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Review of ICICI Life Insurance Company- Is ICICI Life Insurance Good?

Yes, ICICI Life is one of the leading life insurance companies in India, with flexible payout options, accident and critical illness riders, and a reported claim settlement ratio of 99.3%. Whether it suits you depends on the cover you need, so this review covers who it fits, its best-known plan, iProtect Smart, and what to check before you buy.

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Why is ICICI Life Insurance Good?

Yes, for most people who want term cover with flexible options. ICICI Life Insurance is one of India's leading insurers, with strong financial stability, a reported claim settlement ratio of 99.3% and a range of flexible products. Its strengths are:

Claim record: A reported claim settlement ratio of 99.3%.
Flexible cover: Cover for death, terminal illness and disability, with optional Accidental Death Benefit and Accelerated Critical Illness Benefit.
Payout choice: A lump sum, monthly income for 10 years, or a mix of both.
Premium options: Pay once, for a limited period, or for the whole policy term.
Lower rates: Discounted premiums for non-tobacco users and reduced premiums for women.
Women's cover: Female organ cancers such as breast and cervical cancer are covered under the Accelerated Critical Illness Benefit.
Long cover: A whole life term plan with cover until age 99.
Tax advantages: These may apply to premiums paid and benefits received, as per current tax rules.

A customer’s example

Aravinda from Gurugram, Haryana, bought an ICICI Life term plan through Policybazaar. In his words: "Policybazaar made it very easy for me to compare different term insurance policies... I even used the life insurance calculator on their website to determine the required insurance cover." The guidance and the flexibility of the term plan took the hassle out of buying and helped him protect his family's financial future.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

About ICICI Life Insurance

ICICI Life Insurance, an important Indian insurance company, started in 2001. It offers a wide variety of term plans for customers to choose from. ICICI term plans are designed to provide numerous options and flexibility for the consumer. The plans are designed to ensure that if the life insured were to die during the policy period, the death claim amount would be paid to the life insured's family, providing additional financial support and security.

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Why Should You Consider Buying ICICI Life Insurance?

ICICI Life Insurance is known for its flexible plans that can be personalized to match policyholders' preferences and life goals.

Below are some reasons why you can consider buying ICICI Life Insurance:

The term life insurance plan offers coverage for death, terminal illness, and disability.
There is also the option to select Accidental Death Benefit and Accelerated Critical Illness Benefit with the base plan.
Non-tobacco users can enjoy discounted premium rates.
You can also enjoy a tailored benefit payout and choose to receive the benefit as a lump sum, monthly income for 10 years, or a combination of both.
With flexible premium payment options, you can pay premiums once, for a limited period, or throughout the policy term.
Tax advantages may apply to premiums paid and benefits received, as per current tax regulations.
You can buy ICICI Life whole-life term insurance and enjoy coverage until age 99.
Women are eligible for reduced premium rates, and they are covered for female organ cancers such as breast cancer and cervical cancer under the Accelerated Critical Illness Benefit.

Which Is The Best ICICI Life Insurance Plan?

There is no ideal “best” plan from ICICI Life Insurance, and the choice varies depending on an individual's needs, which may include pure protection, guaranteed income, or market-linked growth.

Among all the plans, the ICICI Life iProtect Smart is considered to be one of the best term insurance plans for pure protection requirements. The plan provides higher life cover with economical premiums, along with the option to increase the life cover with accidental death and accelerated critical illness benefits.

This plan also has special benefits for women, including low premiums and providing cover for critical diseases like breast cancer and cervical cancer under the Accelerated Critical Illness Benefit plan.

Those who would like to explore more can opt for other category plans offered by ICICI Life as well, but when it comes to pure life cover, iProtect Smart is one of the most opted-for plans.

What Are The Benefits Of ICICI Life iProtect Smart Plan?

Below are the key benefits of the ICICI Life iProtect Smart plan:

There are 4 plan options in the ICICI Life iProtect Smart plan:
- Life Option
- Life Plus Option
- Life and Health Option
- All In One Option
There are 4 death benefit payout options:
- Lump sum
- Income
- Lump sum and Income
- Increasing Income
You enjoy protection for different life stages:
- At Marriage, you receive an additional 50% of the SA, maximum up to Rs. 50 Lakhs
- At birth or legal adoption of the 1st child, you receive an additional 25% of the SA, maximum up to Rs. 25 Lakhs
- At birth or legal adoption of the 2nd child, you receive an additional 25% of the SA, maximum up to Rs. 25 Lakhs
You also have the special exit option, through which you can cancel the policy and get a smart exit benefit, which is equal to the total premiums paid under your term plan.

Who Should Buy ICICI Life Insurance?

Plans offered by ICICI Life Insurance could prove useful to people across different age groups, depending on their financial objectives and protection needs. These plans could be considered by:

Young professionals: Who are in the initial phase of their career and wish to have an economical life insurance cover.

Married couples: Who would like to provide financially for their spouse in the future.
Parents: Who have dependent children and require protection for the next many years.
Working people: Who need to provide coverage for the finances of their family and wish to handle their financial commitments.

Wrapping It Up!

Like Aravinda, many people choose ICICI Life Insurance to protect themselves against future uncertainties. Depending on your needs, it offers term plans, flexible payouts and add-on benefits. Judge it against your own financial needs, and compare quotes before you decide.

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FAQs

Is ICICI Life Insurance good for term insurance?

Ans: Yes. ICICI Life Insurance is one of the best because of the flexible cover, options to select payout, and the addition of riders like accidental death benefit and critical illness.
What is ICICI Life iProtect Smart plan?

Ans: ICICI Life iProtect Smart is one of the most comprehensive and flexible term life insurance products provided by ICICI Life Insurance Company. It ensures pure financial protection for your family in case of any unforeseen event, with accidental death and critical illness riders.
Can I get tax benefits with ICICI Life Insurance?

Ans: Yes, the death benefits paid to nominees are tax-free, and the premiums paid are tax-deductible.
What payout options are available under ICICI Life term plans?

Ans: Yes, a policyholder can select from the options below based on their requirements. Lump sum Payout, income payout, combo payout, increasing income.
Who should buy ICICI Life Insurance?

Ans: It is for individuals with financial dependents (e.g., working professional parents, homeowners with a loan, etc.) and those who want to ensure their family has substantial cover in the long run.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month 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 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/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 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/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 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/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 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

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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