ICICI Pru Term Plan Cover Of Rs. 50 Lakhs

Note: Know more about what is term insurance first before reading this article.

About ICICI Pru iProtect Smart Term Plan Cover of 50 Lakhs

This term insurance plan by ICICI Pru provides you with a sum assured of Rs. 50 Lakhs and above. This plan gives customers the flexibility to customize the plan as per their requirements and financially secure their families in their absence. In this plan, the total benefit is payable to the assigned nominees in the event of your death within the policy term.

Features of ICICI Pru Term Plan Cover Of Rs. 50 Lakhs

• You can get ICICI Pru term plan coverage worth Rs. 50 Lakhs and above on regular premium payments. 

• Policyholders have the option to make a single premium payment or regular/limited premium payments in monthly, half-yearly, or yearly mode.

• It comes in multiple payout options, viz. lump sum, regular income, increasing income, or a combination of both.

• ICICI Pru term plan cover of Rs. 50 Lakhs pays out insurance money on being diagnosed with a terminal illness. 

Variants of ICICI Pru iProtect Smart Term Plan 

The ICICI Pru term plan comes in several variants based on the benefits offered. Each of these variants can be chosen for a cover of Rs. 50 Lakhs.

ICICI Pru iProtect Smart Term Plan Benefits

With this ICICI Pru term plan, you can get yourself an Rs. 50 Lakhs term insurance to secure the financial future of your loved ones upon your death.

1. Death Benefit

   You have the option to choose the death benefit payout among the following options:

   Payout Option	Payout Description	Benefit Illustration
   Lump Sum	Beneficiaries receive a lump sum payout of the death benefit	If you choose a term life cover of Rs. 50 Lakhs, the beneficiary receives Rs. 50 Lakhs
   Income	10% of the death benefit is paid out every year for 10 consecutive years  Monthly installments are calculated at 0.83333% of the total benefit Nominees can choose to receive the first year’s income in lump sum	On choosing a term life cover of Rs. 50 Lakhs, monthly payouts for the next 10 years will be Rs. 41,666.5
   Increasing Income	It offers 45% more than the assured death benefit The income increases by 10% per annum every year Installments are paid out monthly	If you bought the ICICI Pru term plan cover of Rs. 50 Lakhs, your beneficiary will receive an additional Rs. 22.5 Lakhs.  This shall take the total death benefit amount to Rs. 72.5 Lakhs.
   Lump Sum plus Income	Death benefit is paid out in 2 parts.  Half of the sum assured on death can be paid out as a lump sum and the other half in monthly installments Monthly income benefit will be paid out for 10 years at a rate of 0.83333%	On purchasing term insurance cover of Rs. 50 Lakhs, at least Rs. 25 Lakhs can be offered as a lump sum amount. The other Rs. 25 Lakhs is paid in monthly installments of Rs. 20,833.5 for 10 years.

2. Life Stage Protection Benefit

   ICICI Pru allows you to increase the benefit amount by a specific percentage of the base sum assured on death on reaching certain milestones in life. The increase in premiums for the same shall be calculated based on the remaining policy term, outstanding premiums, and the amount of additional cover. 

   • An additional death benefit up to 50% of the original death benefit can be availed on the marriage of the policyholder. 

   • An additional death benefit up to 25% of the original death benefit can be availed on the birth of the 1st child. 

   • An additional death benefit up to 50% of the original death benefit can be availed on the birth of the 2nd child. 

3. Maturity Benefit

   No maturity benefit or survival benefit shall be payable to the policyholder under the term life protection of ICICI Pru iProtect Smart. 

4. Tax Benefits

   You can claim term insurance tax benefits under sections 80C, 80D, and 10(10D) of the Income Tax Act of 1961.

5. Smart Exit Benefit

   With this option of the ICICI Pru iProtect Smart term plan, you can exit the plan early and receive all the premiums paid throughout the policy at the policy termination. The returned amount will be subject to tax and other admin charge deductions.

Eligibility Criteria of ICICI Pru iProtect Smart Term Plan

Additional Policy Details

It is important to keep the following information in mind while purchasing ICICI Pru's term insurance cover of 50 lakhs. 

• Free Look Period - Policyholders have a period of 15 days (for offline policies) and 30 days (for online policies) to return the policy back to the insurer if found unsuitable.

• Suicide Clause - If the policyholder commits suicide within 12 months from the date of policy inception, ICICI Pru refunds 80% of the total premiums paid to the nominee.

• Grace Period - A period of 15 days is offered in monthly modes, and 30 days is offered for all the other modes of payment. The grace period begins from the due date of the first unpaid premium for you to pay the premiums and keep the policy in force without any penalties.

Why Should You Buy an ICICI Pru Term Plan of Rs. 50 Lakhs?

Here is a list of reasons why you should consider buying the ICICI Pru term plan of Rs. 50 Lakhs:

• An ICICI Pru term plan of Rs. 50 Lakhs can secure your family financially in case of your unfortunate death. 

• This plan provides the death benefit to the family members in your absence, which they can use to pay off any remaining loans, rent, child’s fees, or any other obligations. 

• This plan even offers special premium rates for non-smoking individuals and women customers. 

• With this plan, in case you outlive the policy term, the plan will return all the premiums paid as a maturity benefit to help you beat inflation and fulfill your post-retirement dreams.

Who Should Buy the ICICI Pru Term Plan of Rs. 50 Lakhs?

ICICI Term cover of 50 Lacs is a suitable option for individuals who have specific financial obligations and want to ensure the financial well-being of their dependents in case of their untimely death. Here are some individuals for whom buying a term cover of 50 Lakhs can be beneficial: 

• If you are the breadwinner with dependents 

• If you have mortgage or loan obligations 

• If you have a single-income household 

• If you are young professions 

• If you are a Taxpayers or Retirees

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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