ICICI Prudential Life Insurance is one of the most renowned insurance companies of the country and has been offering comprehensive coverage and flexible policy options since 2001. They also offer term plans to NRIs ensuring that they can safeguard their loved ones back in India financially in the event of their unfortunate death. Moreover, with the facility of Video Medical, it has become easier for NRIs to purchase the ICICI Term Plan from abroad. In this article, we will learn more about the ICICI term plan for NRI and how they can easily buy it from Policybazaar.
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ICICI Term insurance plan for NRIs is a type of life insurance plan that provides financial coverage for a fixed time period called policy term. It provides financial benefit to the nominee/beneficiary in case of an unforeseen death of the policyholder during the policy tenure. This is one of the smart options for NRIs to stay secure and protect the future of their family members.
ICICI Prudential Term Insurance has a number of life insurance products to suit all requirements of NRI buyers. They can buy ICICI term plans to protect their loved ones/dependents in India against future financial obligations. The NRI term plans offered by ICICI Prudential Life Insurance provide easy and efficient payment options, along with options such as Non-Resident Ordinary and Non-Residential External (NRE) accounts. NRIs get to enjoy other advantages, too, such as tax benefits, multiple payout options, etc. Moreover, ICICI Term Insurance is considered one of the most reliable insurance companies in the country, as indicated by its high claim settlement ratio of 97.82% for the financial year 2021-22.
Let’s understand this with an example. Mr. Amit is a 30 year old, non-smoking male, residing in the United States of America, and earns an annual income of 50 Lakhs INR. He has opted for a 2 Crore life cover with ICICI Prudential Life Insurance and now will continue to pay Rs. 1,702/month as his premium, until 60 years of age.
Note: Now that you know that what is ICICI Prudential Term Insurance Plan for NRIs, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Term Plans
ICICI Term plans offer lifelong protection and peace of mind and can be personalized as per your needs. At the moment, ICICI offers one term plan for the NRIs under its umbrella, and it is mentioned in detail below:
ICICI Pru iProtect Smart plan provides you the protective shield so that you can secure your loved one’s future to make sure that they live happily without having any financial hardships, even in case of your absence. It also provides you the option to increase your coverage against critical illnesses and accidental death and thus making sure of 360-degree protection.
Below mentioned are the benefits of buying an ICICI Term Plan for NRIs:
These plans provide long-time protections for the policyholder and their loved ones. One can select life cover up to 100 years of age.
ICICI Term plans for NRIs helps in protecting the family’s future by providing financial stability even in case of policyholder’s absence
Term insurance plans offer comprehensive protection to the family which helps in providing peace of mind, without worrying about the future
ICICI Term Plan allows an easy and simple documentation process and the documents that you need are your passport, ID & Address Proofs, Report of Medical test (if you have any medical history) and KYC documents.
As an NRI, you can now pay easily using options such as Non-Resident Ordinary and Non-Residential External (NRE) accounts. Moreover, you can also customize your premium payment frequency and term.
Get tax benefits on premium paid u/s 80C of the Income Tax Act, 1961. Also, the maturity benefit received under an insurance plan is also exempted u/s 10(10D) of the ITA.
ICICI Pru iProtect Smart Plan also ensures that NRIs do not face difficulty while buying the plan from abroad. Therefore, they offer the facility of video medical that allows NRIs to take hassle-free medical tests and get the reports online so as to buy the term plan with ease.
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You can buy ICICI Term Plan for NRIs from Policybazaar by following the below mentioned steps:
Step 1: Visit Policybazaar’s Term Insurance for NRI page
Step 2: Submit details like Name, DOB, Mobile Number (along with country code) and Email ID, and press “View Plans”
Step 3: Choose ICICI term plan from the list of options available and click on “Proceed”
Step 4: Enter details like Name, Email, Occupation and Educational Qualification and click on “Proceed”
Step 5: Enter other details, such as Pincode, City, Nationality, COVID-19 vaccination status, Country, International Contact Number and Marital status, and click on “Proceed”
Step 6: After entering all details correctly, go for the payment using your preferred payment method
*Note: Make sure you have selected the correct policy term while filling the details.
Following is a list of the documents required to buy the ICICI Term plan for NRI:
Passport attested copy
Age proof
Application/Proposal form
Medical documents mentioning the health conditions (if there are any health conditions)
Proof of Income
There is a grace period for NRIs if they will not be able to pay premium on time. Thus, if an NRI policyholder misses a premium payment due to any reason, the amount can be paid within the grace time.
ICICI Term Insurance is one the ideal term plan options for NRIs, as it provides comprehensive coverage, flexible policy options, and affordable premiums. Moreover, by choosing ICICI term plans, NRIs can protect their family's financial well-being, even from a distance, and ensure that their loved ones are taken care of in the event of an unfortunate event.
†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
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