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ICICI Term Insurance Renewal

A term insurance plan provides financial protection to your family members in event of unforeseen death. Such insurance plans may have a certain pre-specified expiry date, which can render the plan useless if the life assured needs financial support after the plan has already lapsed. If you do not renew the term plan when it matures, your family will lose all the protection you have been paying for all this time. Read on to know more about the ICICI Term Insurance Renewal process in detail.

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

About ICICI Term Insurance Renewal

As a policyholder, one primary point to keep in mind is paying the premium amount on a regular basis. If the premium amounts are not paid at a specified time, the insurance policy will lapse. Most insurance plans allow you to renew the policy, which is a very important provision for any policyholder. In case you have bought an ICICI term insurance plan with a term of 5 years, the plan will reach maturity in 5 years and will no longer offer coverage after that. You may renew the plan in order to increase the coverage for the next 5 years, provided that the plan allows for renewal.

What is Renewal Premium Payment?

Renewal premium is the amount you are required to pay on a regular basis to keep your policy active and to continue availing of all the term insurance benefits offered under the ICICI Term plan.

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

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How does ICICI Term Insurance Renewal Process work?

  • The benefits of the policy can be renewed by paying the premium amount of the policy decided at the time of buying the term plan

  • If you make your premium payments after 3 PM, then you will get the premium/tax-paid certificate the next day.

  • The insurer provides a premium amount receipt 1 day after the due date of the premium. This receipt can then be used as investment proof to opt for tax benefits.

  • Always ensure to pay premiums within the grace period, otherwise, the life insurance plan lapses, and the benefits of the term insurance plan will stop.

Why ICICI Term Renewal is Important?

If the term insurance premium payment is missed, there is a grace period of 30 days in which you can pay the premium amount and the plan can be reinstated. After the grace period, the ICICI Term insurance plan lapses.

In case if ICICI plan has lapsed, the policy benefits will be reduced depending on the policy type chosen, and the insurance company. Always check the T&Cs of the Term plan online so that you are well aware of your policy.

Following are the reasons why ICICI Term insurance renewal is important:

  1. Reduction or Discontinuation in policy benefit

    If the ICICI Term insurance plan reaches the lapse phase because of non-payment of the premium amount, you will lose the death benefit and any other supplementary benefits that you may have availed of with your plan. Add on or rider benefits such as personal accident cover, critical illness cover, or disablement cover may terminate if your plan lapses. Some insurers do reinstate the lapsed term insurance plans, but it differs from company to company. You may also be required to pay an interest sum to have your insurance plan reinstated, depending on the T&Cs of the insurer.

  2. Claim Filing

    It is important to renew your term plan within the provided time because if you miss the renewal and the plan lapses, it may not be possible to again file a claim with the insurer. The nominees or the beneficiaries will not receive the sum assured amount in case of any unpredictability. So it is a smart idea to always be updated with due dates of ICICI Term insurance renewal and facilities for paying online term plan premiums to secure your family’s future.

  3. Premium Amounts

    The premium amount remains constant at the time of policy renewal. Sometimes, several reasons such as an increase in age, changes in medical history can lead to a large premium size for the same plans.

  4. KYC and Medical Test

    If you renew your ICICI Term plan, then you do not have to submit the KYC documents again. Moreover, there is no requirement to undergo a medical test all over again. However, if the term plan lapses and then cannot be renewed, the process will be similar to purchasing a new policy. You are required to undergo a medical test and submit KYC documents.

  5. Tax Benefits

    ICICI Term insurance plans are exempted from tax deduction up to Rs. 1.5 Lakhs u/s 80C of the Income Tax Act, 1961. You can also claim tax savings benefits with riders such as critical illness, exempted up to Rs. 25000 u/s 80D of the ITA.

Benefits of Renewing Term Insurance Online

  • Online mode saves a lot of time as you can easily renew your plan from any place

  • Using online mode, the probability of errors is less as the entire information is filled by the life assured.

  • Policyholders can pay using various payment options such as debit/credit cards, UPI, Net Banking, etc.

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How to Renew ICICI Term Insurance Policy?

You can renew the ICICI term insurance policy from the official ICICI website in a few easy steps.

  • Visit the ICICI Official website

  • Then Click on ‘ICICI Term Insurance Renewal’

  • Enter the required details such as the registered mobile number and policy number

  • Check the policy details and premium amount

  • Proceed for the payment using debit card/credit card, Net-banking, or UPI

Documents Required For ICICI Term Insurance Renewal

  • ID Proofs such as passport, voter card, Aadhar card, etc.

  • Proof of age such as driver's license, Aadhar card, birth certificate, etc.

  • Address proof such as ration card, PAN card, passport, government utility bills, Aadhar card, etc.

  • Income proof such as salary slips for the last 3 months at the time of renewing the plan, statements of the bank from the last 6 months, Form 16, and ITR of the last 2-3 years

  • Passport-sized photographs

Disadvantages of failing to Renew the ICICI Term Insurance Policy

As a policy buyer, you may face a few disadvantages in absence of renewing the policy:

  • The main objective of purchasing life insurance is rendered useless. If the plan lapses before the life assured needs it, then he/she will not be able to avail of the lump sum or other benefits. In order to get sufficient protection, renewal is important.

  • Once the policy lapses, the policyholder cannot avail of all the policy benefits. The more the delay in ICICI term insurance renewal, the more the interest is charged on the premium amount, making it costlier.

  • Term insurance plans are a smart way to secure your finances. However, the tax-saving benefits that are applied to term policies will longer be available once the plan lapses.

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

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