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.Read more
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 plans 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.
Some of the important eligibility norms to be satisfied in order to purchase 1 Crore Term Insurance ICICI plan are as follows:
The salient features of 1 Crore Term Insurance ICICI plans are as follows:
“Tax benefit is subject to changes in tax laws.”
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:
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 plan premium 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.
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:
Besides the notable features mentioned above, the 1 Crore Term Insurance ICICI plan also has some additional features which are as follows:
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.
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
1 Crore Term Insurance ICICI plans are excluded under the following conditions.
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