With the skyrocketing inflation rate, it has become imperative to create a strong financial backup for your loved ones. And, the term insurance plan is the best way to secure the financial future of your loved ones. Moreover, if you are a single breadwinner of the family, then it is very important for you to choose a life insurance product which offers a higher insurance coverage up to 1 crore or above.
As one of the top insurance providers in our country, ICICI Life insurance offers ICICI Pru iProtect Smart Term Plan, which offers a life cover of Rs 1 crore at just Rs 490 per month. Let’s read further to know in detail ICICI Life Insurance 1 Crore Policy.
This is a non-participating pure term plan, which can be bought through the company’s website. As a pure protection plan, ICICI Pru iProtect Smart plan offers a high insurance coverage at a lower premium rate. With the help of this ICICI Life Insurance 1 crore policy, you can ensure the financial security of your loved ones against any type of eventualities.
The following are some of the key benefits offered by the policy.
Eligibility Criteria |
Minimum |
Maximum |
Entry Age |
18 years |
65 years |
Premium Payment Options |
Single Pay Regular Pay Limited Pay |
|
Policy Term |
Single Pay- 5 years Equal to the PT- 5 years Whole Life (99 years minus the age at entry)
For PT 5, 7 (years)- 10 years For PT 10 years- 15 years 60 years minus age at entry- PPT + 5 years |
20 years 85 years
85 years 85 years 85 years |
Sum Assured |
Subject to minimum premium |
Subject to board approved underwriting policy |
Mode of Premium Payment |
Single, monthly, half-yearly & yearly. |
You May Also Like: 10 Crore Life Insurance
The Thumb Rule!
Whether you buy 1 crore term insurance plan or not, it is important to consider that the coverage amount should be 10-12 times of your annual income. Along with this thumb rule that other important factors that you should keep in mind are health condition, age, dependents, annual income, etc. By giving equal attention to all these factors and by going through the policy brochure thoroughly you can customize the as per your requirement and choose the best coverage for your family.