ICAI LIC Term Insurance

ICAI LIC term insurance refers to the group term insurance offered by LIC (Life Insurance Corporation) for ICAI (The Institute of Chartered Accountants of India) members. These plans have premiums at discounted rates, and are administered by P&GS, the Delhi division of LIC. This LIC ICAI term insurance is an annually renewable term insurance, and allows the spouse to get covered under the scheme as well. Let us take a look at the key features, benefits, and details of this ICAI LIC term plan.

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Key Features of ICAI LIC Term Insurance

Competitive premium rate for insurance
Annual premium payment for getting the life cover
Members aged between 21 years to 64 years are eligible to join the scheme.
No medical or health underwriting is required at the time of joining the scheme
Life coverage of Rs 10 lacs for ICAI members.
Life coverage of Rs. 5 Lacs for spouses
Spouses aged between 18 to 64 years may join the scheme.

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⁺

Benefits Offered Under LIC ICAI Term Insurance

Life Cover: Members get life insurance coverage as per the following:
- ₹10 Lakh for ICAI members
- ₹5 Lakh for spouse
No Medical Underwriting: With this ICAI LIC term plan, members or their spouse do not have to undergo any health or medical underwriting to join the scheme.
Competitive Premiums: The premiums for this ICAI term life insurance are competitive and differ based on various age groups.
Annual Renewable: The plan offers coverage for one year, and can be renewed after the completion of the due period.

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Eligibility Details to Get Covered with ICAI LIC Term Insurance

Here are the eligibility criteria to get covered under this ICAI term plan for members and their spouse by LIC:

Particulars	Details
Entry Age	Members: 18-64 years Spouse: 18-64 years
Valid Period of Cover	One year
Sum Assured	Members: ₹10,00,000/- Spouse: ₹5,00,000/-
Mode of Premiums	ICAI Online Premium payable

What are the Premiums for LIC ICAI Term Insurance Scheme?

Here are the premiums applicable for members and spouses, depending on their ages:

Age (Completed Years)	Annual Premium for Sum Assured of ₹10 Lakh*
18-30 Years	₹630 + applicable GST
31-35 Years	₹750 + applicable GST
36-40 Years	₹1,000 + applicable GST
41-45 Years	₹1,320 + applicable GST
46-50 Years	₹2,100 + applicable GST
51-55 Years	₹3,840 + applicable GST
56-60 Years	₹5,640 + applicable GST
61-64 Years	₹6,600 + applicable GST

Annual premium payable for a sum assured of ₹10 lakh. GST will be charged as per applicable tax laws.

Age (Completed Years)	Annual Premium for Spouse (Sum Assured: ₹5 Lakh)*
18-30 Years	₹315 + applicable GST
31-35 Years	₹380 + applicable GST
36-40 Years	₹500 + applicable GST
41-45 Years	₹660 + applicable GST
46-50 Years	₹1,050 + applicable GST
51-55 Years	₹1,920 + applicable GST
56-60 Years	₹2,820 + applicable GST
60-64 Years	₹3,300 + applicable GST

Annual premium payable for spouse coverage with a sum assured of ₹5 lakh. GST will be charged as per applicable tax laws.

What are the Special Conditions of ICAI LIC Term Insurance?

The scheme is administered by the P&GS Department, Delhi Division of LIC.
Insurance coverage remains valid for one year from the date of commencement of coverage for the member.
Membership under the scheme becomes effective only after confirmation by LIC/LICIACL.
LIC's decision regarding insurance coverage shall be final and binding. LICIACL will not be responsible for any decisions or outcomes related to the insurance coverage.

How can Members Buy ICAI LIC Term Insurance?

Here is how ICAI members can buy LIC ICAI term insurance schemes in India:

Step 1: You can register or login to create or access your existing account.

Step 2: Fill out the application form with the required details.

Step 3: Submit the ICAI term insurance application for processing.

Step 4: Wait for confirmation from LIC or ICAI term insurance enrollment.

How to Contact ICAI LIC Term Insurance?

For any ICAI term insurance related issues, you can contact the insurer at:

Branch Manager, LIC of India

P&GS Department, Delhi Divisional Office-I

6th Floor, Jeevan Prakash, 25 K.G. Marg, New Delhi-110001

You can also get in touch with the Beneficiary Scheme Directorate at bs@icai[dot]in

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Author's Bio

Varun Agarwal Head - Term Insurance

Varun has spent years in the insurance space, but what drives him isn't policies or premiums — it's the conversations he's had with real people. A young father in Pune wondering if his salary is enough. A newly married couple in Jaipur putting off "the insurance talk" for later. A mother in Chennai who never knew her husband was underinsured until it was too late.
These stories stay with him. As Head of Term Insurance at Policybazaar, Varun knows the numbers well — 52.4% of Indians are aware of term insurance, yet only 9.6% own it. And 87% of families don't realise they're leaving their loved ones with far less protection than they actually need. But behind every statistic, he sees a family that just needed someone to sit with them, explain it simply, and help them take that one step. That's exactly what Policybazaar's term insurance is built to do. In his words, "Most people aren't avoiding protection — they're just waiting for someone to make it easy. That's what we're here for."

Write to Varun

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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 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

Rs. 400/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. 400/month (Rs.13/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.

+Rs. 230 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. 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. 12/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. 497/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. 487/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. 626/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. 905/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. ₹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

+Rs. 1,267/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.

*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. 447/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.679/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. 910/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. 1,924month 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.

Women

+Rs. 400/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, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

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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