ICICI Prudential Term Insurance Plans

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

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ICICI Prudential Term Plans

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 

ICICI Pru iProtect Smart

An ICICI term insurance plan that offers multiple protection against a host of risk factors from demise, accidents, critical illness, inability to pay the premium, etc. – all under a single term policy. 

  • Affordable and customizable ICICI term insurance plan offering enhanced protection for the policyholder and their family
  • The plan provides improved protection by offering coverage against death, terminal illness, and disability
  • There are comprehensive additional benefits available under this ICICI term insurance by way of optional riders like Accidental Death Benefit and Critical Illness Benefit that covers 34 life-threatening illnesses
  • The Pru iProtect Smart ICICI term insurance policy can easily be bought online any time of the day in just 10 minutes
  • The company offers special premium rates available especially for women and non-tobacco users under this ICICI term insurance plan
  • There is a provision of surrender value under the single premium option under this ICICI term insurance policy
  • The ICICI term insurance cover gives a choice to increase the life cover at important milestones in life like marriage and childbirth or adoption
  • This ICICI term insurance plan offers tax benefits on premiums paid under the Indian Income Tax Act
  • The ICICI term insurance cover offers a need-based benefit payout option available in the form of a lump sum or monthly income for 10 years
  • Offers flexibility to pay premiums once, for a limited period, or throughout the ICICI term insurance policy term 
  1. Eligibility Details

      Minimum Maximum
    Entry Age 18 years 65 years
    Maturity Age 23 years 75 years
    Policy Term Regular Pay – 5 years / 85 years less age at entry Whole Life (99 years less age at entry)
    Limited Pay – 5, 7, PT- 5 years  10 years / 85 years less age at entry 10 years  15 years / 85 years less age at entry Whole Life (99 years less age at entry) 60 years less age at entry PPT+ 5 years / 85 years less age at entry Whole Life (99 years less age at entry)
    Single Pay – 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

ICICI Pru iProtect

A term plan with the features defined below:

  • This ICICI term insurance plan is designed as an online term plan where it is available through the company’s website.
  • An applicant has an option to customize this ICICI term insurance plan according to his needs.
  • Under this ICICI term insurance, in case of the insured’s demise, the Sum Assured is paid which is chosen by the applicant.
  • This ICICI term insurance plan gives the flexibility to choose the protection cover according to the needs of the insured through two options of death benefit available under the plan which are:
    • Option A: Under this ICICI term insurance, upon death, the Sum Assured is paid which is chosen by the applicant.
    • Option B: Under this ICICI term insurance, if the insured chooses the regular premium payment option, an additional benefit will be given on accidental death which will be the rider Sum Assured which is usually equal to the Basic Sum Assured chosen under the plan or Rs.50 lakhs whichever is lower.
  • This ICICI term insurance plan is eligible for tax benefits where the premiums paid and claims received attract tax exemption.
  • Under this ICICI term insurance, non-tobacco users will get special premium rates. Non-smokers are given preferential rates of premiums which are lower than those charged from smokers.
  1. Eligibility Details

      Minimum Maximum
    Entry Age 20 years 65 years
    Maturity Age - 75 years
    Policy Term 10/15/20/25/30 years
    Sum Assured Rs. 50,00,000
    Premium Payment Term Regular Pay
    Premium Payment Frequency Yearly
  2. Sample Rates of Premium

    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 Option I Option II
    25 lakhs 50 lakhs 1 crore 25 lakhs 50 lakhs 1 crore
    25 2,950 5,000 8,700 4,475 8,000 11,700
    35 4,800 7,000 12,300 5,900 9,700 15,000
    45 11,075 14,950 26,600 12,150 17,400 29,100

 ICICI Pru Life Raksha

A short tenure Term Plan 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:

  • Under this ICICI term insurance, within the fixed term of 5 years, if the insured dies, a benefit which will be the highest of the following will be paid:
    • A – Sum Assured which was chosen at the inception of the ICICI term insurance plan by the policyholder.
    • B – 10 times the annual premiums payable under the ICICI term insurance plan. The annual premium excludes any loading included by the company due to the mode of premium payment or any service tax charged on the premium.
    • C – 105% of the total amount of premiums paid under the ICICI term insurance till the death of the insured.
  • Being a pure Term Insurance Plan, no benefit will be payable to the life insured on maturity if he or she survives the entire duration of the ICICI term insurance policy.
  • This ICICI term insurance policy is for a fixed tenure of 5 years only.
  • Similar tax benefits on this ICICI term insurance plans’ premiums and claims.
  1. Eligibility Details

      Minimum Maximum
    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
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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 

Types of Term Plans


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 little 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.

Applying for a Term Insurance Plan from the company:

  1. Online

    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 

  2. Intermediaries

    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 

ICICI Prudential Life Term Insurance Plans - Important Terms & Conditions

  1. Free Look Period

    If one is not satisfied with the ICICI term insurance policy, the policy can be canceled by returning the policy document(s) to the Company within:

    • 15 days from the date of receipt, if the policy has not been purchased through distance marketing
    • 30 days from the date of receipt, if the policy has been purchased through distance marketing

    Voice mode, which includes telephone-calling

    • Short Messaging Service (SMS)
    • Electronic mode which includes e-mail, internet, and interactive television (DTH)
    • The physical mode includes direct postal mail, newspaper and magazine inserts
    • Solicitation through any means of communication other than in person

    Upon cancellation of the ICICI term insurance policy during the free look period, the premium paid is returned, subject to a deduction of:

    • Expenses are borne by the Company on medical examination (if any)
    • The proportionate risk premium for the period of cover
    • Stamp duty paid under the policy

    The ICICI term insurance policy is terminated on payment of this amount and all rights, benefits, and interests under the policy will stand extinguished 

    Five things to know before buying Term Plan Five things to know before buying Term Plan
  2. Accidental Death Benefit

    The Accidental death benefit is payable on accident, subject to the below-mentioned conditions: Death due to accident should not have been caused by the following:

    • Death due to the accident must be caused by violent, external, and visible means
    • The accident should result in bodily injury or injuries to the Life Assured, independently of any other means. Such injury or injuries should, within 180 days of the occurrence of the accident, directly and independently of by any other means cause the death of the Life Assured. In the event of the death of the Life Assured after 180 days of the occurrence of the accident, the Company will not be liable to pay the accidental death benefit.
    • The ICICI term insurance policy must be in force at the date and time of the accident
    • The Company will not be liable to pay this benefit in case death of the Life Assured occurs after the date of termination of the ICICI term insurance policy
    • Attempted suicide or self-inflicted injuries, while sane or insane, or whilst the Life Assured is under the influence of any narcotic substance/drug/intoxicating liquor; or
    • Engaging in aerial flights (including parachuting and skydiving) other than as a fare-paying passenger or crew on a licensed passenger-carrying commercial aircraft (being a multi-engine aircraft) operating on a regularly scheduled route; or
    • The Life Assured with criminal intent, committing any breach of the law; or
    • Due to war, whether declared or not or civil commotion; or
    • Engaging in hazardous sports or pastimes, e.g. taking part in (or practicing for) boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, skiing, potholing, powerboat racing, underwater diving, yacht racing, or any race, trial or timed motorsport
  3. Tax Benefits

    Tax benefits under the ICICI term insurance policy are subject to conditions under sections 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 

  4. Suicide Clause

    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 

    Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar
  5. Grace Period

    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 

  6. Premium Discontinuance

    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 

  7. Policy Revival

    An ICICI term insurance policy, which has lapsed for non-payment of premium within the grace period, maybe revived subject to the following conditions:

    • The application for revival is made within 2 years from the due date of the first unpaid premium and before the termination date of the ICICI term insurance policy. Revival will be based on the prevailing Board-approved underwriting policy.
    • The policyholder/applicant being the Life Assured furnishes, at his own expense, satisfactory evidence of health as required by the Company/prevailing Board approved underwriting policy.
    • The arrears of premiums together with interest, at such rate as the Company may charge for late payment of premiums, are paid.
    • The revival of the ICICI term insurance policy may be on terms different from those applicable to the policy before it lapsed, for example, extra mortality premiums or charges may be applicable. The Company reserves the right to refuse to re-instate the ICICI term insurance policy. In that case, only the premiums paid towards the reinstatement of the policy shall be refunded without any interest.
    • The revival will take effect only on its being specifically communicated by the Company to the Policyholder

ICICI Prudential Life Insurance - FAQs

  • Q: How to pay a premium? What are the modes of payment available?

    Ans: For receiving continuity of your ICICI term insurance policy benefits, it is critical to pay premiums on time. You can pay your ICICI Life Insurance premium through these 11 methods:
    • Net Banking
    • Credit card
    • Bill desk
    • Bank Website Debit Card + ATM PIN
    • Debit Card
    • Bill junction
    • Infinity
    • E-collect
    • Rupay Debit Card
    • Skypark dropbox
    • MINC Drop Box
    For paying the premium online for ICICI term insurance, you can log in 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 ab online confirmation
  • Q: How can I check the policy status for ICICI Prudential term insurance plans?

    Ans: You can check the policy status of ICICI term insurance online, or opt for SMS and e-mail reminder facility 
    You can check ICICI Prudential Life Insurance Policy Status Online as follows.
    • Open the ICICI Prudential Life Insurance website in your browser
    • Now you will be directed to a new window. On the top right side of this new page, you can see the customer login section
    • Enter user ID and password to navigate to checking the ICICI term insurance policy status
    Only registered users can access the portal, so you need to sign up for the service if you haven’t yet 
  • Q: What is the policy renewal process for ICICI Prudential term insurance plans?

    Ans: Online Policy Renewal facility is available to all ICICI Life Insurance customers. The process is as follows;
    • 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
  • Q: What is the company’s process to settle the claim for ICICI Prudential term insurance plans?

    Ans: Step 1: Complete the ICICI term insurance claim form through -
    • Phone-Call a claim care
    • Online claim
    • 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 hospitalization, 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 
  • Q: What is the policy cancellation process for ICICI Prudential term insurance plans?

    Ans: You need to keep your ICICI term insurance policy for a minimum of 3 years before you can cancel it. You need to fill a surrender form at any of the ICICI Prudential Life branches and submit your ICICI term insurance policy documents. The cancellation process will take 30 days to complete and the surrender value funds will be directly transferred to your bank account 
    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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ICICI Prudential Term Insurance Plans Reviews & Ratings

4.2 / 5 (Based on 44 Reviews)
(Showing Newest 10 reviews)
Roshan
Barabanki, March 02, 2021
Check premium online
I checked the premium online when I bought the term insurance policy. I visited to policybazaar website for the same. And I got the icici prudential plan very affordable as per my budget. It has benefits and I really like them.
Nikita
Ahmednagar, February 19, 2021
Claim is fast
I choose policybazaar to buy my term insurance policy. They suggested me to buy a term plan of icici prudential. It is a nice plan which I have come through. I am thankful to whole team and would love to recommend this to everyone.
Ankit
Chandigarh, January 23, 2019
Excellent
One of my close friends had been using ICICI term insurance since last 8 years. He has married 2 years ago and due to unfortunate circumstances involved, he was severely injured in an accident. Thankfully, ICICI team was really considerate and helpful while helping his wife settling the claim. The claim settlement was fast and timely. Following his steps, I have recently bought ICICI Pru iProtect Smart. It is safe to say that investing in ICICI term insurance is definitely worth every penny experience. It has worked as a great deal for me. The staff was really good and was prompt with their service.
Rijool
Garu, September 22, 2016
Good
My term insurance policy is good one which i bought from icici prudential life insurance. The premium is low and paybacks are high. Coverage is about 85% and the claiming is very simple by the help of executives which working 24X7.
Jagdish
Jammu, July 20, 2016
Coverage Is High
ICICI term insurance plan of mine is very beneficial for me and my family. The service of your staff is so quick and claiming become due due to that. The updates of the policy plan is mailed to me regularly on my email address.
Sumeet
Haridwar, July 20, 2016
Term plan
The icici term insurance is on of the best policy among all. Premium of the plan is low and returns are high. Service is fast and behaviour of the staff is very well. Good investment which reduces taxes too. Payments and premiums are done on online portal website of the company.
Vikram
Gurgaon, February 14, 2016
superb plan...
My life insurance term plan is with prudential. The premium amount is Rs.4700 and return is Rs.25 lakh. Policy coverage is also nice. Service is really good provided by executives and agents. Nice policy.
Plan Name: iProtect Smart
Agent Code: BPW00250
Sudhakar
Ghaziabad, February 14, 2016
above average
I have purchase my life insurance from prudential. The services are average. I do not get any kind of alerts for the payments or the policy thought mail or text. The payment options are convenient as I can pay the payment thourgh my ATM cards. The payment is on a yearly basis.
Plan Name: iProtect Smart
Agent Code: BPW01888
Chander
Delhi, February 14, 2016
"Bad service"
I do have a life insurance with icici. The policy has good claiming amount and policy coverage is also high but the service is very slow. The work takes days or weeks to complete. Please speed up your services.
Plan Name: iProtect Smart
Agent Code: BPW00250
ANAND
Jaipur, February 14, 2016
Life insurance plan
I buy life insurance policy with icici, basically i took this plan for the savings purposes. Premium payment is made by cheque and the executive agent is coming to my place to collect this amount. As this policy is endowment policy, I need to pay on yearly basis for 7 years. And the policy holder will get good returns after 13 years.
Plan Name: iProtect Smart
Agent Code: BPW00130
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