ICICI Pru Term Plan Cover Of Rs. 50 Lakhs

ICICI Prudential offers the ICICI Pru iProtect Smart term plan, which lets you avail of coverage worth Rs. 50 Lakhs. The plan's premiums are decided on a pro-rated risk basis and are comparable to the standard cost of term life insurance policies. With ICICI Pru, you can rest assured that the benefit amount will reach your loved ones after your demise, given their claim settlement ratio of 97.9% in FY 2020-21.

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About ICICI Pru iProtect Smart Term Plan

This term life policy by ICICI Pru allows you to assure a sum worth Rs. 50 Lakhs. While there is no upper limit to the maximum sum that one can assure under this term plan, the minimum sum assured shall depend on the premium amount. The total benefit is payable to the assigned nominees in the event of your death within the policy term. 

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. 

Term Plan Variants Benefits 
Life Option Death benefit payout on death of the policyholder
Death benefit payout on being diagnosed with a terminal illness
Waiver of premiums on permanent disability caused by an accident.
Life Plus Option Benefits under Life Option plus Accidental Death Benefit
Additional lump sum payout to the nominees on the death of the life assured within the stipulated term
Life & Health Option Benefits under Life Option plus Accelerated Critical Illness Benefit
Lump sum payout on the diagnosis of any of the 34 pre-specified critical illnesses
On triggering the ACI benefit, the original death benefit amount reduces by the ACI benefit amount
All in One Option Combined benefits of Life, Life Plus, and Life & Health Option
Term Plan with Return of Premium Can be availed in combination with ICICI Pru Guaranteed Income For Tomorrow
Premiums are returned as a lump sum or as regular income on surviving the policy term

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

  • There is no maximum limit to the sum assured. 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, 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, including AIDS. 

  • The company lets you buy its term plan under the MWP Act to ensure that creditors do not wrongfully claim the death benefit payout. 

Eligibility Criteria of ICICI Pru iProtect Smart Term Plan

Premium Payment Options Single  Regular Limited
Entry Age Min: 18 years
Max: 65 years
Min: 18 years
Max: 65 years
Min: 18 years
Max: 65 years
Policy Term Min: 5 years
Max: 20 years
Min: 5 years
Max: 85 minus entry age
Min: 5 years
Max: 85 minus entry age
Minimum Premium Rs. 2,400

Sum Assured
Base Sum Assured Accidental Death Benefit Accelerated Critical Illness ACI Benefit 
Min: As per minimum premium
Max: No limit
Min: Rs. 1 Lakh
Max: Equal to base sum assured
Min: Rs. 1 Lakh
Max: Equal to base sum assured
Five things to know before buying Term Plan Five things to know before buying Term Plan

ICICI Pru iProtect Smart Term Plan Benefits

With this ICICI Pru term plan, you can get yourself a cover of Rs. 50 Lakhs 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. 

Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar

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 15-30 days to return the policy back to the insurer if found unsuitable. 

  • Tax Benefit - Premiums are exempt from taxes under Section 80C, and death benefit payout is tax-free under Section 10(10D) of the Income Tax Act of 1961. 

  • 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. 

  • Grace Period - A period of 15-30 days is offered from the due date of the first unpaid premium to resume premium payments and keep the policy in force without any penalties.

FAQ's

  • Can an ICICI Pru 50 lakhs term cover be bought under the MWP Act?

    The Married Women's Property Act 1874 (MWP Act) states that the proceeds out of a term insurance plan bought by a husband shall only go to the widowed wife and the children. Policies availed under the MWP Act cannot be taken over by any relative or creditors except the designated beneficiaries. 
  • Does ICICI Pru iProtect Smart term plan cover death due to suicide?

    If death occurs as a result of suicide within 12 months from the date of risk commencement, nominees can claim 80% of the premiums paid till the date of death. 
  • Does ICICI Pru's term cover of 50 lakhs acquire surrender value?

    In the case of Single and Limited premium payment options, an amount equal to the unexpired risk premium value shall be payable only if the policyholder voluntarily terminates the policy.
  • Is ICICI Pru iProtect Smart term plan available online?

    Yes, the policy can be bought online from the insurer’s official website or from insurance aggregators. 
  • Does ICICI Pru term plan offer special benefits for women?

    Women can enjoy discounted premiums under the Life Cover Option and Accelerated Critical Illness Benefit. The latter also covers breast cancers and cervical cancers.
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