Prices Increasing Soon
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.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Note: Know more about what is term insurance first before reading this article.
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
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.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 10%#
Compare 40+ plans from 15 Insurers
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.
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.
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 out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Yes, term insurance is covered under 80C. Term insurance not
Read more
Chennai, a bustling city of dreams and opportunities, is home to
Read more
When it comes to financial planning, securing your family’s
Read more
A term insurance policy ensures that your family is financially
Read more
Life is full of unexpected changes. With the cost of living
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
