ICICI Pru Saral Jeevan Bima is a simple term insurance plan that helps fulfil your protection needs and ensures that your loved ones lead a comfortable life without any financial difficulties in case of your absence. This plan is specifically designed to fit the needs of people from all backgrounds. Let us take a look at some of the key features, benefits, and eligibility conditions of ICICI Pru Saral Jeevan Bima.Read more
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Let us take a look at the key features of this term insurance plan by ICICI Pru Term Plans:
The plan provides financial protection to your family members in your absence by providing them with the death benefit.
You can choose to pay the premiums as per your convenience for a single, limited, or regular premium payment term.
The plan offers tax benefits as per the prevailing tax laws of the Income Tax Act.
Here are the eligibility criteria that you need to satisfy to buy this plan:
|Entry Age||18 years||65 years|
|Maturity Age||23 years||70 years|
|Policy Term||5 years||40 years|
|Sum Assured||5 Lacs||49.5 Lacs|
|Premium Payment Term||
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Here is a list of benefits offered under this ICICI Prudential Term Insurance Plan:
The plan will provide your family with the death benefit amount in your absence as per the plan’s T&Cs:
In case of death during the waiting period
For limited and regular premium policies (due to accident), the higher of the following will be payable
10 times AP (annualised premiums)
105 percent of the premiums paid till death
Absolute amount assured
For single premium policies (due to accident), the higher of the following will be payable
125 percent of the single premium
Absolute amount assured
In case of death after the waiting period (due to any other reason than accident)
100% of the premiums paid, excluding taxes
There is no maturity benefit payable under this ICICI Pru Life Insurance plan.
The plan offers term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act of 1961 as per the prevailing tax laws.
Free Look Period: The plan offers a 15 day free look period for policies purchased through distance marketing and a 30 day period for online modes. During this period, you can review the policy documents and return the plan if you are unsatisfied with the policy T&Cs.
Grace Period: The plan provides a grace period of 30 days for yearly, bi-annual, and quarterly modes and a 15-day grace period for monthly premium payment modes. Customers can pay their premiums during the grace period without worrying about any late payment fees and penalty charges.
Policy Cancellation Value: In case the policyholder wants to cancel their policy before the maturity date in case of single or limited premium payment policies, the amount payable will be as follows: 70 percent x single/total premium paid x remaining policy term/total policy term
Revival Period: You can revive your lapsed saral jeevan bima policies within 5 years from the date of the first unpaid premiums. To revive your lapsed policy, you may be asked to submit the remaining premiums, interests, applicable taxes, and medical reports.
Loan Facility: There is no loan facility available under the plan.
Surrender Benefits: There is no surrender benefit available under this plan.
For single pay policies
If the policyholder commits suicide within 12 months of the issuance of the policy, the insurer will pay 90% of the premium paid, and the policy will terminate.
For limited and regular pay policies
If the policyholder commits suicide within 12 months of the policy issuance, the insurer will pay 80% of the total premiums paid until the point of the policyholder’s death, and the policy will terminate.
Here is how you can buy the ICICI Saral jeevan bima plan online:
Step 1: Go to the saral jeevan bima page
Step 2: Enter the required details like name, gender, DOB, and contact number
Step 3: Fill in the occupation type, annual income, educational background, and smoking habits
Step 4: Select the ICICI saral jeevan bima plan from the list of available plans
Step 5: Proceed to pay
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