ICICI Pru Group Term Plus

ICICI Pru Group Term Plus is a term plan for members of a group. This plan provides a death benefit in the case of the unfortunate death of the member covered under the plan. The sum assured applicable for each member will be decided by the master policyholder who is in charge of the Master Policy. Let us see the various features and benefits offered under the ICICI Pru Group Term Plus.

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

Key Features of ICICI Pru Group Term Plus Policy

Here is a list of all the key features of this ICICI life insurance plan:

The plan provides pure risk protection to all the members of the policy at affordable premiums.
You can avail tax benefits under sections 80C and 10(10D) of the Income Tax Act.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Benefits of the ICICI Pru Group Term Plus Plan

There are many term insurance benefits associated with the ICICI Pru Group Term Plus Plan, and they are as follows:

Death Benefits

The sum assured associated with each member will be paid in the event of the respective member’s unfortunate death during the policy term. The death benefit will be paid to the nominee as per the T&Cs of the Master Policy.
Maturity Benefits

Since this is a term plan, there is no maturity benefit offered under the plan.
Optional Benefits

The master policyholder of the policy can include any of the following benefits in the policy:
Single Rate Facility

The premium rate determined for the policy at the time of policy purchase or policy renewal will be applicable for all the new members joining the policy before the next policy renewal date.
Sum Assured Reset Benefit

The sum assured for each member can be altered by the master policyholder at any time during the policy term.
Earning Spouse Cover

Under the policy, the member’s earning spouse or guardian will also be covered, for which the additional premium will be paid by the master policyholder or the member.
Terminal Illness

With this rider, the policy will payout the sum assured in advance on the diagnosis of the terminal illness during the policy term. The additional premium for the rider will be paid by the master policyholder.
Tax Benefits

The master policyholder can claim term insurance tax benefits as per the prevailing tax laws of the IT Act, 1961.

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Eligibility Criteria of the ICICI Pru Group Term Plus Plan

Here are all the eligibility conditions you need to satisfy before buying this ICICI Prudential Term Insurance plan:

Parameters	Minimum	Maximum
Entry Age	15 years	79 years
Policy Expiry Age	-	80 years
Sum Assured	5, 000 at member level	-
Policy Term	1 year
Minimum Group Size	10 for employer-employee groups, otherwise 50
Premium Payment Modes	Monthly, quarterly, half-yearly, and yearly
Premium	10, 000 at policy level	-

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Policy Details of the ICICI Pru Group Term Plus Plan

Free Look Period

The master policyholder can return or cancel the policy if unsatisfied with the policy’s T&Cs, within 15 days for offline policies and within 30 days for online policies.
Premium Discontinuance

The grace period of the monthly premiums is 15 days and 30 days for all the other modes, provided the grace period lies within the policy term of a year. If the master policyholder fails to pay the premium within the grace period, the policy will lapse, and the coverage will cease.
Policy Surrender

The policy can be surrendered by providing a notice 30 days before and after the surrender, the members can choose to continue the policy cover as an individual policy. The surrender value paid to the master policyholder is as follows:

Surrender Value = Paid premiums x Remaining policy term in days / Total policy term in days
Member Withdrawal

The benefit paid to the master policyholder is as follows:

Withdrawal Benefit = Paid premiums x Member’s remaining term / Total member term in days
Policy Revival

The master policyholder can revive the lapsed policy within 150 days of the date of the first unpaid premium, and the option is not available for annual premium mode policies.

Exclusions

The policy will stop covering the member if:

The member is over or under the eligible entry age
The member is no longer working with the employer
The member reaches terminal age
The premiums are not paid within the grace period

Suicide Clause

In the non-employer-employee groups, if a member commits suicide within a year of the policy inception or the member joining, 80% of the member’s premium paid will be paid to the nominee.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

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