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1 Crore Term Insurance ICICI

In addition to the ever-increasing living costs, the risks associated with life must be planned well. In case of the unfortunate demise of the bread-earner in any family, financial protection to the family plays a vital role in their sustenance. In order to protect your family financially even after your death, it is a must for you to invest in an appropriate term insurance plan.

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Life insurance term plans are highly affordable as they incur minimum premium rates. 1 Crore Term Insurance ICICI plans are also highly beneficial in this regard.

ICICI Prudential is one of the largest life insurance providers in the Indian life insurance market. It offers numerous term insurance plans that provide life cover to people across the country. The ICICI Prudential Life Insurance Company is a dual venture Prudential Plc. of the UK and ICICI Bank. The bank holds a stake of 74%. ICICI prudential provides two-term insurance plans online, namely the ICICI Pru iCare Term Insurance plan and Pru iProtect Term Insurance Plan. 

Term insurance plan are usually referred to as pure protection plans and are the cheapest insurance plans. 1 Crore Term Insurance ICICI plans offer the policyholder with an assured sum as life cover for a specific time period. i.e., if the insured person dies within the period of the policy term, the nominee or the beneficiary of the plan is entitled to the approved sum.

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

one crore term plan

Term Plans


Life Cover

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Life Cover

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Life Cover

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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.

Salient 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.

Benefits/Advantages of the Plans 

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

  • Regular benefits of all other term insurance plans such as life cover in case of death of the insured person within the policy’s term.
  • Longer tenure of the policy with a provision to extend the policy term till the age of 99 years.
  • Comprehensive coverage of around 34 critical illnesses (Not mandatory).
  • Payouts are received on the first diagnosis of any listed critical illness included in the plan.
  • Full payout of assured sum in case of any terminal illness diagnosis. 
  • Lower premium rates starting from INR 490 per month.
  • Provision to choose the payout option – These plans provide options to the customers to choose from 4 available options: lump sum, regular income plus lump sum, regular steady income, and increasing income.

The Process to Purchase the Plans

The death of the insured person is a traumatic event for his family. Such demises of breadwinners of the family give rise to further turmoil of its financial crisis. Comparing and purchasing a suitable term insurance plan such as 1 Crore Term Insurance ICICI plans will enable you to ensure financial protection to your family even after your death. The steps to purchase the ICICI term plan online are described below. 

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.

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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.

1 Crore Term Insurance ICICI Plan Claim process

In case of the sad demise of the policyholder within the stipulated 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 the ICICI Prudential Life Insurance about the claim via phone or email, or personal visit to the branch office. Once you intimate the insurer about the claim, the process of the settlement will be initiated.

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

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

1 Crore Term Insurance ICICI Plan Renewal Process

The policyholders will have a provision 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:Review the policy

Step 2:Furnish the details of the policy

Step 3:Make Payments and complete the renewal of the policy

Key Exclusions 

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 out the best term insurance plan in India and choose one that suits your requirements.


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