ICICI Pru Group Term Plus

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.

Benefits of the ICICI Pru Group Term Plus Plan

There are many 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.

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:

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.