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ICICI 5 Year Term Plan

The Covid-19 has yet again brought us back to the thought of the fragility of life and its uncertainty. Planning for the future has become more imperative than ever, and with numerous Life Insurance plans in the market, the need to scout for the best is a task that needs more research. ICICI 5 Year Term Plan, in short, is a life insurance plan that caters to your needs and understands the requirements of your safety.

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Simply put, term insurance provides you with comprehensive security within your budget. However, there are other options for your consideration. 

Compared to life insurance, the ICICI 5 Year Term Plan offers you coverage for a particular period, and in this case, a total of 5 years. In the event of the insured's death, the nominee is paid the whole amount upon the plan's maturity. Offering low premiums and excellent coverage throughout the plan, ICICI 5 Year Term Plan is your ideal choice. 

  • Given that there are many Insurance Plans that the ICICI offers, your task is to scan the website and make sure that you keep in view your preferences. 

With ICICI 5 Year Term Plan, you have an affordable premium that assists you in planning for your needs in the future. Furthermore, the plan can be purchased online without any hassle. 

Eligibility Criteria of ICICI 5-Year Term Insurance Plans

The plans offer you excellent coverage for years and a lucrative return. However, you will also have to adhere to some basic rules before you are allowed to process forward. The ICICI 5 Year Term Plan entails that you be at least between 18 and 60. Though the eligibility requirements are lenient, you will also need to make sure that you decide the premium according to your financial position. However, if you’re looking for a Life Term, then the plan will also cover you. 

The modern world subtracts and divides more than what it adds. The dividends of the future have to be lucrative, and whether you subscribe to the notion of uncertainty or not, you will need to prepare for it. In this case, the ICICI 5 Year Term Plan is a plan that makes the whole journey convenient. 

  • With affordable premiums and better outcomes, the term plan will cover you. In addition to that, keeping in view the current pandemic, the ICICI 5-year Term Plan also covers the COVID claims. 

Furthermore, there are also additional benefits to the plan that makesit appealing to you, and if you’re the one who looks towards the future, then the plan will undoubtedly be in your likes. With more minor requirements and fair premiums, ICICI 5 Year Term Plan covers your claims and keeps you ready for the future. 

Salient Features of the Plan

The ICICI 5 Year Term Plan is easily accessible, and you can avail of it via the internet. Once you paste in your details and the documents, you’re outstanding to go. Besides that, it offers an affordable premium and coverage of 1 crore at a premium of just  490 per month. The taxes will not be levied on the premium amount and the tax benefits on the policy. 

  1. Critical Illness

    ICICI 5 Year Term Plan takes care of all your needs, whether the premiums or the illness. With additional premiums, you can get insured against various kinds of critical illnesses. Upon your diagnosis, you are entitled to an amount you can take from the policy to cater to your medical emergencies.

    In addition to that, you also get the accidental death cover where you add a death benefit to the plan. The plan will payout to your family in case of an accident. One of the striking aspects that you will notice is the tax benefits under Section 80C for premiums and the money that your family/nominee will receive. 

  2. Difference between the ICICI 5 Year Term Plan and Insurance

    This perhaps is the most common question asked on various forums; the difference between the Term Plan and Life Insurance. Coming to the latter, this will entail that you won’t get any payout if you survive the plan. However, ICICI 5 Year Term Plan is ultimately the opposite. Not just it covers your expenses and emergencies, but it also pays out. 

  3. Death Coverage under the plan 

    Just in case of a death, the nominee will be provided with the total amount. You have coverage on all kinds, such as natural, accidental, or murder. It’s equally important to mention that there’s no waiting period. This means that the policy will start covering the policyholder from the time of the purchase. Whether one is in India or abroad, the ICICI 5 Year Term Plan will cover you. 

Benefits and Advantages

In comparison to Life Insurance, ICICI 5 Year Plan is different and productive. The main difference that sets it apart is that you are paid when the term ends. This feature is absent in Life Insurance. 

  1. Convenient

    The modern world is fast and elegant. Time means opportunity and success. So, keeping in view the modern requirements, it’s easy to purchase ICICI 5 Year Plan via the internet. All you require is a little research and the size of the premium. However, it’s also essential that you keep your preferences in view. In addition to that, online access allows you to process faster and make it easier to adjust and customize the plan. 

    • The policy purchase or process is devoid of any intermediaries.  

    Since you’re buying it directly, there are no charges, or you aren’t exposed to any unwanted surprises. Though it’s obvious to have a concern for your personal information on the internet, your information is secure with ICICI 5 Year Term Plan. Finally, you can get a discount of 5% for purchasing the plan online. 

The Process to Purchase ICICI 5-Year Term Plan

There are no guarantees in life, and the future is always uncertain. In this regard, the best is to be prepared for what the future holds. ICICI 5 Year Term Plan is a step that will never disappoint you. From the convenience of the premiums to the maturity returns, the coverage is a factor that you can’t overlook. Sign for the plan, and you will never be exposed to the vulnerabilities of life. The online method is the best to approach the plan where you have to apply for the ICICI 5 Year Term Plan from the comforts of your home. 

  • This can be quickly done from your laptop, and you will have the assured policy in 72 hours. 

However, the amount of premium will be decided by your health statuses, such as smoking, age, policy term, gender, and payout methods. Once you’re done with the selection, the next is to head to the website and select the term. However, it will also require your documents, such as the KYC, and then you’re good to go. Keeping in view the mainstreaming of the online world, ICICI 5 Year Term Plan offers you services right on the user’s desktop. 

Documents Required

To go forward with the scheme, the bank will require documents to vouch for the individual’s information legality. In this regard, there are a variety of personal documents that one needs to produce. 

This includes age proof, residential proof, and identity proof. 

The below-mentioned documents are required for the purchase of the ICICI 5 Year Term Plan:

  • AADHAR Card
  • Ration Card.
  • Passport
  • Utility Bill or Voter Identity Card for Address Proof. 

In case of age proof, you will be required to produce documents that mention your date of birth. A driving License, Passport, Birth Certificate, or the AADHAR will fill that need. You also have to provide a photo identity proof that will also be taken care of by the documents mentioned above. To fill the form, and go ahead with the process, ICICI 5 Year Term Plan will also need you to furnish your passport size photographs, bank proof, or a salary slip (Income proof). 

Additional Features

In a nutshell, ICICI 5 Year Term Plan is a policy meant for a short period that provides coverage for death, disability, accidents, and other crises. However, certain exceptions will also need to be kept in mind. With affordable premiums and online availability, it offers a convenience that is incomparable to anything else. 

Even though the policy is flexible enough, it’s also essential that you have comprehensive knowledge about the claims and how to process them. 

How to File a Claim?

Claims are the norms in the policy irrespective of its maturity or the term period. You will have to refer to the nearest branch or put in a request online. 

Once you have submitted your documents, they are passed to the claims department, where the verification and evaluation occur. It may take a while, so there’s no need to worry as your claims will be settled and the transfer initiated. To file a claim to the ICICI 5 Year Term Plan, you will also need the following documents to be attached:

  1. Statement

    This is very important as it assesses the issue at hand and the information that needs to converse with the related parties. In addition to that, various relevant documents are required for your claim to reach its logical end. These include:

    • Cancelled Cheque
    • Death Certificate
    • Medical Bills. 
    • Copy of Post Mortem
    • Policy Certificate. 
    • Discharge Card. 
  2. Time Taken to Settle Claims

    You can expect the claims to be settled within a shorter period with ICICI 5 Year Term Plan. However, it will be under 30 days if there’s no need for an investigation in case of a death. For investigation, the claims will be settled afterwards, but not more than 30 days after completing the inquiry. 

    • Also, just in case of an accidental disability, the term entails that the premium will be waived off, yet offering you all the benefits. 

    In the case of the health claims, the claims will be settled within 30 days, but if there has been an investigation, you can expect it to settle under 45 days. 

Terms and Conditions

The policy is available online, which is one of the striking features of the ICICI 5 Year Term Plan. Given that the whole process will be done online, so you will receive all the relevant documents of the policy in your registered email ID. However, you will also receive the physical copy at your address. 

You also have a grace period of 15 days for the monthly premium, and if the premium isn’t paid, you will have lapsed the policy. There’s also a look period of thirty days on some of the term policies of the ICICI, so in that case, you will be allowed to return the policy if it dissatisfies you. 

Exclusion

Finally, it’s also important to mention that the ICICI 5 Year Term Plan will not cover everything. There are some factors and events that have been excluded. These are:

  • If you have a pre-existing disease, then the policy won’t cover it. 
  • Advanced Cancer. 
  • Abuse of drugs or alcohol. 
  • HIV/AIDS
  • Suicide
  • War-Related Injury

*For more information about exclusions, please refer to the plan brochure or the policy document.

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