ICICI Prudential Life Insurance Company was formed as a joint venture between ICICI Bank Ltd. and Prudential Private Limited Company. Prudential Private Limited Company is a leading international financial service group having its headquarters in the United Kingdom. ICICI Prudential Life is one of the first private sector life insurance companies who after receiving approval from the Insurance Regulatory Development Authority of India (IRDAI) have begun its operation 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
These plans are designed with the single aim of protecting the income of an individual for his family by providing a lump sum benefit in the event of the individual’s death. The plan promises benefits payable only in case of death and if the plan matures, the policyholder gets nothing. These plans make sense to buy because the rate of premium is very less and as such customers can avail of a high cover on their lives without paying high premiums
Both the facility of buying online or through intermediaries is provided by ICICI Prudential Life Insurance Company because the range of ICICI term 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
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 term policy.
|Entry Age||18 years||65 years|
|Maturity Age||23 years||75 years|
|Policy Term||Regular Pay – Life: 5 – 40 years / Life Plus: 5 – 40 years / Life & Health: 5 – 30 years / All in One: 5 – 30 years|
|Limited Pay – Life: 10 – 40 years / Life Plus: 10 – 40 years / Life & Health: 10 – 30 years / All in One: 10 – 30 years|
|Single Pay – Life: 5 – 20 years / Life Plus: 5 – 20 years|
|Minimum Premium||Rs.2400 (excluding service tax and cesses)|
|Premium Payment Mode||Regular Pay, Limited Pay, Single Pay|
|Premium Payment Frequency||Single, Yearly, Half-yearly and Monthly|
A term plan with the features defined below:
|Entry Age||20 years||65 years|
|Maturity Age||-||75 years|
|Policy Term||10/15/20/25/30 years|
|Minimum Premium||Rs.2000 (excluding service tax)|
|Premium Payment Term||Regular Pay|
|Premium Payment Frequency||Yearly|
The table illustrates the premium payable by individuals under this ICICI term insurance plan at different ages assuming they do not consume tobacco. The premium shown also varies with the amount of cover chosen and the death benefit option chosen. The policy term in the illustration is 25 years
|Age (yrs.) / Sum Assured||
|25 lakhs||50 lakhs||1 crore||25 lakhs||50 lakhs||1 crore|
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. The other aspects of the plan are:
|Entry Age||18 years||60 years|
|Maturity Age||-||65 years|
|Policy Term (Regular Pay)||5 years|
|Sum Assured||Rs.50, 000||Rs.5 lakhs|
|Premium Payable||Depends on the minimum and maximum Sum Assured and age of the life assured|
|Premium Payment Term||Equal to Policy Term|
|Premium Payment Frequency||Yearly , Half Yearly and Monthly|
When should Increasing Term Plan be taken?
An increasing term plan should be taken at an early stage in life. There are a number of advantages of this. You also need to evaluate your other insurance plans and investments made and then decide if it is a good time to buy an increasing term plan. An increasing term plan is more expensive than a pure term plan and so you need to keep the expenses in mind as well
I am 22 years old and single. Should I buy an increasing term plan now?
A young person would benefit a lot from buying an increasing term plan, keeping an eye on his future financial liabilities. If you are 22 years old, you must have only recently started your career and from here on you will only grow and see changes in your lifestyle. You will also get married and have children in a few years. So if you are thinking about your future, it is a good time to invest in an increasing term plan. And since you are young, you will get the plan at a lower cost as well
Is it a good idea to buy increasing term insurance when I am vulnerable to illnesses?
If you are healthy now, but feel that in the years to come you may develop a serious medical condition, you must most definitely buy increasing term life insurance. A unique feature of increasing life insurance is that the premium doesn’t change even if the policyholder gets sick later on. This means that the health status of the policyholder at the time of the policy commencement is taken into consideration only. So if you have a family history of a certain illness (like cancer) or work in a place where you are vulnerable to develop a disorder (lung problems due to working in a coal mine), it is a good idea to buy this kind of a plan before the tragedy strikes. In any other plan, when you opt for a higher cover, your health will be checked up and you may have to pay more later on
I recently invested in a child plan and a ULIP. Is this a good time for an increasing term plan?
If you already made investments for the future of your child and also invested in a ULIP from where you expect to get an increased return, you may not need to buy an additional increasing term plan. There should be a balance in your insurance portfolio and you must always see to it that you don’t buy either too less or too much insurance. Speak to your insurance agent or financial advisor and check whether the coverage you have is sufficient or not. Only then decide to buy an increasing term life insurance.
The company offers specific ICICI term insurance plans which are available online only. The customer only needs to log into the company’s website, choose the required ICICI term insurance plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the ICICI term insurance policy will be issued
ICICI term insurance plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process
If one is not satisfied with the ICICI term insurance policy, the policy can be cancelled by returning the policy document(s) to the company within:
Voice mode, which includes telephone-calling
Upon cancellation of the ICICI term insurance policy during the free look period, the premium paid is returned, subject to a deduction of:
The ICICI term insurance policy is terminated on payment of this amount and all rights, benefits and interests under the policy will stand extinguished
Accidental death benefit is payable on accident, subject to the below mentioned conditions:
Tax benefits under the ICICI term insurance policy are subject to conditions under section 80C and 80D of the Income Tax Act, 1961. Service tax and education cess, as applicable, will be charged extra, as per the applicable rates. The tax laws are subject to amendments from time to time
If the Life Assured, whether sane or insane, commits suicide within 1 year from the date of commencement of the ICICI term insurance policy, the policy will be deemed void and will stand terminated. The Company will refund the premium and all rights, benefits and interests under this ICICI term insurance policy will stand extinguished
In the case of a reinstated Regular Pay or Limited Pay policy, if the Life Assured, whether sane or insane, commits suicide within 1 year from the date of reinstatement of the ICICI term insurance policy, the Company will refund 80% of the premiums paid post revival till the date of death
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 within the grace period, the ICICI term insurance policy shall lapse and the cover will cease
If the premium is not paid either on the premium due date or within the grace period, all benefits under this ICICI term insurance policy will cease. No benefit shall become payable in case of death of the Life Assured while the ICICI term insurance policy is in lapsed condition
An ICICI term insurance policy, which has lapsed for non-payment of premium within the grace period, may be revived subject to the following conditions:
For paying premium online for ICICI term insurance, you can login to e-portal
Step 1: Enter your ICICI term insurance policy details – policy number and policyholder’s date of birth
Step 2: Select your online bank account, debit/ credit card or use the NEFT facility to pay the premium
Step 3: Authenticate and confirm your payment details for ICICI term insurance and receive online confirmation
You can check ICICI Prudential Life Insurance Policy Status Online as follows.
Only registered users can access the portal, so you need to sign up for the service, if you haven’t yet
Step 1: Login into the website with your Client ID and password.
Step 2: Select the ICICI term insurance policy due for renewal payment. Click Pay Renewal Premium Now
Step 3: Choose payment option- NEFT, Credit Card/Debit Card
Step 4: Authenticate and confirm your payment details for the ICICI term insurance and print out the payment receipt
Phone-Call a claim care
From branch office
Step 2: Form Evaluation
The Claim Care department examines the claim and if any essential documents are missing, the team immediately notifies the ICICI term insurance policyholder of the same. The team keeps the claimant up-to-date on the process via Emails and Letters
Step 3: Claims Processing
On receipt of all the essential documents of ICICI term insurance, the Claims department processes the application within 12 calendar days, if no investigation is needed for checking the claim made
For quick access to claim funds, ICICI Life Insurance transfer funds directly into the beneficiary’s bank account
In case of cashless hospitalisation, you need to produce the relevant medical bills and reports, issued by the attending physician
Upon completion of these documents, submit them to your nearest ICICI branch
If you signed up for a single premium ICICI term insurance policy, you can cancel it after the first policy year
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