ICICI Pru Group Term Plan

ICICI Pru Group Term Plan is a term plan for members of a group. The plan disburses death benefits in the case of an unfortunate event. In the group, there is one Master Policy Holder. This is the person to whom the provider issues the policy. He is responsible for the payment of premiums, which covers the entire group. The Master Policy Holder gets to choose the assured sum paid out to the member’s nominees.

Read more
Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

The Life Cover for all members of the group can be flat or graded. In a flat cover, all members have the same Life Cover, whereas, in graded cover, pre-decided grades determine the Life Cover. The assured sum may have a link with loans, other liabilities, and salaries for formal groups. The Life Cover is a multiple of the annual salary. For example, if a person’s annual salary is 20,00,000 INR, and the multiple is 2; then the Life Cover is 40,00,000 INR.

Eligibility Criteria of ICICI Pru Group Term Plan

To be eligible for ICICI Pru Group Term Plan, a person should have a minimum age of 15 years. The maximum age cannot exceed 79 years. The minimum permissible Life Cover is 5000 INR for each member. There are two types of allowable groups: formal and informal. For a formal group, the minimum requirement is ten members to be part of the ICICI Pru Group Term Plan. For informal groups, the minimum required a number of members increases to 50. 

Salient Features of ICICI Pru Group Term Policy

The ICICI Pru Group Term Plan feature is that as an administrator or employer, the Main Policy Holder can cover the well-being of the members and their families. When the employer acts as the administrator, the members may be employees. Such a group is formal. The group can also be informal, where the administrator is not an employer. With the ICICI Pru Group Term Plan, one can provide Life Cover to a group of individuals at a nominal cost. Some examples of the groups can be banks, micro-finance institutions, non-banking financial institutions, or general professional groups.

  • All the members get Life Cover at a nominal cost. 
  • This plan covers unfortunate events. Therefore, this ICICI Pru Group Term Plan disburses a Death Benefit to the deceased's nominee if an unfortunate event occurs.
  • Finally, this particular plan also protects against liabilities, which may include loans and other forms that any member might have. 

Benefits and Advantages of the Plan

There are many benefits associated with the ICICI Pru Group Term Plan. In a formal plan, there are benefits for employers:

  • The members, who are employees of the organization, will experience life cover at a token cost.
  • A Life Cover is a significant benefit for an employee and, therefore, can act as a retention tool. This can also build loyalty towards employers from employees. 
  • All paid premiums are tax-deductible as per prevailing laws.
  • The ICICI Pru Group Term Plan is administratively simple. The addition and deletion of group members do not require tons of paperwork.
  • In a formal plan, benefits extend to the employees as well:
  • The employees get a Life Cover. Life Cover secures their lives and the well-being of their loved ones too.
  • While the benefit mentioned above is the primary advantage, there are other positives associated with this plan. Every group has an assigned free cover limit. For Life Cover up to this limit, the coverage extends without the need for any medical examinations. 
  • Furthermore, employees remain covered in unfortunate or unforeseeable an event, which gives them peace of mind.
  • However, benefits are not limited to formal groups and extend to informal groups too. Both the group administrator and members, as they are known, get distinct advantages. The administration is also simple. Benefits include
  • The administrator can offer members life cover by paying their premiums. There is an added flexibility that members themselves can pay the premiums instead, where the premiums are low because of a group plan. 
  • As per existing Income tax rules, which can be subject to change, the premiums' payer can avail tax benefits on those amounts. (Tax benefit is subject to changes in tax laws.)

The Process to Purchase the Plan

Online is the best mode to buy the ICICI Pru Group Term Plan. It is quick and does not involve an intermediary. Hence, there are both time and cost benefits. The transaction takes place directly with the provider. 

The plan's point is that the assured sum should provide for the members in case of the absence of the main policyholder. Consider the following requirements before purchasing:

  • The current income of the policy purchaser
  • The number of members in the group
  • Existing liabilities such as mortgages and loans
  • The aimed-for fund which will be sufficient to cover all the members
  • The premium each member of the main policy holder has the capacity to pay at the designated regular intervals
  • Factor inflation in all the calculations
  • The assured sum's recommended amount is 15 to 20 times the main policy holder's current annual income. There are certain other steps that one should follow while purchasing the plan.
  • Calculate the premium: Online term calculators are available. For a particular assured sum, they should be able to tell you how much one has to invest per month as a premium. The premium should be within the budget the investor can spare at the designated intervals. 
  • Input the details: Details entered can change the composition of a plan. Ensure to enter the correct details pertaining to Age (Date of Birth), Gender, Periodic Income, Contact Details, etc. 
  • Input the assured sum and policy tenure – One important point to note here is that it is always advisable to begin the term plan as early in life as possible. This is because younger investors have lesser premiums. Furthermore, tenure is generally longer for younger people and shorter for middle-aged and older persons. 
  • Add Appropriate Riders – Over any plan, an investor can add a rider to get maximum benefits. Riders add a safety net on all those invested in the plan and the nominees, as per the terms. For example, consider a critical illness cover and the term plan in case there is a history of ailments in the family that affect hearts, kidneys, or other vital organs. There are other riders, such as Additional Death Cover Rider. Such riders payout over and above the death benefit that already exists with the package. For example, if a person were to die in an accident, their nominees would receive layouts for an accident cover in addition to the death cover.  
  • Complete the KYC Form – The KYC form requires name, address, and contact details. Ensure to fill in the beneficiary details with utmost care.
  • Declare Health Details – Health Details such as height, weight, tobacco and alcohol consumption, medical conditions, hospitalization, hazards at work, etc., are mandatory for declaration. Not disclosing them in full could lead to the nullification of future claims.
  • Read Terms and Conditions – One must fully understand terms and conditions before proceeding with payment.
  • Payment – Credit Cards, Debit Cards, Net Banking, etc., are acceptable modes of payment. On successful completion, the provider will mail you the soft copy. The hard copy will follow in most cases after that. 

Documents Required

For the ICICI Pru Group Term Plan, the only time administrators or members need to submit documents are when they are filling up the KYC form. Identity proofs such as PAN Card or Aadhar Card are mandatory. Driving license or utility bills are admissible as address proof. A passport copy can provide proof of age, while income tax returns are the best proof of income. Recent passport size photographs are generally a requisite during the process, as well. 

Terms and Conditions

  • The ICICI Pru Group Term Plan has a few general conditions. The Insurance Act and its clauses 38, 39, and 45, respectively, govern the provider's obligations to the policyholder on the Assignment of Benefit, Nomination, Incontestability and Non-Disclosure, and Fraud.
  • The provider considers any receipt duly signed by the Master Policy Holder or any other authorized person as applicable discharge. On the issued cheque's encashment or the credit of the amount to the authorized bank account, the provider will have met their obligation. 
  • For claim payments, there are various terms that govern them. However, some documents are mandatory for raising the claim. They include the Claim Intimation Form, Member Policy Schedule, Death Certificate issued by the approved authority (only in the case of a death claim), and any other documents that the provider might require. 
  • The provider can recover only if any disbursement is erroneous due to the fault of the Master Policy Holder. In case of fault on the part of the provider, they cannot initiate recovery proceedings. 
  • The ICICI Pru Group Term Plan's jurisdiction is within India, and courts of India retain exclusive jurisdiction. Payouts are all in Indian currencies. 
  • The contact established in this plan can be in the form of hand, post, facsimile, or email. All electronic communications will be legally binding. 
  • Note that all terms and conditions are subject to legislative changes within India. 

Exclusions

For the ICICI Pru Group Term Plan, the following exclusions are enforceable. This particular exclusion is only valid for informal groups, i.e., between administrators and members, and NOT employees and employers. The exclusion states that if a member was to die a natural death within 45 days of joining the policy while the cover is still in force, the provider would nullify the cover for that particular member. The member shall also be eligible for a refund of the premium, except the proportional charges that the provider accrues on issuing the cover. This lien period of 45 days is only applicable for natural deaths and does not apply to accidents. It is also not valid for members whose benefit exceeds the free cover limit, which means that the member has undertaken medicals.

FAQ's

  • Q1. What does a Certificate of Insurance mean?

    A1. The Company issues a certificate to a Member to confirm the latter’s insurance cover under the Master Policy. That is known as the Certificate of Insurance.
  • Q2. Who is an Earning Spouse or Earning Guardian?

    A2. The earning spouse or the earning guardian is a person who is a relative in that sense to a member, as the case may be, and additionally has fixed periodic income. 
  • Q3. What is meant by Free Cover Limit?

    A3. Extra benefits can be granted under medical underwriting. However, even without medical underwriting, a member gets a benefit, and that is known as the Free Cover Limit.
  • Q4. What is the financial year?

    A4. The Financial Year in India, which is applicable for this policy, begins on the 1st of April of a Calendar Year and finishes by the 31st of March of the next calendar year.
  • Q5. What is a policy year?

    A5. There are two dates in a policy; when it begins and then when it must be renewed. A year from either of those dates is a policy year.
  • Q6. What is meant by the Policy Commencement Date?

    A6. Insurance cover under a policy begins on a specific date, and that is known as the Policy Commencement Date.
  • Q7. What is the meaning of Sum Assured?

    A7. In the Policy Schedule and the Member annexures, there is a specific amount mentioned. That is known as the Sum Assured. 
  • Q8. What are Terminal Age and Terminal Date?

    A8. The Master Policy Holder stipulates the Terminal Age. At this age, under the Rules of Scheme, the membership ceases. The Terminal Date can mean either the date when a Member reaches the maximum risk cover ceasing age or the date when he or she stops being a member, whichever is earlier. 
  • Q9. What is the benefit of availing of any riders along with an insurance plan?

    A9. Riders are an additional charge over and above the premium, but they ensure that in the event of any critical event taking place, a lump sum amount will be available on the diagnosis. These riders can be a boon to assist with the generally significant expenses required for healthcare. This covers costs associated with the accident and not merely the death.

Term insurance articles

Recent Articles
Popular Articles
Term Insurance Plan for COVID-19

20 Oct 2021

COVID-19 or coronavirus disease is a highly contagious disease...
Terminal Illness Benefit in Term Insurance

20 Oct 2021

The terminal illness diagnosis can have a devastating impact on...
How Can You Select a Cancer Insurance Plan?

20 Oct 2021

Over the years, several individuals are getting diagnosed with...
What is Direct Term Life Insurance?

20 Oct 2021

Traditionally, buying a term insurance policy involves various...
Is Rs.1 Crore Term Insurance Cover Enough for You?

20 Oct 2021

Nowadays, a large number of people are happy with the 1 Crore...
Types of Deaths Covered & Not Covered by Term Life Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or...
Why Medical Test is Important in Term Insurance
Why Medical Test is Important in Term Insurance ‘No medical tests required’, you will find this clause blatantly...
10 Questions You Should Ask Before Buying Term Insurance
10 Questions You Should Ask Before Buying Term Insurance There are various doubts faced by customers when it comes...
Term Insurance for NRI in India
Term insurance offers financial protection to the family of the insured in case of demise. Every bread-earner...
6 Reasons Why Term Insurance is a Must Buy
6 Reasons Why Term Insurance is a Must Buy Life is short and one can never foretell what the future holds. To make...

ICICI Pru Group Term Plan Reviews & Ratings

0 / 5 (Based on 31 Reviews)
(Showing Newest 25 reviews)
Omkar
Chennai , October 26, 2021
Great features
I have got day care hospitalization feature under the mediclaim policy which i have purchased from the policybazaar. It offered me lifelong renewability Cover. It includes tax exemption benefits, cashless hospitalization and many other facilities. overall i like my plan.
Angoor
Kolkata , October 26, 2021
Trustworthy website
I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
Kush
Surat, October 26, 2021
Helpful staff
I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
Ranveer
Pune, October 26, 2021
Low cost plan
Such a simple and easy process to buy a policy was provided to me by Policybazaar. Someone suggested me to check the health plans on Policybazaar website. i went through a lot of plans and i found the right plan here. i bought star health insurance at low cost.
Kushal
Jaipur, October 26, 2021
Good Coverage
I have bought Bajaj Allianz Health Insurance for my family and by taking a health plan, I have secured my entire family. I have got coverage against medical expenses and buying my policy online has saved my money as I did not have to pay agent fees.
Jitendra
Lucknow, October 26, 2021
Affordable plan
A friend of mine told me about Policybazaar. He said that he has found an affordable health plan deal in Policybazaar. I went to Policybazaar to buy the same plan. I wanted a family health plan so I took Aditya Birla health insurance and it has covered every member of my family.
Rajesh
Kanpur, October 26, 2021
Easy to compare
Last week i went to Policybazaar for taking health plan for my family. An executive explained the policy very well and showed me various plans out of which i chose digit health insurance and it has covered me and my wife.
Kuvar
Nagpur, October 26, 2021
Good plan
I was able to compare the various plans easily on the website of Policybazaar. At first, i was confused about what i should choose as so many options were given there but then i bought sbi general health insurance for my parents. I got really good senior citizen health plan.
Abhijeet
Allahabad, October 26, 2021
Hassle free experience
I had an amazing and hassle free experience with policybazaar. Everything has beem very smooth when i was purchasing health insurance from policybazaar. Their team assisted me in well mannered way.
Bhaskar
Ranchi, October 26, 2021
Problem resolving
I contacted the customer care of policybazaar as i was facing some difficulty. They just took a minute to solve my problem. I am happy that i have bought my health insurance from the right place. Policybazaar always give proper attention to its customers.
Debyendu
Haora, October 26, 2021
Supportive team
When I was buying my health insurance from the website of Policybazaar, I was a little confused about the policy. I got in touch with the customer care and the executive guided me very well and cleared all my doubts with satisfactory answers. Thanks to Policybazaar for guiding me.
Gaurav
Coimbatore, October 26, 2021
Smooth service
In my health insurance, company is providing me financial assistance. i have got medical coverage against medical expenses arising out of health emergency which i have taken from the Policybazaar. service of policybazaar is very smooth and fast.
Angad
Jabalpur, October 26, 2021
Good service
I have bought health insurance through the website of policybazaar. Policybazaar gave me full support and when i contacted the customer care of policybazaar for clearing some of my queries they provided me very good service. Thanks to the Policybazaar for Giving me superb service.
Aniruddh
Gwalior, October 26, 2021
Cashless treatment
I have got cashless treatment facility in my health insurance. This will help me to save my savings as I will not have to bear the financial burden of medical expenses. Anyone who is looking for the best and an affordable health plan I would love to recommend Policybazaar to them.
Onkar
Vijayawada, October 26, 2021
Easy Reimbursement
My experience with Policybazaar has been great. I had taken senior citizen health insurance for my mother from Policybazaar. Last month, she was admitted to the hospital due to a medical emergency. When she got discharged I connected with Policybazaar for reimbursement of hospital bills and I got it immediately
Paramjit
Jodhpur, October 26, 2021
No claim bonus
Policybazaar is totally worthy place to buy any kind of plan. I have been using senior citizen health insurance for a long time which i had take for my parents. I never raised the claim request so i got discount on the premium rate when i was renewing the plan.
Kartik
Madurai, October 26, 2021
Add on cover
I am using senior citizen health insurance since last year which i had taken from the policybazaar and recently i have customized my health plan with add on cover and added some additional features to it which i got at an affordable rate.
Karun
Raipur, October 26, 2021
Low premium
I have taken senior citizen health insurance for my parents. It has Coverage against medical expenses. Pre hospitalization, post hospitalization expenses features are covered under the plan. It has low premium rate and covered huge number of benefits.
Swapan
Kota, October 26, 2021
Easy Reimbursement
I got reimbursement in hospital bills. I bought senior citizen health insurance for my mother from Policybazaar and a month back she faced some medical problems. I connected with policybazaar for reimbursement and i got it without any hassle.
Tarun
Guwahati, October 26, 2021
Pocket friendly plan
I was looking for senior citizen health insurance for a long time which I wanted to take for my father. A relative of mine suggested me the Policybazaar website. I landed to their website and checked the health plans. In the end I finally found one that came within my budget.
Tejas
Chandigarh, October 26, 2021
Affordable plan
I was looking for family health insurance for a long time. I searched a lot on Google and finally found the website of policybazaar. Here i got family health insurance according to my budget and needs. I really liked the service provided by the Policybazaar.
Ayesha
Solapur, October 26, 2021
High coverage
I have secured my family with the help of family health insurance which i have purchased from Policybazaar. In my health plan, i have got coverage for medical expenses. From now on i do not have to bear financial burden as my policy will give me financial protection.
Bahaar
Hubli And Dharwad, October 26, 2021
Good in customer handling
Policybazaar is very good in terms of handling customers. I bought family health insurance from Policybazaar and their team maintained professionalism with courteous demeanor which was absolutely impressive. I would definitely like to get in touch with Policybazaar for more plans.
Bhagyashree
Bareilly, October 26, 2021
Minimal paperwork
In my family health insurance, every member of my family are covered. there was minimal and Hassle free paperwork. I got high number of coverage and benefits under my plan. the team of policybazaar guided me and helped me to select the suitable plan.
Devika
Moradabad, October 26, 2021
Faster claim settlement
Thankfully I had taken family health insurance from Policybazaar. a while ago, i had to admitted my father to the hospital due to sudden medical emergency. i had claimed and got the claim very easily and quickly. I got faster claim settlement. I am happy with the service.
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL