2 Crore Term Insurance of ICICI

Let’s read the article for more detail: 

What is a 2 Crore Term Insurance for ICICI? 

Term insurance is a life insurance plan that is specifically designed to offer the beneficiary or nominee financial support in a form of a death benefit, in case of the policyholder’s unforeseen death. So, an ICICI term insurance plan for 2 Crores works in the same manner but the only difference is that it offers a sum assured amount of Rs. 2 Crores. On the other hand, other term plans might offer a sum assured of Rs. 50 Lakhs, 1 Crore, etc. However, choose the cover amount totally on the basis of your requirements and the type of term plan you choose. 

Therefore, investing in a term plan for 2 crores offered by ICICI will ensure that your family members' financial requirements will be taken care of when you pass away. The monthly premium amount is low, making the 2 Crore term insurance for ICICI a popular choice among the policy seekers. 

Why Should You Buy 2 Crore Term Insurance for ICICI? 

As we discussed the basic concept of a 2 crore term insurance for ICICI, here are some of the benefits: 

1. Affordable Premium Amounts 

   The ICICI Term Insurance Plan for 2 Crores is economical, as the monthly amount of premium is quite low for healthy and young individuals. Moreover, you can save extra money on premiums if you invest at a young age. 

2. Provides Financial Support 

   A 2 Crore Term Insurance Plan of ICICI will provide financial protection for your family members if you are the sole earner of your family or have financial dependents. The death benefit is paid to the nominee that can be used to manage education, household expenses, liabilities, and loans and also ensures that your family’s requirements are met even in case of your absence. 

3. Tax Benefits 

   As per Section 10(10D) of the Income Tax Act, 1961, the death benefit or sum assured of term plans is exempted from taxes. 

How Does ICICI Term Insurance for 2 Crore Work? 

• A term insurance plan provides life cover for a pre-specified/fixed term. 

• If the life assured passes away while the term insurance plan is active, the nominee or the beneficiary will be entitled to receive a death benefit from the insurer. For example, if you buy a term plan for 2 crores by ICICI, the full life cover amount will be paid to the nominee as per the T&Cs of the policy. 

• Then, to enjoy the 2 crore term plan benefits, you are required to pay a fixed amount of premium i.e., monthly, quarterly, bi-yearly, or yearly, depending on your requirements. However, the premium depends on some factors like gender, age, smoking habits, and annual income. 

• The premium amount remains the same during the policy tenure; your term plan can lapse if you do not pay the premium on time 

• However, if the policyholder survives the policy term, the maturity or survival benefit is paid. 

ICICI Term insurance for 2 Crore is the right choice for anyone who is looking to secure their family’s future. Also, this economical investment offers you peace of mind. 

Who Should Opt for ICICI Term Insurance of 2 Crores? 

• In your late 20s or early 30s, it will be the right time to buy a term plan for 2 crores. Because at these ages the premiums are quite low for a person who are healthy, young, and active. So, buying 2 crore term insurance is an ideal choice, if you have just started your career. 

• Individuals who are the sole breadwinners of a family should buy ICICI Term insurance for 2 crores. This way, you can protect your family members in case of any unforeseen event. And, if you have financial dependents, then also you can consider this plan. 

• If your yearly income is more than 5 Lakhs, then this term plan is right for you. 

ICICI Pru iProtect Smart Term Insurance Plan for 2 Crores 

ICICI Pru iProtect Smart provides flexibility in designing your financial safety net so that you can protect the future of your family to ensure that they live their lives without any financial difficulties even in your absence. This plan also offers the option to increase the coverage against Accelerated Critical Illness and Accidental death and offers a 360-degree life coverage. This plan can be purchased through online mode. 

1. Key Highlights of ICICI Pru iProtect Smart 

   • Increased Protection: The plan offers coverage for terminal illness, disability, and death 

   • Comprehensive add-ons: You can select Accelerated Critical Illness (ACI) benefit and Accidental Death (AD) Benefit 

   • Special discounted premium rates for non-tobacco users and non-smokers 

   • Payout: Choose to get the payout as a lump sum or as a monthly income for ten years or both

   • Flexibility: You can pay premium amounts at one go, for a limited time period, or all over the policy tenure. 

   • Tax Benefits: Available on the premium amount paid and payouts received as per the applicable laws of income tax. 

   • Benefits for Women: Special rates of premium for sum assured and Accelerated Critical Illness (ACI) Benefit 

   • It provides coverage against female organ cancers like cervical cancer, and breast cancer under ACI benefit. 

2. Eligibility Criteria 

   Minimum Entry Age	18 years
   Maximum Entry Age	65 years
   Maximum Maturity Age	75 years
   Policy Term	5 years to Whole Life (99 years minus age at entry)
   Minimum Amount of Premium	Rs.2,400
   Minimum Sum Assured	Subjected to the minimum premium amount
   Maximum Sum Assured	No Limit
   Mode of Premium Payment	Single/yearly/bi-yearly/Monthly