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ICICI Pru Term Plan Cover Of Rs. 50 Lakhs

ICICI Prudential offers the ICICI Pru iProtect Smart term plan, which helps you avail of coverage over Rs. 50 Lakhs. The plan was specifically designed to fit the needs of customers who need coverage for a long tenure at affordable premiums. With a claim settlement ratio of 98.72% in FY 2021-22, ICICI Prudential ensures your family’s financial security in the event of your unfortunate demise.

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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.

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 due to an accident within the policy 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 Premiums are returned as a lump sum or as regular income on surviving the policy term

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

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: 99 minus entry
Min: 5 years
Max: 99 minus entry
Minimum Premium Rs. 2,400

Sum Assured
Base Sum Assured Accidental Death Benefit Accelerated Critical Illness ACI Benefit 
Min: 50 Lakhs
Max: 10 Crores
Min: Rs. 1 Lakh
Max: Equal to base sum assured
Min: Rs. 1 Lakh
Max: Equal to base sum assured

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

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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