The ICICI Term Plan for Women is a term life insurance policy that is tailored to meet the specific requirements of women. While ICICI’s term insurance aims at providing both male and female with coverage for a specific duration, the term plan for women focuses on fulfilling the financial needs of females. Additionally, there are riders that can be added to the base plan so that they can cover certain risks specific to women.Read more
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In this article, we will understand in detail about ICICI Term Plan for Women, its features and learn how to buy it from Policybazaar.
ICICI Term Plan for Women is a term life insurance policy specifically designed to cater to the financial requirements of women in India. It offers financial protection and security to women and their families in case of unfortunate events, such as critical illnesses, or worse, death. With a claim settlement ratio of 97.82% in the financial year 2021-22, ICICI Term Insurance is one of the highly trusted insurance companies available in the country.
Let’s understand this with the help of an example – Ms. Neeta is a 25 year old, non-smoking unmarried female, having an annual salaried income of Rs. 14 Lakhs per annum, and has bought the ICICI Pru iProtect Smart term plan to financially secure her dependents/loved ones against her untimely death. She has chosen a life cover of Rs. 1 Crore and will continue to pay Rs. 880/month until the age of 60. The premium will remain the same for Ms. Neeta till the end of her term plan.
Women find the ICICI Life Term Plan particularly important because they often juggle family and work responsibilities simultaneously. Here are some reasons why ICICI term plan is beneficial for women:
Family’s Financial Protection: Just like men, women have important roles in supporting their families. The ICICI term plan ensures that if something unfortunate happens to them, their families will be secured and receive financial support. The sum assured helps maintain the family's standard of living without burdening them financially.
Loan/Debt Repayment: Women often have various financial commitments, including debts and loans, which help them fulfill their dreams and needs. However, in case of her untimely death, her family may have to take responsibility for repaying those debts. The ICICI Term Plan can provide the necessary funds in the form of the death claim amount to clear existing loans or debts.
Lower Premiums: Term insurance premiums for women are generally lower than those for men. While the eligibility criteria for purchasing term insurance are the same for both genders, women usually pay lower premiums. This reduction in premium rates encourages more women to invest in the ICICI Term Plan, or as a matter of fact, any term plan.
Protection against critical illnesses: Women face specific health risks, such as cervical and breast cancer, which have become more prevalent in recent times. The ICICI Term Plan, along with an additional rider like Critical Illness benefit, offers coverage against such critical illnesses. The term plan addresses women's needs, including complications related to pregnancy.
Below is a list of all the critical illness covered by ICICI Term Plan for Women:
|Critical Illnesses Covered by ICICI Term Plan for Women|
|Cancer of specified severity||Heart Valve Surgery (Open Heart Replacement or repair of Heart Valves)||Primary (Idiopathic) Pulmonary hypertension|
|Angioplasty||Surgery to aorta Heart and Artery Benefit||Open Chest CABG|
|Myocardial Infarction (First Heart Attack - of specified severity)||Cardiomyopathy||Blindness and Deafness|
|End stage Lung Failure (Chronic Lung Disease)||Benign Brain Tumor||Stroke resulting in permanent symptoms|
|End stage Liver Failure (Chronic Liver disease)||Brain Surgery||Alzheimer's Disease|
|Kidney Failure Requiring Regular Dialysis||Coma of specified Severity||Motor Neurone Disease with Permanent Symptoms|
|Major Organ/ Bone Marrow Transplant||Major Head Trauma||Multiple Sclerosis with Persisting Symptoms|
|Apallic Syndrome||Permanent Paralysis of Limbs||Muscular Dystrophy|
|Parkinson’s Disease||Loss of Speech||Loss of Limbs|
|Poliomyelitis||Medullary Cystic Disease||Third degree Burns (Major Burns)|
|Loss of Independent Existence||Systematic lupus Eryth with Renal Involvement||Aplastic Anaemia|
Retirement plans: Many women aspire to enjoy a stress-free and peaceful life after retirement. However, they may worry about leaving their families financially burdened. The ICICI Term Plan provides a solution by relieving the financial stress through the death benefit paid to the nominees, ensuring their financial security.
Tax benefits: The ICICI Term Plan offers annual tax benefits under Section 10(10D) and 80C of the Indian Income Tax Act. These tax benefits provide an additional advantage for women who choose to invest in the plan.
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ICICI Pru iProtect Smart is one of the best term plans for women as it provides high life cover at affordable premium rates and also has the option to provide coverage against 34 critical illnesses. Moreover, you can also avail the accidental death benefit for up to ₹2 Crore. Women can especially buy this plan so that they can cover their families against future financial obligations as well as protect themselves against multiple critical illnesses.
Below mentioned are the key benefits of the ICICI Pru iProtect Smart plan:
Longer Life Cover at Low Premiums: With the ICICI Pru iProtect Smart plan, you have the option to get coverage till 85 years of age, and also get whole life coverage till 99 years by paying very affordable premiums.
Covers for 34 Critical Illnesses: With the added benefit of coverage for 34 critical illnesses, you can now avail claim payout on the very first diagnosis and get relieved of hospital bills. You only need to confirm your diagnosis with the medical documents and records. Moreover, diseases like breast cancer and cervical cancer are also covered under this plan.
4 Payout Options: You can select any 4 of the payout options:
Lump Sum plus income
Special Benefit for Females: Women get 18% lower premium rates in the ICICI Pru iProtect Smart term plan.
Buy Under MWPA: Women can also avail the benefit of buying the ICICI Pru iProtect Smart term plan under the Married Women’s Protection Act, 1874 (MWPA). This allows them to have full authority of the death claim amount, therefore, making sure no creditors can claim the amount.
Tax Benefits: Women can enjoy tax benefits under Section 80C (on premiums paid) and 80D (in all the available plan options). Moreover, no tax is required to be paid on the death claim amount/sum assured under Section 10(10D).
Below mentioned is the eligibility criteria to buy ICICI Term Insurance Plan for women:
|Entry Age||18 years||65 years|
|Maturity Age||-||99 years|
|Policy Term||5 years||5 years to 99 years minus entry age|
|Sum Assured||50 Lakhs||10 Crores|
Below are the ways to buy ICICI Term Plan for Women from Policybazaar:
Step 1: Visit Policybazaar’s Term Insurance Page
Step 2: Fill in all details that are required to proceed forward, like Your Name, Gender (select “Female”), Contact Number and DOB
Step 3: Fill in more details, such as Yearly Income, Educational Qualification, Occupation Type, Tobacco Consumption Habits and Your Pincode
Step 4: Choose the ICICI Term plan from the list available to you
Step 5: Submit the rest of the details necessary to purchase the ICICI Term Plan for Women
Step 6: Proceed to payment and select your preferred mode of payment to finally complete the payment process
Below mentioned are a few points that you must keep in mind before you purchase the ICICI Term Plan for women:
Before purchasing the ICICI Term Plan, it is essential to carefully assess and calculate all your debts and loans. This ensures that your loved ones are relieved from the burden of repaying those obligations in the unfortunate event of your demise.
If you have any questions or concerns regarding the ICICI Term Plan you are considering to buy, or if you need more information, you can easily reach out to their customer care service.
Additionally, it is important to check the Claim Settlement Ratio of ICICI Term Insurance, and review the CSR of the past five consecutive years, to ensure a reliable and efficient claims settlement process.
ICICI Term Plan for Women provides crucial financial protection for women and their families, ensuring that their loved ones are supported in the event of their untimely death. With features, such as coverage against 34 critical illnesses and flexible payout options, you can confidently protect yourself and your loved ones for the unpredictable future.
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