ICAI Term Insurance in India 2026

The Institute of Chartered Accountants of India (ICAI) offers its members access to specialized group term insurance schemes to secure financial protection at competitive rates. The two primary group term insurance arrangements are facilitated through LIC and HDFC Life.

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Let us take a look at the types of term insurance for chartered accountants, their eligibility, and whether you should get an individual term plan alongside ICAI term insurance plans.

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⁺

Term Insurance for Chartered Accountants

The Institute of Chartered Accountants of India offers the ICAI term insurance plans that allow members and their spouse to get covered under special plans. These term insurance plans provide financial protection at affordable premiums. The two main types of term insurance offered by ICAI are as follows:

ICAI LIC term insurance
ICAI HDFC term insurance

Let us take a thorough look at the eligibility, benefits and features of these ICAI beneficiary schemes:

ICAI LIC Term Insurance

Following are the eligibility conditions required to buy the ICAI LIC term insurance plan and its benefits:

Eligibility Conditions

Parameters	Minimum	Maximum
Entry Age	18 years	64 years
Sum Assured	Member Cover: 10,00,000/- Spouse Cover: 5,00,000/-
Policy Term	Every year renewable
Spouse Cover	Yes Available
Spouse Entry Age	18 years	64 years

Benefits and Features

The plan offers coverage for one year with the option to renew after the end of the due period.
There are no health or medical underwriting required at the time of joining the plan.
The scheme offers discounted premiums for ICAI members and their spouses.
The premiums for each age range for members and spouse are prefixed based on age groups.

ICAI HDFC Term Insurance

Here are the eligibility criteria, benefits, and features of the ICAI HDFC term insurance plan:

Eligibility Conditions

Parameters	Minimum	Maximum
Entry Age	18 years	60 years
Maturity Age	-	80 years
Sum Assured	50 Lakhs	Varies on a case-by-case basis
Policy Term	10 years	50 years
Spouse Cover	Not Available

Benefits and Features

The premiums for this ICAI beneficiary scheme are competitive and can be paid in flexible modes.
Members aged between 18 and 60 years can join the scheme and can get covered until 80 years of age.
Members can join the policy and opt for enhanced cover options.
The cover is available from 50 lakhs to 10 crores based on annual income levels and age bracket.

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ICAI Term Insurance vs Individual Term Insurance Plan

Feature	ICAI Term Insurance	Individual Term Insurance Plan
Eligibility	Available only to eligible ICAI members	Available to all eligible individuals
Coverage Flexibility	Coverage amount is determined by the group scheme	You can choose the sum assured based on your financial needs
Customisation	Limited customisation options	Wide choice of policy terms, payout options, and riders
Long-Term Continuity	Subject to the terms and continuation of the group scheme	Remains active as long as premiums are paid and policy conditions are met
Coverage Adequacy	May not fully cover growing financial responsibilities	Can be tailored to match income, liabilities, and future goals
Premium Determination	Fixed under the group arrangement	Based on factors such as age, health, lifestyle, and coverage amount
Family Protection	Provides a basic financial safety net	Can offer more comprehensive protection based on your family's requirements
Best Suited For	Chartered Accountants seeking additional group coverage	Individuals looking for personalised and long-term financial protection

How to Apply for ICAI Term Insurance Plans?

Applying for an ICAI term insurance plan is a simple process. Follow these steps:

Check your eligibility: Ensure you are an eligible ICAI member and meet the age and other requirements specified under the scheme.
Visit the official ICAI portal: Access the ICAI website or the designated insurance portal to review available term insurance plans and their features.
Fill out the application form: Provide your personal, professional, and nominee details accurately while completing the application.
Choose your sum assured and coverage: Select the appropriate life cover amount based on your financial responsibilities and protection needs.
Submit documents and pay the premium: Upload the required documents, complete the verification process, and make the premium payment to activate your coverage.

Is ICAI Term Insurance Enough for Me?

The term insurance cover available through ICAI can be a valuable benefit for Chartered Accountants, as it provides financial protection at a group level and may come at a lower cost than an individual policy. However, whether it is enough depends on your financial responsibilities and coverage needs.

If you have dependents, outstanding loans, future goals such as your children's education, or a spouse who relies on your income, the ICAI cover alone may not provide adequate protection. Group insurance benefits can also change over time and are usually subject to the terms of the association's policy.

For this reason, many Chartered Accountants use ICAI term insurance as a supplementary benefit while maintaining an individual term insurance policy for more comprehensive and long-term financial security. The right approach is to evaluate whether the ICAI coverage amount would be sufficient to support your family's financial needs if you were no longer around.

Wrapping it Up!

ICAI Term Insurance offers Chartered Accountants an accessible and valuable life cover benefit, helping provide financial protection for their loved ones. However, before relying solely on this coverage, it is important to assess whether the sum assured aligns with your income, liabilities, and long-term family responsibilities. If there is a gap between the available cover and your actual protection needs, supplementing it with an individual term insurance plan can help ensure more comprehensive financial security. The right approach is to choose a coverage amount that gives your family the financial support they would need in your absence.

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What is Term Insurance

FAQs

Q. Which ICAI health or term insurance plans are recommended for chartered accountants and their families?

Ans: ICAI members can explore the group health and term insurance schemes offered through ICAI. The suitability of a plan depends on factors such as coverage needs, family size, age, and existing insurance protection.
Q. What is ICAI term insurance?

Ans: ICAI term insurance is a group term life insurance scheme made available to eligible members of the Institute of Chartered Accountants of India (ICAI). It provides financial protection to the nominee in the event of the insured member's death during the policy term.
Q. What is term insurance for ICAI members?

Ans: Term insurance for ICAI members is a life insurance cover offered through schemes associated with the Institute of Chartered Accountants of India (ICAI). It provides financial protection to the member's family by paying a lump sum death benefit if the insured passes away during the policy term, subject to the policy's terms and conditions

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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

+On the basis of your profile

+Rs. 410/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. 410/month (Rs.14/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 rounded off to nearest 10

+Rs. 245 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.

+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. 15/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. 504/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. 494/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. 636/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. 918/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. 1,286/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.

+Rs. 453/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.582/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. 786/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. 1,592/month 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.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/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.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, 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. ₹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

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

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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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