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ICICI 5 Crore Term Insurance

Securing your family's financial future requires careful planning and commitment. The ICICI 5 Crore term insurance plan provides a Rs. 5 Crore death benefit to your nominee if you unexpectedly pass away during the policy term. ICICI Prudential Life Insurance offers this coverage at reasonable premium rates, thereby, making sure your loved ones are financially secured in the long run. Here is a detailed understanding of ICICI 5 Crore Term Insurance.

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What is the ICICI 5 Crore Term Insurance Plan? 

The ICICI 5 Crore Term Insurance Plan is designed to provide financial protection for your family in the unfortunate event of your sudden death. By offering a significant lump sum death benefit of Rs. 5 Crore, this term plan ensures that your loved ones’ futures are secured and can maintain their standard of living even in your absence. With this coverage, you can be assured that expenses, such as mortgage payments, children's education, daily living costs, etc. will be taken care of, allowing your family to focus on rebuilding their lives without the added stress of financial uncertainty.

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₹1
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@ Starting from ₹ 16/day+

₹50
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@ Starting from ₹ 8/day+

₹75
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@ Starting from ₹ 12/day+

Why Buy Term Insurance from ICICI Prudential Life Insurance?

You should buy Term Insurance from ICICI Prudential Life Insurance because of the following reasons:

Highlights
ICICI Prudential Life Insurance Claim Settlement Ratio (CSR) 95.30% (FY 2023-24)
ICICI Prudential Life Insurance Solvency Ratio 2.06 (FY 2023-24)
ICICI Prudential Life Insurance Extra Benefits Critical illness rider, Terminal Illness Rider, Waiver of Premium rider, Accidental death benefit rider, Life Stage benefit
Records of ICICI Prudential Life Insurance 1st Insurance Company of India to be listed on National Stock Exchange (NSE) & Bombay Stock Exchange (BSE)

What are the Benefits of Buying ICICI 5 Crore Term Insurance? 

Here are some of the key benefits of buying the ICICI Term Insurance plan for 5 Crore life cover:

  • Budget-Friendly Coverage: The 5 Crore term insurance plan by ICICI Prudential Life Insurance is affordable, providing basic term plan benefits at lower premiums, starting at Rs. 3,731/month.

*Note: Result for 30-year old male (non-smoker; earning 10-15 Lakhs per annum) who bought ICICI 5 Crore term plan for 30 year policy term.

  • Added Protection: The ICICI 5 Crore term insurance plan includes added benefits through riders, that provide protection for risks like accidental death benefit, critical illness benefit, terminal illness benefit, and waiver of premium benefit.

  • Financial Support for Your Loved Ones: The ICICI 5 Crore Term Insurance plan ensures your family's financial needs are covered if you pass away. Your nominees can use the death benefit to settle loans, manage debts, or cover household and personal expenses.

  • Easy Online Purchase: Buying the ICICI 5 Crore Term Insurance plan online is simple and convenient. Through Policybazaar, you can purchase the plan easily from the comfort of your home, without needing to visit a branch or wait in queues. You can pay your first ICICI Term Insurance premium payment on the Policybazaar website/app very easily.

  • Flexible Payouts: You can choose how to receive the ICICI Prudential life insurance death benefit, either as a lump sum or as monthly income payments, giving you control over managing expenses. This flexibility allows your family to manage expenses more effectively, whether they need a significant amount immediately or prefer a steady flow of income to cover ongoing costs.

  • Tax Benefits: The plan also offers tax deductions under sections 80C of the Income Tax Act, 1961. Additionally, the death benefit received by your nominees is exempt from tax under Section 10(10D), ensuring that the full benefit amount is available to support your family's financial needs without any tax liabilities.

*Note: Use the term insurance calculator for estimating the premium of your term insurance plan. Or use the HLV Calculator to find out the ideal life cover for your loved ones’ security.

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Best ICICI 5 Crore Term Insurance Plan – ICICI Prudential iProtect Smart

The best ICICI 5 Crore Term Insurance that you can easily buy online from Policybazaar is ICICI Prudential iProtect Smart

ICICI Pru iProtect Smart is a term insurance plan designed to protect your family's financial future. This plan offers women coverage for breast or cervical cancer under the accelerated critical illness benefit. Additionally, customers can get their premiums back (excluding GST) if they exit the policy at age 60, provided the cover is till age 65 or above.

  1. Features of ICICI Prudential iProtect Smart Plan

    Here are some reasons why you should consider buying the ICICI Prudential Life eTouch plan:

    • This life insurance plan provides comprehensive coverage for terminal illness, disability, and death.

    • Policyholders can also choose the Accelerated Critical Illness Benefit and Accidental Death Benefit.

    • You can pay the premium as a one-time payment, for a limited period, or throughout the policy term.

    • Policyholders can choose to receive the benefit as a lump sum, as monthly income for 10 years, or a combination of both.

    • Enjoy smart exit option and get back all premiums paid when the term plan is no longer required.

    • Women can enjoy a 15% lifetime premium discount and an additional first-year discount for salaried women.

    • Women also receive coverage for breast and cervical cancers under the accelerated critical illness benefit.

    • The plan provides special premium rates for life and accelerated critical illness benefit cover.

    • Claim tax benefits under applicable sections of the Income Tax Act of 1961.

  2. Eligibility Criteria of ICICI Prudential iProtect Smart Plan

    The eligibility conditions to buy ICICI Prudential iProtect Smart Plan are as follows:

    Criteria Minimum Maximum
    Entry Age 18 years 65 years
    Maturity Age 85 years
    Policy Term 10 years 99 years
    Sum Assured 50 Lacs 20 Crores
    Premium Payment Terms Regular and Limited Pay
    Premium Payment Modes Monthly, Half-yearly, and Yearly

How to Buy ICICI 5 Crore Term Insurance from Policybazaar?

Here are the steps to buy a 5 Crore term insurance plan from Policybazaar:

Step 1: Visit Policybazaar’s official website and click on Term Insurance 

Step 2: Fill in your basic details like Name, DoB, and contact number and click on ‘View Plans’. 

Step 3: Answer questions regarding smoking habits, annual income, type of occupation, and educational qualifications. Do not forget to select 5 Crore as your life cover.

Step 4: A list of all available term insurance plans will be displayed. Select the ICICI Prudential Term Insurance plan from the available list.
Step 5: Pay using your preferred payment method to complete the purchase.

How To Contact Policybazaar To Buy Term Insurance Plan?

You can contact Policybazaar with the help of these helpline numbers:

To Buy New Policy: Call Policybazaar's helpline at 1800-208-8787.

For Help Regarding Existing Booking: Call Policybazaar’s helpline at 1800-258-5970.

Claim Assistance Helpline: Call Policybazaar's helpline at 1800-258-5881.

*Note: You can also manage your claims conveniently by logging into 'My Account' on the Policybazaar website.

Policybazaar App: Download the Policybazaar app for quick customer support. You can address any insurance-related questions directly through the app.

*Note: You can always contact Policybazaar Insurance Advisor for any assistance or to clear doubts and confusion. 

FAQs

  • Q: What is the ICICI 5 Crore Term Insurance Plan?

    Ans: The ICICI 5 Crore Term Insurance Plan provides a Rs. 5 Crore death benefit to your nominee if you pass away during the policy term, ensuring your family's financial security.
  • Q: Why Buy Term Insurance from ICICI Prudential Life Insurance?

    Ans: ICICI Prudential Life Insurance offers affordable premiums, a high claim settlement ratio, and additional benefits such as critical illness riders and accidental death benefits.
  • Q: What are the Benefits of Buying ICICI 5 Crore Term Insurance?

    Ans: The benefits of Buying ICICI 5 Crore Term Insurance are:
    • Budget-Friendly Coverage: Affordable premiums starting at Rs. 3,731/month.
    • Added Protection: Includes riders for accidental death, critical illness, terminal illness, and waiver of premium.
    • Financial Support: Ensures your family's financial needs are covered, allowing them to manage expenses like loans, debts, and household costs.
    • Easy Online Purchase: Conveniently buy the plan online through Policybazaar.
    • Flexible Payouts: Choose between a lump sum or monthly income payments.
    • Tax Benefits: Enjoy tax deductions under sections 80C and 10(10D) of the Income Tax Act.
  • Q: What is the Best ICICI 5 Crore Term Insurance Plan?

    Ans: The best plan is ICICI Prudential iProtect Smart, which offers comprehensive coverage, including critical illness benefits for women and the option to get premiums back if you exit the policy at age 60 with coverage till 65.
  • Q: What are the features of ICICI Prudential iProtect Smart Plan?

    Ans: The features of ICICI Prudential iProtect Smart Plan are:
    • Comprehensive coverage for terminal illness, disability, and death.
    • Optional benefits like Accelerated Critical Illness Benefit and Accidental Death Benefit.
    • Flexible premium payment options.
    • Choice of lump sum, monthly income, or combination payouts.
    • Smart exit option to get premiums back when the plan is no longer needed.
    • Lifetime premium discount for women and additional first-year discount for salaried women.
    • Special premium rates for life and critical illness cover.
    • Tax benefits under applicable sections of the Income Tax Act.
  • Q: What is the Eligibility Criteria of ICICI Prudential iProtect Smart Plan?

    Ans: Here’s the eligibility criteria of ICICI Prudential iProtect Smart Plan:
    • Entry Age: 18-65 years
    • Maturity Age: Up to 85 years
    • Policy Term: 10-99 years
    • Sum Assured: 50 Lacs to 20 Crores
    • Premium Payment Terms: Regular and Limited Pay
    • Payment Modes: Monthly, Half-yearly, Yearly
  • Q: Who Should Buy ICICI 5 Crore Term Insurance?

    Ans: Young individuals, self-employed/business owners, people with loans/debts, newly married individuals, parents with children, and sole breadwinners.
  • Q: How to Buy ICICI 5 Crore Term Insurance from Policybazaar?

    Ans: The steps to buy ICICI 5 Crore Term Insurance from Policybazaar:
    • Visit Policybazaar’s website and click on ‘Term Insurance’.
    • Fill in your details and click ‘View Plans’.
    • Answer questions about smoking habits, income, occupation, and education, and select 5 Crore as your life cover.
    • Choose the ICICI Prudential Term Insurance plan from the list.
    • Complete the purchase using your preferred payment method.
  • Q: How To Contact Policybazaar To Buy Term Insurance Plan?

    Ans: To Buy New Policy: Call 1800-208-8787.
    • Existing Booking Help: Call 1800-258-5970.
    • Claim Assistance: Call 1800-258-5881.
    • Policybazaar App: Download for quick support and claim management.
  • Q: Can NRIs buy ICICI Prudential Life Insurance?

    Ans: NRIs can buy Term Insurance for NRI from ICICI Prudential Life Insurance and many other insurers to protect their family from life’s several uncertainties.


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Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in



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