ICICI Pru Term Plan for NRI

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With every passing day, the world is becoming a smaller place. It’s almost like a global village, where people are not afraid to move around in search of better prospects. With various new job possibilities individuals, especially the youth, are more open to move abroad and explore their potential. A vast majority of Indians are a part of the global workforce, and one can find NRIs in every corner of the world. However, with their homes and loved ones often left behind it becomes crucial for NRIs that they keep themselves protected, after all, on their shoulders lies the future of their family. 

ICICI Prudential, one of India’s most trusted insurance companies offers an array of term insurance plans for the NRIs as well. With over 2.6 crores lives covered, the company has a large family of happy and satisfied customers. Their award-winning plan ICICI Pru iProtect Smart helps you in keeping your family secure, even if you aren’t around. 

Reasons for NRIs to Buy Term Insurance

  1. Protect Your Family
    When you invest in a life insurance plan, you make sure that tomorrow even if some unfortunate incident takes place, your family would not be dependent on others for their everyday expenses. The death benefit that they would receive would help them live comfortably.
     
  2. Affordable
    The ICICI Pru iProtect Smart plan offers you a high sum assured that too at an affordable premium. Your family would be able to survive for adequate time.
     
  3. Covers Critical Illness
    If you get diagnosed with a critical illness, you will receive the sum assured in the selected payout.
     
  4. Disability is Covered 
    In case of an accidental disability, the policy would continue but you wouldn’t have to pay any more premiums.
     
  5. Discount 
    When you buy term insurance plan online, it is cost-effective for the company and so in turn you are offered a discount on the premium.
     
  6. Customisations
    A term plan offers you various customisable benefits that make the plan very well-suited to your insurance needs. Depending on what you need, you can select the sum assured, policy term, premium paying frequency and the premium.
     
  7. Convenient
    When you reside away from home, you would want simple and convenient procedures. With ICICI, this concern is paid a lot of attention. The company requires minimum paperwork and as most formalities can be fulfilled online, buying and carrying on with the policy is extremely manageable. 
     
  8. 30-day Return
    You will get a 30-day period to review the terms and conditions of the ICICI Pru iProtect Smart plan. If you do not feel 100% satisfied, you can return the policy and get a refund.
     
  9. Efficient Service
    ICICI Prudential has always been known for its fantastic customer service. Once all the paperwork is completed the policy would be issued to you within 72 hours. 
     

Types of Term Plans for NRIs

Under ICICI Pru iProtect Smart, the following types of term plans are available:

  1. Basic Term Plan
    This plan is available without a maturity benefit. If the insured individual passes away during the term of the policy, a lump sum amount is paid out to the nominee.
     
  2.  Term Insurance with Critical Illness Cover
    Along with the life cover, with this plan, you can get a cover of 34 critical illnesses. In case you are diagnosed with any of the listed illnesses, you will be paid out the benefit.
     
  3. Term Insurance with Accidental Death Cover
    In case of accidental death, this benefit would be paid out over and above the sum assured.
     
  4. Term insurance with Limited Pay
    In this option, you need to pay the premium for a limited number of years, while you can enjoy the benefits of the policy for the entire tenure.

Highlighting Features of ICICI Pru iProtect Smart

  • The plan covers you against terminal illness, disability and death
  • There are comprehensive additional benefits such as accidental death and accelerated critical illness
  • Special discounts for women and non-tobacco users
  • You have the choice of receiving the benefit payout in a lump sum or as a regular income or a combination of both
  • You can select a premium paying term
  • The plan also allows tax benefits on the premiums that you pay as well as the benefits that are received

How can this Plan Protect NRIs?

Under this term plan you can select a level of protection from the following benefit options:

Benefit OptionFeatures
LifeDeath Benefit, Terminal Illness and Waiver of Premium on Permanent Disability
Life PlusDeath Benefit, Terminal Illness, Waiver of Premium of Permanent Disability and Accidental Death Benefit
Life and Health Death Benefit, Terminal Illness, Waiver of Premium of Permanent Disability and Accelerated Critical Illness Benefit
All In OneDeath Benefit, Terminal Illness, Waiver of Premium of Permanent Disability, Accelerated Critical Illness Benefit and Accidental Death Benefit

How to Purchase a Term Plan for NRIs?

The procedure of purchasing a term plan for an NRI is quite similar to doing so for a resident citizen. On your visit to India, you need to get in touch with ICICI Prudential, and the executives will guide you through. You will be required to fill in and sign the policy Application Form and also provide a few documents, listed below:

  • Attested Copy of Passport
  • Duly filled and Signed Application Form
  • Health Certificate from a Doctor
  • Age Proof
  • Income Proof
  • Bank details

However, if you wish to buy the term plan while you are in your current place of residence, you also have the option to purchase the plan via mail order. A detailed verification would be required, which can be done easily by a notary and the Indian Embassy Officials.

ICICI Pru Term Plan for NRI FAQs

  • 1. Can NRIs buy ICICI Prudential term insurance plans?

    Yes, NRIs are eligible to buy ICICI Prudential term insurance plans. People of Indian origin, irrespective of whether they are NRIs or Resident citizens can buy life insurance plans. 
     

  • 2. What sum assured options can I avail myself as an NRI under a term plan?

    The sum assured options that you get depend on the plan that you have opted for. However, in most ICICI Prudential Life Insurance Plans, NRIs get a sum assured that can go up to INR 2 crore.   
     

  • 3. Are NRIs eligible for a tax benefit?

    Under Section 80C of the Income Tax Act, 1961, NRIs are eligible for a tax rebate of INR 1.5 lakhs per year, for the premium that is paid towards the life insurance. 
     

  • 4. As an NRI what premium paying options are available for me?

    ICICI Prudential gives you a lot of choices to pay the premium. You can pay either through your regular bank’s credit/ debit card in the resident country’s currency. You also have the choice through your Non-Resident Ordinary (NRO) and Non-Resident External (NRE) accounts.
     

  • 5. Does ICICI Pru iProtect Smart plan offer any maturity benefit?

    No, the plan does not allow a maturity/ survival benefit. 

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