earning ₹ 7.5 Lakhs per annum, you must secure yourself with a cover of about ₹ 75 Lakhs.
Additionally, you may also consider the following liabilities if applicable:
I. Loans & Liabilities
II. Children’s’ Education Cost
A simple rule of thumb for calculating Sum Assured in a Term Insurance policy is -
Minimum Sum Assured = Annual Income x 10 times + Loans/Liabilities$$
Limited Pay lets the customer pay off their entire premium in a limited period while enjoying the benefits of the plan for the entire policy term. This lets you free from the burden of paying premiums early on while keeping your family secured for a long period of time. While the premiums to be paid now are higher with Limited Pay, you can end up saving up to 65%`` on total premiums paid over the course of the policy. This is a good option for people who don’t have many financial obligations currently and can manage to pay high premiums. However, if budget is a constraint, then you can go with the Regular Pay option where you pay throughout the policy term. You can choose to pay the premiums monthly, half-yearly or annually.
Once your policy matures or reaches the end of its term, it ceases to exist which means the Term Life Insurance Policy expires and your coverage stops.
All kinds of deaths are covered under a Term Insurance Plan, including natural, accidental, murder, illnesses and natural calamities. Only death due to suicide in the first year of policy is not covered.
When the policyholder and nominee both dies, then a legal heir can receive the claim.
No, you don’t get your money back on survival till the end of the policy term in a Term Insurance plan.
A grace period for payment of premium of 15 days applies for monthly premium payment mode and 30 days for other modes of premium payment. If the premium is not paid even within the grace period, the policy shall lapse and cover will cease.
If you become an NRI after purchasing a Term Plan, your policy remains intact and continues to provides life cover anywhere in the world.
Terminal Illness, as defined for ICICI Pru iProtect Smart, is a condition which, in the opinion of two independent medical practitioners’ specialising in the treatment of such illness, is highly likely to lead to death within six months. The terminal illness must be diagnosed and confirmed by medical practitioners’ registered with the Indian Medical Association and approved by the company. The company reserves the right for an independent assessment.

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