ICICI 1 Crore Term Insurance

What are ICICI 1 Crore Term Insurance Plans?

1 Crore ICICI Term Insurance plan is a pure life insurance policy from ICICI Prudential Life Insurance that guarantees a ₹1 crore payout to your family if you pass away during the policy term. These 1 Crore plans by ICICI Prudential Life Insurance provide high financial protection for your loved ones at very affordable premium rates.

Note: Know more about what is term insurance first before reading this article.

Eligibility Criteria for 1 Crore Term Insurance ICICI

Some of the important eligibility norms to be satisfied in order to purchase 1 Crore Term Insurance ICICI plan are as follows:

• The minimum age that the policyholder should have attained at the time of purchasing the term plan is 18 years.

• The maximum age for entry to the policy depends on the minimum policy term.

• The maximum age up to which life cover is provided under the term plans is 75 years.

• The minimum policy maturity age of the policyholder is computed based on the age of the policy buyer at the time of purchase, and the tenure chose.

• It is mandatory for the policyholders to state their medical history and medical condition at the time of purchasing the policy to ensure optimum premium rates.

Key Features of ICICI 1 Crore Term Insurance Plans

The salient features of 1 Crore Term Insurance ICICI plans are as follows:

• Complete financial protection with benefits of critical illness covers and the accidental death benefit (Standard Terms and Conditions Apply).

• 100% settlement of cash on the diagnosis of a critical or terminal illness.

• Premium is waived off in case of permanent disability of the insured person because of an accident.

• Flexibility to choose the mode of payout of the assured sum – either a lump sum settlement or a regular monthly income.

• Dual benefits of a tax on the claim sum and paid premiums under sections 80D and 80C.

“Tax benefit is subject to changes in tax laws.”

• Flexible options for payment of premiums.

• Provision to extend the life cover up to the age of 99 years.

What are the Benefits of ICIC 1 Crore Term Insurance Plans

Term insurance plans that provide coverage for 1 Crore come with distinct advantages over other term plans. The significant benefits of the 1 Crore Term Insurance ICICI plans are as follows:

• Massive Life Cover: You secure a ₹1 crore payout to protect your family's future if an unforeseen event occurs.

• Budget-Friendly Premiums: Rates can start as low as ₹400–₹500 per month, making high coverage very accessible.

• Special Rates for Women: Women can get up to 15% lower life insurance premiums.

• Accident & Disability Covers: You can purchase add-ons to provide extra payout if you pass away or become disabled in an accident.

• Critical Illness Rider: You can add coverage that pays benefits if you are diagnosed with a major medical condition, such as cancer.

• Return of Premium: A special feature ensures that you receive a full refund of all premiums paid if you survive until the end of the policy.

• Premium Break Option: You can skip paying your premiums for 12 months in times of financial distress, such as a job loss.

• MWP Act Protection: Policies can be bought under the Married Women’s Property (MWP) Act to protect the claim amount from relatives and creditors.

How To Buy an ICICI 1 Crore Term Insurance?

To buy a ₹1 crore term insurance plan from ICICI, you can apply directly online through the ICICI Prudential Life Insurance or ICICI Bank websites. The digital application process takes only three simple steps: filling out a quick application form, submitting required documents, and completing a scheduled medical check-up.

Step 1: Calculate the premium using the ICICI term insurance calculator by entering all the required details such as name, phone number, email address, gender, date of birth, smoking and drinking habits, life cover requirement, policy term requirement, payout mode, etc.

Step 2:Choose appropriate riders to add value to your term insurance plan. Adding riders may incur an additional premium cost but offer a wide range of benefits.

Step 3:Submit all necessary documents. Upload the scanned copies of the documents in the format prescribed by the insurer.

Step 4:Furnish the details of your medical history and current health condition. Make sure that you submit authentic and true information about your health history, such as hospitalization, the risk involved with your profession, practices such as alcohol and tobacco consumption, etc., to avoid complications in the future.

Step 5:Read the terms and conditions of the policy that you are purchasing. Read it as many times as required thoroughly till you understand them completely.

Step 6:Complete the payment process through internet banking, credit or debit cards, e-wallets, or mobile wallets.

On successful completion of document verification, the soft copy of your policy document will be sent via mail. A hard copy will also be sent through the post.

Documents Required

It is mandatory for the policy buyers to submit all required documents while purchasing a term insurance plan. The list of documents that the candidates must furnish at the time of applying for 1 Crore Term Insurance ICICI plan is as follows:

• PAN card of the policy buyer

• Identity proof such as passport, AADHAAR Card, Voter’s ID card, Driving license, declaration certificate from a public servant, or any relevant authority substantiating the identity of the policyholder.

• Age proof document such as birth certificate, passport, driving license, Aadhaar Card, PAN card, etc.

• Address proof – any of the government-issued documents with present address mentioned in it, utility bills, ration card, bank passbook, etc.

• Proof of income such as IT returns of the recent year, employer’s certificate, IT assessment order.

• Recently shot passport-sized photographs.

Additional Features

Besides the notable features mentioned above, the 1 Crore Term Insurance ICICI plan also has some additional features which are as follows:

• The plans are purely online. Hence, premium rates are comparatively lower. You can compare and purchase the plans from the comfort of your home.

• All-inclusive coverage against terminal illness, death, or permanent disability.

• Special premium discounts for female policyholders.

• Special coverage for female policyholders in case of diagnosis of illness such as cervical cancer or breast cancer.

• Provision to revise the assured sum for major milestone accomplishments such as birth/legal adoption of 1st two children or marriage of the policyholder.

ICICI 1 Crore Term Insurance Plan Claim Process

In the event of the policyholder's sad demise during the policy tenure, the nominee shall be eligible to claim the assured sum. ICICI term insurance plans offer an easy claim process and quick settlement of the assured sum. The steps to be followed while claiming the assured sum in such cases are as follows.

Step 1: Notify ICICI Prudential Life Insurance of the claim by phone, email, or in person at a branch office. Once you inform the insurer of the claim, the settlement process will be initiated.

Step 2: Submit all the required documents, such as the original policy document, proof of the claim, the death certificate of the assured life, and relevant medical records. Additional documents may be required if applicable.

Step 3: After the documents are successfully verified, the insurance company may approve or deny the claim based on the outcome of the verification process. If approved, the claim amount shall be settled to the policy nominee within a day.

How to Renew ICICI 1 Crore Term Insurance ICICI Plan?

Policyholders will have the option to renew their term insurance plans if they are alive at the end of the policy term. The renewal of ICICI term plans can be done online. The steps to be followed are:

Step 1: Go to the official ICICI Prudential Life Insurance website.

Step 2: Visit the “Pay Life Insurance Premium Online” portal.

Step 3: Enter your policy number and registered mobile number.

Step 4: Verify your payable premium details.

Step 5: Complete your transaction using net banking, UPI, or a credit/debit card.

What is Not Covered in ICICI 1 Crore Term Insurance Plans?

1 Crore Term Insurance ICICI plans are excluded under the following conditions.

• HIV-related complications such as AIDS or any other sexually transmitted diseases.

• Suicide or self-inflicted damage.

• Deliberate involvement in criminal or illegal activities.

• Death due to intoxication of drugs and alcohol.

• Death due to participation in wars or civil commotions.

• Death during aviation other than travelling as a passenger or crew in commercial flights.

• Death due to participation in adventurous sports and dangerous lifestyle acts.

• Death due to the nuclear accident or radioactive contamination.

• Death or damage due to natural calamities or terrorist activities.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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